1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The metal sector is divided into non - ferrous metals, precious metals, and black metals. Different trading strategies are recommended for each sub - sector based on their market conditions [2][8]. - For non - ferrous metals, a neutral volatility selling strategy is suitable when the market is in a bullish upward trend; for black metals, a short - volatility combination strategy is recommended after significant fluctuations; for precious metals, a spot hedging strategy is advised during high - level consolidation [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Multiple metal futures are listed, including copper, aluminum, zinc, etc. Information such as the latest price, price change, change rate, trading volume, and open interest is provided [3]. - For example, the latest price of copper (CU2509) is 78,810, with a decrease of 110 and a decline rate of 0.14%; the trading volume is 7.00 million lots, and the open interest is 16.09 million lots [3]. 3.2 Option Factors - Volume and Open Interest PCR - PCR indicators (volume PCR and open interest PCR) are used to describe the strength of the option underlying market and the turning point of the market [4]. - For copper, the volume PCR is 0.57 with a change of - 0.13, and the open interest PCR is 0.81 with a change of - 0.04 [4]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels of the option underlying are determined from the strike prices with the largest open interest of call and put options [5]. - The pressure point of copper is 82,000, and the support point is 75,000 [5]. 3.4 Option Factors - Implied Volatility - Implied volatility data of options, including at - the - money implied volatility, weighted implied volatility, and its change, are presented [6]. - For copper, the at - the - money implied volatility is 9.25%, the weighted implied volatility is 14.42% with a change of 0.01%, and the annual average is 17.95% [6]. 3.5 Strategies and Recommendations 3.5.1 Non - Ferrous Metals - **Copper**: The fundamentals show changes in inventories across three major exchanges. The market has been in a high - level consolidation since June. Implied volatility is at the historical average level, and the open interest PCR indicates some pressure above. A short - volatility option combination strategy and a spot long - hedging strategy are recommended [7]. - **Aluminum/Alumina**: The inventory of aluminum has changed in the SHFE and LME markets. The market has shown a bullish high - level oscillation. A neutral short - call and short - put option combination strategy and a spot collar strategy are recommended [9]. - **Zinc/Lead**: Zinc inventory is at a low level. The zinc market has experienced fluctuations. A neutral short - call and short - put option combination strategy and a spot collar strategy are recommended [9]. - **Nickel**: The inventory of nickel has changed slightly. The market is in a wide - range oscillation with short - selling pressure. A short - call and short - put option combination strategy with a short - delta position and a spot long - hedging strategy are recommended [10]. - **Tin**: The inventory situation is complex. The market is in a short - term weak oscillation. A short - volatility strategy and a spot collar strategy are recommended [10]. - **Lithium Carbonate**: The inventory has decreased, and the market is in a short - term bullish trend. A bullish call spread strategy, a short - call and short - put option combination strategy with a long - delta position, and a spot long - hedging strategy are recommended [11]. 3.5.2 Precious Metals - **Gold/Silver**: The gold market is affected by economic data such as non - farm payrolls and inflation expectations. A neutral short - volatility option combination strategy and a spot hedging strategy are recommended [12]. 3.5.3 Black Metals - **Rebar**: The social inventory of rebar has increased, and the market is in a small - range oscillation with pressure above. A neutral short - call and short - put option combination strategy and a spot long - covered call strategy are recommended [13]. - **Iron Ore**: The inventory of iron ore has increased. The market is in a bullish oscillation. A neutral short - call and short - put option combination strategy and a spot long - collar strategy are recommended [13]. - **Ferroalloys**: The manganese - silicon market has experienced significant fluctuations. A short - volatility strategy is recommended [14]. - **Industrial Silicon/Polysilicon**: The inventory of industrial silicon and polysilicon has increased. The market has shown large fluctuations. A short - volatility option combination strategy and a spot long - hedging strategy are recommended [14]. - **Glass**: The inventory of glass has increased, and the market is in a weak downward trend. A short - volatility option combination strategy and a spot long - collar strategy are recommended [15].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoint The overall trend of agricultural products shows that oilseeds and oils are in a strong - oscillating state, while other products such as agricultural by - products, soft commodities, and grains are in an oscillating or weak - oscillating state. It is recommended to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2]. 3. Detailed Summaries by Content 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest of various agricultural product futures are presented, including soybeans, soybean meal, palm oil, etc. For example, the latest price of soybean No.1 (A2509) is 4,109, down 6 points with a decline of 0.15% [3]. 3.2 Option Factors - **Volume and Open Interest PCR**: The volume and open interest PCR of various options are calculated, which are used to describe the strength of the option underlying market and the turning point of the underlying market. For example, the volume PCR of soybean No.1 is 0.50, and the open interest PCR is 0.39 [4]. - **Pressure and Support Levels**: The pressure and support levels of various option underlying assets are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of soybean No.1 is 4,200, and the support level is 4,050 [5]. - **Implied Volatility**: The implied volatility of various options is analyzed, including at - the - money implied volatility and weighted implied volatility. For example, the at - the - money implied volatility of soybean No.1 is 9.52% [6]. 3.3 Option Strategies and Recommendations - **Oilseeds and Oils Options** - **Soybean No.1 and No.2**: Fundamentals show that the import cost of Brazilian soybeans has increased, and the weather in the US soybean - producing areas may have a positive impact. The market is in a weak - oscillating state. Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The daily提货 volume of soybean meal has decreased slightly, and the basis has increased. The market shows a pattern of weak consolidation followed by a rebound. Option strategies are similar to those of soybeans, including neutral option combination strategies and long collar strategies for spot hedging [8][9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The production and inventory of palm oil have increased. The market is in a long - position high - level consolidation state. Option strategies include constructing a long - biased call + put option combination strategy and a long collar strategy for spot hedging [10]. - **Peanuts**: The trading volume has decreased, and the price has declined. The market is in a weak - oscillating state. Option strategies include constructing a bear spread strategy for directional trading and a long collar strategy for spot hedging [11]. - **Agricultural By - product Options** - **Pigs**: The spot price has declined slightly. The market is in a weak - oscillating state. Option strategies include constructing a short - biased call + put option combination strategy and a covered call strategy for spot hedging [11]. - **Eggs**: The spot price has declined significantly. The market is in a weak - bearish state. Option strategies include constructing a bear spread strategy for directional trading and a short - biased call + put option combination strategy [12]. - **Apples**: The expected output has increased, and the market is in a state of continuous recovery. Option strategies include constructing a neutral call + put option combination strategy [12]. - **Jujubes**: The inventory has decreased, and the market is in a short - term bullish state. Option strategies include constructing a bull spread strategy for directional trading, a wide - straddle option combination strategy, and a covered call strategy for spot hedging [13]. - **Soft Commodity Options** - **Sugar**: The domestic market is in a state of continuous production increase, and the market is in a weak - bearish state. Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [13]. - **Cotton**: The import and shipment of US cotton are normal, and the market is in a short - term weak state. Option strategies include constructing a long - biased call + put option combination strategy and a covered call strategy for spot hedging [14]. - **Grain Options** - **Corn and Starch**: The auction volume and成交 rate of corn are normal, and the market is in a weak - bearish state. Option strategies include constructing a bear spread strategy for directional trading and a short - biased call + put option combination strategy [14].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The report provides strategies for metal options, including constructing seller neutral volatility strategies for non - ferrous metals, short - volatility combination strategies for black metals, and spot hedging strategies for precious metals [2] 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts, such as copper, aluminum, zinc, etc [3] 3.2 Option Factors - Volume and Open Interest PCR - It shows the volume and open interest PCR of different metal options, which are used to describe the strength of the option underlying market and the turning point of the market [4] 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of different metal options are determined from the strike prices with the largest open interest of call and put options [5] 3.4 Option Factors - Implied Volatility - The implied volatility data of different metal options are provided, including at - the - money implied volatility, weighted implied volatility, etc [6] 3.5 Option Strategies and Recommendations 3.5.1 Non - Ferrous Metals - **Copper**: Construct a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7] - **Aluminum/Alumina**: Build a short - neutral call + put option combination strategy and a spot collar strategy [9] - **Zinc/Lead**: Configure a short - neutral call + put option combination strategy and a spot collar strategy [9] - **Nickel**: Create a short - bearish call + put option combination strategy and a spot long - hedging strategy [10] - **Tin**: Adopt a short - volatility strategy and a spot collar strategy [10] - **Lithium Carbonate**: Set up a short - neutral call + put option combination strategy and a spot long - hedging strategy [11] 3.5.2 Precious Metals - **Gold/Silver**: Construct a short - neutral volatility option seller portfolio strategy and a spot hedging strategy [12] 3.5.3 Black Metals - **Rebar**: Build a short - neutral call + put option combination strategy and a spot long - covered call strategy [13] - **Iron Ore**: Configure a short - neutral call + put option combination strategy and a spot long - collar strategy [13] - **Ferroalloys**: Adopt a short - volatility strategy for manganese silicon and a short - volatility call + put option combination strategy for industrial silicon and polysilicon, along with corresponding spot hedging strategies [14] - **Glass**: Create a short - volatility call + put option combination strategy and a spot long - collar strategy [15]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The report focuses on metal options, covering有色金属, precious metals, and black metals. It provides strategies and suggestions for different metal options based on market conditions, including directional strategies, volatility strategies, and spot hedging strategies [2][7][9]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest of various metal futures contracts, such as copper, aluminum, zinc, etc. For example, the latest price of copper (CU2509) is 78,070, down 410 (-0.52%) [3]. 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - The volume and open interest PCR of different metal options are provided, which are used to describe the strength of the option underlying market and the turning point of the market. For example, the volume PCR of copper options is 0.91, down 0.09, and the open interest PCR is 0.84, down 0.02 [4]. 3.2.2 Pressure and Support Levels - The pressure and support levels of different metal options are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of copper options is 82,000, and the support level is 75,000 [5]. 3.2.3 Implied Volatility - The implied volatility of different metal options is presented, including the at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of copper options is 10.20%, and the weighted implied volatility is 15.28%, down 1.99% [6]. 3.3 Strategy and Suggestions 3.3.1 Non - ferrous Metals - **Copper Options**: Build a short - volatility seller option portfolio strategy and a spot hedging strategy [7]. - **Aluminum/Alumina Options**: Construct a neutral short - call + short - put option combination strategy and a spot collar strategy [9]. - **Zinc/Lead Options**: Build a neutral short - call + short - put option combination strategy and a spot collar strategy [9]. - **Nickel Options**: Construct a short - bearish call + short - put option combination strategy and a spot long - position hedging strategy [10]. - **Tin Options**: Implement a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate Options**: Build a neutral short - call + short - put option combination strategy and a spot long - position hedging strategy [11]. 3.3.2 Precious Metals - **Gold/Silver Options**: Construct a neutral short - volatility option seller portfolio strategy and a spot hedging strategy [12]. 3.3.3 Black Metals - **Rebar Options**: Build a neutral short - call + short - put option combination strategy and a spot long - position covered call strategy [13]. - **Iron Ore Options**: Implement a bull - spread strategy for call options, a short - bullish call + short - put option combination strategy, and a spot long - position collar strategy [13]. - **Ferroalloy Options**: Build a short - volatility strategy [14]. - **Industrial Silicon/Polysilicon Options**: Construct a short - volatility short - call + short - put option combination strategy and a spot hedging strategy [14]. - **Glass Options**: Build a short - volatility short - call + short - put option combination strategy and a spot long - position collar strategy [15].

Group 1: Report Overview - Report Title: Metal Options Strategy Morning Report [1] - Date: August 1, 2025 - Research Team: Lu Pinxian, Huang Kehan, Li Renjun [2] Group 2: Market Overview - **Non - ferrous Metals**: Most non - ferrous metals showed a downward trend. For example, copper (CU2509) dropped 0.55% to 78,010, aluminum (AL2509) decreased 0.58% to 20,450, etc. [3] - **Precious Metals**: Gold (AU2510) rose 0.12% to 770.92, while silver (AG2510) fell 1.37% to 8,935 [3] - **Black Metals**: Some black metals like iron ore (I2509) rose 0.25% to 786.50, while others such as industrial silicon (SI2509) dropped 6.26% to 8,760 [3] Group 3: Option Factors Volume - Open Interest PCR - Different metals have different PCR values and changes, which can be used to analyze market sentiment and potential turning points. For example, copper's volume PCR is 1.51 with a change of 1.00, and its open - interest PCR is 0.87 with a change of 0.15 [4] Pressure and Support Levels - Each metal option has its own pressure and support levels. For instance, copper's pressure point is 82,000 and support point is 75,000 [5] Implied Volatility - Implied volatility varies among different metals. For example, aluminum's weighted implied volatility is 12.47% with a change of 0.35%, and its historical average is 12.78% [6] Group 4: Strategy and Recommendations Non - ferrous Metals - **Copper**: Build a short - volatility seller option portfolio strategy and a spot hedging strategy [7] - **Aluminum/Alumina**: Construct a selling call + put option combination strategy with a positive delta and a spot collar strategy [9] - **Zinc/Lead**: Build a selling neutral call + put option combination strategy with a neutral delta and a spot collar strategy [9] - **Nickel**: Construct a selling bearish call + put option combination strategy with a negative delta and a spot long - position hedging strategy [10] - **Tin**: Implement a short - volatility strategy and a spot collar strategy [10] - **Lithium Carbonate**: Build a selling neutral call + put option combination strategy with a neutral delta and a spot long - position hedging strategy [11] Precious Metals - **Gold/Silver**: Construct a neutral short - volatility option seller portfolio strategy and a spot hedging strategy [12] Black Metals - **Rebar**: Build a selling neutral call + put option combination strategy with a neutral delta and a spot long - position covered call strategy [13] - **Iron Ore**: Use a bullish call spread strategy, a selling bullish call + put option combination strategy, and a spot long - position collar strategy [13] - **Ferroalloys**: Implement a short - volatility strategy for manganese silicon [14] - **Industrial Silicon/Polysilicon**: Build a short - volatility selling call + put option combination strategy with a neutral delta and a spot hedging strategy [14] - **Glass**: Construct a short - volatility selling call + put option combination strategy and a spot long - position collar strategy [15]

| 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 农产品期权策略早报概要：油料油脂类农产品偏强震荡，油脂类，农副产品维持震荡行情，软商品白糖反弹回升震 荡上行，棉花多头上涨，谷物类玉米和淀粉弱势窄幅盘整。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 农产品期权 2025-07-25 农产品期权策略早报 2025-7-25 2 农产品期权研究 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The agricultural product sector mainly includes beans, oils, agricultural by - products, soft commodities, grains, and others. The overall market shows different trends: oilseeds and oils are in a strong - side shock, oils and agricultural by - products are in a shock, soft commodities like sugar are in a rebound and shock upward, cotton is in a bullish rise, and grains like corn and starch are in a weak and narrow - range consolidation. The strategy is to construct option portfolio strategies mainly as sellers, as well as spot hedging or covered strategies to enhance returns [2][8] Summary According to Relevant Catalogs 1. Futures Market Overview - Different agricultural product futures have different price changes, trading volumes, and open interests. For example, the latest price of soybean No.1 (A2509) is 4,176, down 22 with a decline rate of 0.52%, and its trading volume is 16.04 million lots with a change of 4.99 million lots, and open interest is 17.53 million lots with a change of - 0.70 million lots [3] 2. Option Factor - Volume and Open Interest PCR - The volume and open interest PCR of different agricultural product options show different trends. For example, the volume PCR of soybean No.1 option is 0.57 with a change of 0.12, and the open interest PCR is 0.49 with a change of 0.04 [4] 3. Option Factor - Pressure and Support Levels - From the perspective of the maximum open interest of call and put options, the pressure and support levels of different agricultural product options are different. For example, the pressure level of soybean No.1 is 4500 and the support level is 4100 [5] 4. Option Factor - Implied Volatility - The implied volatility of different agricultural product options also varies. For example, the at - the - money implied volatility of soybean No.1 is 8.81%, and the weighted implied volatility is 10.87% with a change of 0.69% [6] 5. Strategies and Recommendations for Different Agricultural Product Options 5.1 Oils and Oilseeds Options - **Beans (Soybean No.1, Soybean No.2)**: The USDA July report adjusted the supply - demand balance of US soybeans. Soybean No.1 showed a rebound after over - decline. The implied volatility of soybean No.1 option is at a relatively high level compared to the historical average. The recommended strategies include constructing a neutral call + put option selling combination strategy and a long collar strategy for spot hedging [7] - **Bean Meal, Rapeseed Meal**: The purchase volume of bean meal in different months is different. Bean meal showed a rebound after a weak consolidation. The implied volatility of bean meal option is slightly above the historical average. The recommended strategies include constructing a neutral call + put option selling combination strategy and a long collar strategy for spot hedging [9] - **Palm Oil, Soybean Oil, Rapeseed Oil**: The MPOB June report showed the supply - demand situation of palm oil. Palm oil showed a bullish rise. The implied volatility of palm oil option is declining to a level below the historical average. The recommended strategies include constructing a bullish call + put option selling combination strategy and a long collar strategy for spot hedging [10] - **Peanuts**: The price of peanuts showed a weak consolidation. The implied volatility of peanut option is at a relatively low level. The recommended strategies include constructing a bearish put option spread strategy and a long collar strategy for spot hedging [11] 5.2 Agricultural By - product Options - **Pigs**: The domestic pig price was in a downward trend. The implied volatility of pig option is at a relatively high level compared to the historical average. The recommended strategies include constructing a bearish call + put option selling combination strategy and a covered call strategy for spot hedging [11] - **Eggs**: The domestic egg price rebounded. Eggs showed a weak - side shock. The implied volatility of egg option is at a relatively high level. The recommended strategies include constructing a bearish put option spread strategy and a bearish call + put option selling combination strategy [12] - **Apples**: The inventory of apples in cold storage is at a low level. Apples showed a weak rebound. The implied volatility of apple option is below the historical average. The recommended strategies include constructing a neutral call + put option selling combination strategy [12] - **Jujubes**: The inventory of jujubes decreased slightly. Jujubes showed a rebound and then a decline. The implied volatility of jujube option is declining. The recommended strategies include constructing a bearish wide - straddle option selling combination strategy and a covered call strategy for spot hedging [13] 5.3 Soft Commodity Options - **Sugar**: The shipping data of Brazilian sugar showed a change. Sugar showed a rebound after a decline. The implied volatility of sugar option is at a relatively low level. The recommended strategies include constructing a neutral call + put option selling combination strategy and a long collar strategy for spot hedging [13] - **Cotton**: The operating rates of spinning and weaving mills decreased, and cotton inventory decreased. Cotton showed a rebound. The implied volatility of cotton option is at a relatively low level. The recommended strategies include constructing a bullish call option spread strategy, a bullish call + put option selling combination strategy, and a covered call strategy for spot hedging [14] 5.4 Grain Options - **Corn, Starch**: The spot price of corn was weak, and the futures market was also weak. Corn showed a downward trend. The implied volatility of corn option is at a relatively low level. The recommended strategies include constructing a bearish put option spread strategy and a bearish call + put option selling combination strategy [14]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The agricultural product options market shows different trends: oilseeds and oils are weakening, fats and oils and agricultural by - products are oscillating, soft commodities like sugar are rebounding and rising, cotton is rising moderately, and grains such as corn and starch are weakly consolidating in a narrow range [2]. - It is recommended to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Different agricultural product futures show various price changes and trading volumes. For example, the latest price of soybean No.1 (A2509) is 4,189, up 23 with a 0.55% increase, and its trading volume is 12.97 million lots [3]. 3.2 Option Factors 3.2.1 Volume - Position PCR - Each option variety has different volume - position PCR values and their changes, which reflect the strength of the market and the turning point of the underlying asset's market. For instance, the volume PCR of soybean No.1 is 0.38, with a change of 0.10, and the position PCR is 0.44, with a change of - 0.03 [4]. 3.2.2 Pressure and Support Levels - The pressure and support levels of each option variety are analyzed. For example, the pressure level of soybean No.1 is 4,500 and the support level is 4,050 [5]. 3.2.3 Implied Volatility - The implied volatility of each option variety shows different trends. For example, the implied volatility of soybean No.1 is 9.26% for at - the - money options, and the weighted implied volatility is 10.52%, with a change of - 0.16% [6]. 3.3 Option Strategies and Recommendations 3.3.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The USDA July report shows changes in the supply - demand situation of US soybeans. The option strategy includes constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The domestic trading situation of soybean meal is analyzed. Option strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [8][9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The MPOB June report shows the production, export, and inventory situation of Malaysian palm oil. Option strategies include constructing a long - biased short call + put option combination strategy and a long collar strategy for spot hedging [10]. - **Peanuts**: The peanut market has a weak consolidation trend under the bearish pressure line. Option strategies include constructing a bearish spread strategy for put options and a long collar strategy for spot hedging [11]. 3.3.2 Agricultural By - product Options - **Pigs**: The domestic pig price has a weakening trend after rising. Option strategies include constructing a short - biased short call + put option combination strategy and a covered strategy for spot hedging [11]. - **Eggs**: The egg market is in a weak downward trend. Option strategies include constructing a bearish spread strategy for put options and a short - biased short call + put option combination strategy [12]. - **Apples**: The apple market shows a weak rebound trend. Option strategies include constructing a neutral short call + put option combination strategy [12]. - **Jujubes**: The jujube market rebounds and then falls back. Option strategies include constructing a short - biased wide - straddle option combination strategy and a covered hedging strategy for spot [13]. 3.3.3 Soft Commodity Options - **Sugar**: The Brazilian sugar export data is released. The sugar market shows a rebound after a decline. Option strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [13]. - **Cotton**: The cotton market shows a rebound and upward trend. Option strategies include constructing a bullish spread strategy for call options, a long - biased short call + put option combination strategy, and a covered strategy for spot [14]. 3.3.4 Grain Options - **Corn and Starch**: The corn market is under a bearish trend. Option strategies include constructing a bearish spread strategy for put options and a short - biased short call + put option combination strategy [14].

Core Insights - The Consumer Price Index (CPI) data has been released, indicating potential market movements and analysis opportunities [1] Market Analysis - Short-term analysis following the CPI release is crucial for understanding market dynamics [1] - The support and resistance levels for gold have been identified, which are essential for traders to make informed decisions [1] - There is speculation on when the market will break out of its current range-bound movement [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The energy and chemical options market involves various sectors such as energy, polyolefins, polyesters, and alkali chemicals. - Strategies suggest constructing option - combination strategies mainly as sellers and spot hedging or covered strategies to enhance returns [3]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest of various energy and chemical futures contracts. For example, the latest price of crude oil (SC2508) is 520, with a price increase of 4 and a rise - fall rate of 0.85%. The trading volume is 12.89 million lots, and the open interest is 2.45 million lots [4]. 3.2 Option Factors - Volume and Open Interest PCR - Volume and open interest PCR are used to analyze the strength of the option underlying market and the turning points of the market. For instance, the volume PCR of crude oil is 0.81 with a change of 0.08, and the open - interest PCR is 0.69 with a change of 0.06 [6]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels are determined based on the strike prices with the largest open interest of call and put options. For example, the pressure level of crude oil is 660, and the support level is 450 [7]. 3.4 Option Factors - Implied Volatility - Implied volatility includes at - the - money implied volatility and volume - weighted implied volatility. For example, the at - the - money implied volatility of crude oil is 27.63%, and the weighted implied volatility is 33.49% with a change of 0.60 [8]. 3.5 Strategy and Recommendations - **Energy - related Options (Crude Oil)**: - Fundamental analysis shows that US crude inventories and production have specific changes. The market trend of crude oil has been fluctuating since May. - Option factors indicate that the implied volatility is around the average, and the open - interest PCR below 0.80 suggests increasing short - selling power. - Strategies include constructing a neutral call + put option - selling combination for volatility, and a long - collar strategy for spot hedging [9]. - **Liquefied Petroleum Gas (LPG) Options**: - Fundamental factors such as geopolitical concerns and inventory situations affect the market. The LPG market has shown a short - term bearish trend. - Option factors show that the implied volatility is around the historical average, and the open - interest PCR below 0.60 indicates increasing short - selling power. - Strategies are similar to crude oil, including option - selling combinations and long - collar strategies [11]. - **Methanol Options**: - Fundamental analysis focuses on port inventories and MTO device utilization rates. The methanol market has shown short - term narrow - range fluctuations. - Option factors indicate that the implied volatility is around the historical average, and the open - interest PCR around 0.80 suggests a weak - oscillating market. - Strategies involve option - selling combinations and long - collar strategies [11]. - **Ethylene Glycol Options**: - The market price of ethylene glycol has shown a weak - bearish oscillating pattern. - Option factors show that the implied volatility is around the historical average, and the open - interest PCR around 0.70 indicates a weak market. - Strategies include a short - volatility strategy and a long - collar strategy for spot hedging [12]. - **Polyolefin Options (Polypropylene, Polyvinyl Chloride, Plastic, Styrene)**: - Fundamental analysis focuses on production and supply changes. The polyolefin market has shown different trends, generally with bearish pressure. - Option factors indicate that the implied volatility is around the historical average, and the decreasing open - interest PCR suggests a weakening market. - Strategies mainly involve spot - hedging strategies such as long - collar strategies [12]. - **Rubber Options**: - The rubber market has shown a low - level consolidation pattern. - Option factors show that the implied volatility is around the average, and the open - interest PCR below 0.60 indicates a bearish market. - Strategies include constructing a neutral call + put option - selling combination [13]. - **Polyester Options (Para - xylene, PTA, Short - fiber, Bottle - chip)**: - The PTA market has shown significant fluctuations. - Option factors indicate that the implied volatility is around the average, and the open - interest PCR around 0.80 suggests a weakening market. - Strategies involve constructing a neutral call + put option - selling combination [14]. - **Caustic Soda Options**: - Fundamental analysis focuses on inventory and profit changes. The caustic soda market has shown a trend of first falling and then rising. - Option factors show that the implied volatility is decreasing and around the average, and the open - interest PCR rising to 0.80 suggests a strengthening market. - Strategies include a bear - spread strategy for directional trading and a covered - call strategy for spot hedging [15]. - **Soda Ash Options**: - The soda ash market has shown a long - term weak - bearish trend. - Option factors indicate that the implied volatility is around the historical average, and the open - interest PCR below 0.50 suggests a weak - oscillating market. - Strategies include a bear - spread strategy, a short - bearish call + put option - selling combination, and a long - collar strategy for spot hedging [15]. - **Urea Options**: - The urea market has shown an oscillating pattern under bearish pressure. - Option factors show that the implied volatility is slightly below the historical average, and the open - interest PCR below 0.80 suggests a weak market. - Strategies include constructing a neutral call + put option - selling combination and a long - collar strategy for spot hedging [16].