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 in a strong - side volatile trend, while other products like eggs, soft commodities, and grains have their own specific trends. 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 options have different price changes. For example, the latest price of soybean No.1 (A2511) is 4,080, down 7 with a decline rate of - 0.17%. The trading volume and open interest of each variety also vary [3] 3.2 Option Factors - Volume and Open Interest PCR - The volume and open - interest PCR of different agricultural product options are different, which can be used to describe the strength of the option underlying market and the turning point of the underlying market [4] 3.3 Option Factors - Pressure and Support Levels - Each agricultural product option has its own pressure and support levels. For example, the pressure level of soybean No.1 is 4,300 and the support level is 4,050 [5] 3.4 Option Factors - Implied Volatility - The implied volatility of different agricultural product options shows different characteristics. For example, the implied volatility of soybean No.1 option maintains a relatively high level of historical average fluctuations [6] 3.5 Option Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamental situation of soybeans shows changes in import costs and weather in the US. In terms of options, the implied volatility of soybean No.1 is high, and the open - interest PCR is below 0.6. Recommended strategies include selling neutral call + put option combinations and constructing long collar strategies for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: The fundamentals of soybean meal show changes in daily提货量, basis, and inventory. The implied volatility of soybean meal options is above the historical average, and the open - interest PCR is below 0.6. Recommended strategies are similar to those of soybean No.1 [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The fundamentals of palm oil show changes in production, inventory, and exports. Palm oil is in a bullish trend. The implied volatility of palm oil options is decreasing, and the open - interest PCR is above 1. Recommended strategies include constructing bullish call option spread combinations and selling bullish call + put option combinations [10] - **Peanut**: The peanut market has changes in trading volume, price, and oil mill operations. Peanut is in a weak - side volatile trend. Recommended strategies include constructing bearish put option spread combinations and long collar strategies for spot hedging [11] 3.5.2 Agricultural By - product Options - **Pig**: The spot price of pigs has declined. Pig is in a weak - side volatile trend. The implied volatility of pig options is rising, and the open - interest PCR is below 0.5. Recommended strategies include selling bearish call + put option combinations and covered strategies for spot [11] - **Egg**: The spot price of eggs is weak. Eggs are in a bearish trend. Recommended strategies include constructing bearish put option spread combinations and selling bearish call + put option combinations [12] - **Apple**: The apple market shows changes in production and inventory. Apples are in a gradually warming - up trend. Recommended strategies include selling neutral call + put option combinations [12] - **Jujube**: The jujube market has a good de - stocking process. Jujubes are in a short - term bullish trend. Recommended strategies include constructing bullish call option spread combinations and selling bullish wide - straddle option combinations [13] 3.5.3 Soft Commodity Options - **Sugar**: The domestic sugar market has an increasing production and tightened import policies. Sugar is in a weak - side bearish trend. Recommended strategies include selling bearish call + put option combinations and long collar strategies for spot hedging [13] - **Cotton**: The cotton market has changes in import and shipment. Cotton is in a short - term weak trend. Recommended strategies include selling bullish call + put option combinations and covered strategies for spot [14] 3.5.4 Grain Options - **Corn and Starch**: The corn market has changes in auctions, inventory, and production costs. Corn is in a weak - side bearish trend. Recommended strategies include constructing bearish put option spread combinations and selling bearish call + put option combinations [14]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others [9]. - Strategies mainly involve constructing option combination strategies dominated by sellers and spot hedging or covered strategies to enhance returns [3]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Multiple energy - chemical futures are presented, including their latest prices, price changes, trading volumes, and open interest changes. For example, the latest price of crude oil (SC2510) is 486, down 5 with a decline of 0.92%, trading volume of 4.09 million lots, and open interest of 3.09 million lots [4]. 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - Volume and open interest PCR data for various energy - chemical options are provided, which are used to describe the strength of the option underlying market and potential turning points. For instance, the volume PCR of crude oil options is 0.71, with a change of - 0.05, and the open interest PCR is 0.72, with a change of 0.14 [5]. 3.2.2 Pressure and Support Levels - Pressure and support levels for different energy - chemical options are analyzed from the perspective of the strike prices with the largest call and put option open interest. For example, the pressure level of crude oil options is 600, and the support level is 450 [6]. 3.2.3 Implied Volatility - Implied volatility data for various energy - chemical options are given, including 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 crude oil options is 26.505%, and the weighted implied volatility is 30.72%, down 1.56% [7]. 3.3 Option Strategies and Recommendations 3.3.1 Energy - related Options - **Crude Oil**: Fundamental analysis shows a decrease in US crude oil inventories. The market is in a short - term upward -受阻 and downward - trending state. Option strategies include constructing a neutral call + put option selling combination strategy and a long collar strategy for spot hedging [8]. - **LPG**: Factory inventories are high, and the market is in a short - term bearish state. Strategies involve constructing a bearish spread strategy for put options, a short - biased call + put option selling combination strategy, and a long collar strategy for spot hedging [10]. 3.3.2 Alcohol - related Options - **Methanol**: Production and import data are presented. The market is in a weak state. Strategies include a short - biased call + put option selling combination strategy and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: Inventory has decreased. The market is in a weak and volatile state. Strategies include a short - volatility strategy and a long collar strategy for spot hedging [11]. 3.3.3 Polyolefin - related Options - **Polypropylene**: Inventory is expected to decrease. The market is in a weak state. Strategies include a long collar strategy for spot hedging [12]. 3.3.4 Rubber - related Options - **Rubber**: Import volume has increased. The market is in a short - term weak state. Strategies include a neutral call + put option selling combination strategy [13]. 3.3.5 Polyester - related Options - **PTA**: Inventory has decreased, but filament has accumulated. The market is in a weak and volatile state. Strategies include a neutral call + put option selling combination strategy [14]. 3.3.6 Alkali - related Options - **Caustic Soda**: Production is high, and demand is low. The market is in a state of rebound. Strategies include a long collar strategy for spot hedging [15]. - **Soda Ash**: Inventory and production data are presented. The market is in a volatile state. Strategies include a short - volatility combination strategy and a long collar strategy for spot hedging [15]. 3.3.7 Other Options - **Urea**: Inventory has decreased. The market is in a low - level volatile state. Strategies include a short - biased call + put option selling combination strategy and a long collar strategy for spot hedging [16]. 3.4 Option Charts - Charts for various energy - chemical options are provided, including price trends, trading volume, open interest, PCR, implied volatility, and historical volatility cones, which help in analyzing the market conditions of different options [18][37][55] etc.

Report Title - The report is titled "Commodity Option Data Daily Report" [3] Report Core View - The report presents the latest data on commodity options including historical volatility, implied volatility, and provides trading strategy recommendations based on the volatility levels of different commodities [4][5][9] Commodity Option Data Historical Volatility - Various commodities are listed with their respective主力价格, 涨跌幅, 当日波动, and historical volatility (HV20, HV40, HV60, HV120). For example, the主力 price of 沪铝 is 20735 with a 涨跌幅 of 0.29%, and its HV20 is 8% [4] Implied Volatility - Implied volatility data such as 主力平值IV and 主力平值IV分位值 are provided for different commodities. For instance, the 主力平值IV of 二烯橡胶 is 48% and its 主力平值IV分位值 is 97% [5] Historical Trends - Historical trends of some commodities like 工业硅 and 铁矿 are presented graphically [5] Strategy Recommendations - For 碳酸锂, it is recommended to sell a wide - straddle combination (卖出LC2509C80000 and 卖出LC2509P75000) on 2025.7.24 as its volatility is relatively high [9] - For 铁矿石, 豆油, and 菜油, it is recommended to buy a wide - straddle combination on 2025.6.3 as their volatilities are relatively low. For example, for 铁矿石, buy 买入I2509C690 and 买入I2509P700 [9]

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. For different metal options, corresponding strategies are proposed based on fundamental analysis, market trends, and option factors [8]. - For non - ferrous metals, a seller neutral volatility strategy can be constructed; for black metals, a short - volatility combination strategy is suitable; for precious metals, a spot hedging strategy is recommended [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest of various metal futures contracts are presented, including copper, aluminum, zinc, etc. For example, the latest price of copper CU2509 is 79,410, with a price increase of 470 and a trading volume of 4.85 million lots [3]. 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - Volume PCR and open interest PCR are used to describe the strength of the option underlying market and the turning point of the market. The values and changes of these factors for different metal options are provided, such as the volume PCR of copper is 0.58 with a change of 0.01, and the open interest PCR is 0.80 with a change of - 0.00 [4]. 3.2.2 Pressure and Support Levels - Pressure and support levels of different metal options are determined from the strike prices of the maximum open interest of call and put options. For example, the pressure level of copper is 82,000 and the support level is 75,000 [5]. 3.2.3 Implied Volatility - Implied volatility data of different metal options are provided, including at - the - money implied volatility, weighted implied volatility, and its changes. For example, the at - the - money implied volatility of copper is 9.05%, and the weighted implied volatility is 13.66% with a change of - 0.76% [6]. 3.3 Strategy and Recommendations 3.3.1 Non - Ferrous Metals - **Copper Option**: Based on the fundamental situation of increasing inventory in three major exchanges, and the market trend of high - level consolidation, a short - volatility seller option combination strategy is constructed, and a spot long - hedging strategy is also proposed [7]. - **Aluminum/Alumina Option**: Considering the inventory situation and market trend of high - level consolidation, a short - neutral call + put option combination strategy is constructed, and a spot collar strategy is proposed [9]. - **Zinc/Pb Option**: Given the low - level inventory and market trend of small - range oscillation, a short - neutral call + put option combination strategy is constructed, and a spot collar strategy is proposed [9]. - **Nickel Option**: Based on the inventory changes and market trend of wide - range oscillation with short - selling pressure, a short - bearish call + put option combination strategy is constructed, and a spot long - hedging strategy is proposed [10]. - **Tin Option**: Considering the inventory situation and market trend of short - term weak oscillation, a short - volatility strategy is constructed, and a spot collar strategy is proposed [10]. - **Lithium Carbonate Option**: Based on the inventory changes and market trend of short - term bullishness, a short - bullish call + put option combination strategy is constructed, and a spot long - hedging strategy is proposed [11]. 3.3.2 Precious Metals - **Gold/Silver Option**: Considering the economic data and market trend of high - level consolidation, a short - neutral volatility option seller combination strategy is constructed, and a spot hedging strategy is proposed [12]. 3.3.3 Black Metals - **Rebar Option**: Based on the inventory increase and market trend of small - range consolidation with pressure, a short - neutral call + put option combination strategy is constructed, and a spot long - covered call strategy is proposed [13]. - **Iron Ore Option**: Considering the inventory increase and market trend of bullish oscillation, a short - neutral call + put option combination strategy is constructed, and a spot long - collar strategy is proposed [13]. - **Ferroalloy Option**: Based on the production situation and market trend of large - range decline followed by small - range oscillation, a short - volatility strategy is constructed [14]. - **Industrial Silicon/Polysilicon Option**: Considering the inventory increase and market trend of large - range fluctuation, a short - volatility call + put option combination strategy is constructed, and a spot hedging strategy is proposed [14]. - **Glass Option**: Based on the inventory increase and market trend of weakness with pressure, a short - volatility call + put option combination strategy is constructed, and a spot long - collar strategy is proposed [15].

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].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Strategies mainly involve constructing option combination strategies with sellers as the main body and spot hedging or covered strategies to enhance returns [3][9]. 3. Summary by Related Catalogs 3.1. Market Overview of Underlying Futures - Various energy - chemical option underlying futures have different price changes, trading volumes, and open interest changes. For example, the latest price of crude oil (SC2510) is 492, with a rise of 2 and a rise - fall rate of 0.33%, and the trading volume is 4.87 million lots with a change of 1.58 million lots [4]. 3.2. Option Factors - Volume and Open Interest PCR - Different option varieties have different volume and open interest PCR values and their changes. For instance, the volume PCR of crude oil is 0.88 with a change of 0.07, and the open interest PCR is 0.52 with a change of 0.01 [5]. 3.3. Option Factors - Pressure and Support Levels - From the perspective of option factors, different option varieties have corresponding pressure and support levels. For example, the pressure level of crude oil is 550 and the support level is 480 [6]. 3.4. Option Factors - Implied Volatility - Each option variety has different implied volatility indicators such as at - the - money implied volatility, weighted implied volatility, etc. For example, the at - the - money implied volatility of crude oil is 27.72%, and the weighted implied volatility is 34.76% with a change of - 3.41% [7]. 3.5. Option Strategies and Suggestions 3.5.1. Energy - related Options - **Crude Oil**: The fundamental situation shows a decrease in US crude oil inventory. The market shows short - term weakness after an attempt to rebound. Option strategies include constructing a short - neutral call + put option combination strategy and a long collar strategy for spot hedging [8]. - **LPG**: Factory and port inventories are at relatively high levels, and the market is short - term bearish. Strategies include constructing a bearish spread strategy for put options, a short - bearish call + put option combination strategy, and a long collar strategy for spot hedging [10]. 3.5.2. Alcohol - related Options - **Methanol**: Production and import data are given, and the market is in a weak state. Strategies include constructing a short - bearish call + put option combination strategy and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: The inventory in the main port in East China has decreased. The market shows a wide - range weak oscillation. Strategies include constructing a short - volatility strategy and a long collar strategy for spot hedging [11]. 3.5.3. Polyolefin - related Options - **Polypropylene**: The inventory of production enterprises is expected to change. The market is in a weak state. The strategy is to hold a long spot + buy an at - the - money put option + sell an out - of - the - money call option for spot hedging [12]. 3.5.4. Rubber - related Options - **Rubber**: The import volume has increased. The market shows short - term weakness. Strategies include constructing a short - neutral call + put option combination strategy [13]. 3.5.5. Polyester - related Options - **PTA**: The industry inventory has decreased, but the filament inventory has increased. The market is in a weak consolidation state. Strategies include constructing a short - neutral call + put option combination strategy [14]. 3.5.6. Alkali - related Options - **Caustic Soda**: The enterprise's production is high, and it is in the off - season of demand. The market shows a weak oscillation. The strategy is to construct a long collar strategy for spot hedging [15]. - **Soda Ash**: The inventory and production data are given, and the market is in a weak and bearish state. Strategies include constructing a short - volatility combination strategy and a long collar strategy for spot hedging [15]. 3.5.7. Other Options - **Urea**: The enterprise inventory has decreased slightly. The market shows a low - level oscillation. Strategies include constructing a short - bearish call + put option combination strategy and a long collar strategy for spot hedging [16].

Group 1: Implied Volatility Index and Historical Volatility - The financial option implied volatility index reflects the 30 - day implied volatility (IV) trend as of the previous trading day. The commodity option implied volatility index is obtained by weighting the IV of the two - strike options around the at - the - money option of the front - month contract, reflecting the IV change trend of the front - month contract [3] - The difference between the IV index and historical volatility (HV) indicates the relative level of IV to HV. A larger difference means higher IV relative to HV, and a smaller difference means lower IV relative to HV [3] Group 2: Implied Volatility and Historical Volatility Graphs - The document presents graphs showing the IV, HV, and IV - HV differences for various financial and commodity options, including 300 - stock index, 50ETF, 1000 - stock index, 500ETF, and many commodity options such as silver, soybean meal, corn, etc [4] Group 3: Implied Volatility Quantile and Volatility Spread Quantile Ranking - Implied volatility quantile represents the current level of a variety's IV in history. A high quantile means the current IV is high, and a low quantile means the current IV is low. Volatility spread is the difference between the implied volatility index and historical volatility [5] - The document provides the implied volatility quantile rankings for different options, such as PVC with a quantile of 0.92, PTA with 0.39, etc [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The energy - chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, options strategies and suggestions are provided for selected varieties. Each option variety's strategy report includes analysis of the underlying market, research on option factors, and option strategy suggestions [9]. - It is recommended to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical option underlying futures contracts, such as crude oil, liquefied petroleum gas (LPG), methanol, etc. [4]. 3.2 Option Factors 3.2.1 Volume - to - Open - Interest PCR - It shows the trading volume, volume change, open interest, open interest change, volume PCR, volume PCR change, open interest PCR, and open interest PCR change of various option varieties. Volume PCR is used to describe whether the underlying market has a turning point, and open interest PCR is used to describe the strength of the underlying option market [5]. 3.2.2 Pressure and Support Levels - The pressure points, pressure point offsets, support points, support point offsets, maximum call option positions, and maximum put option positions of various option varieties are provided. These are determined from the strike prices of the maximum call and put option positions [6]. 3.2.3 Implied Volatility - The report shows the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call option implied volatility, put option implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility for each option variety [7]. 3.3 Option Strategies and Suggestions 3.3.1 Energy - related Options - **Crude Oil**: The U.S. crude oil inventory decreased last week. The market showed a short - term upward rebound受阻 pattern with pressure above. The implied volatility of crude oil options fluctuates around the mean. The open interest PCR indicates a weak - oscillating market. Strategies include constructing a neutral call + put option selling portfolio, and a long collar strategy for spot hedging [8]. - **LPG**: Factory inventories decreased slightly, while port inventories are at a high level and oscillating. The market is short - term bearish. The implied volatility of LPG options is at a relatively high historical level. The open interest PCR indicates strong bearish power. Strategies include a bearish put option spread, a bearish call + put option selling portfolio, and a long collar strategy for spot hedging [10]. 3.3.2 Alcohol - related Options - **Methanol**: China's methanol production and capacity utilization are expected to increase, and import volumes are estimated. The market shows a weak pattern with pressure above. The implied volatility of methanol options is falling and fluctuating below the mean. The open interest PCR indicates a weak - oscillating market. Strategies include a bearish call + put option selling portfolio and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: The inventory in East China's main ports decreased significantly. The market shows a weak and wide - range oscillating pattern with pressure above. The implied volatility of ethylene glycol options fluctuates around the lower - than - mean level. The open interest PCR indicates an oscillating market. Strategies include a volatility - selling strategy and a long collar strategy for spot hedging [11]. 3.3.3 Polyolefin - related Options - **Polypropylene**: The inventory of polyethylene and polypropylene production enterprises is expected to change. The market shows a weak pattern with bearish pressure above. The implied volatility of polypropylene options fluctuates around the historical mean. The open interest PCR indicates a weakening trend. Strategies include a long collar strategy for spot hedging [12]. 3.3.4 Rubber - related Options - **Rubber**: The import volume of natural and synthetic rubber in July increased. The market shows a short - term weak pattern with pressure above. The implied volatility of rubber options first rises sharply and then falls to around the mean. The open interest PCR indicates a weak market. Strategies include a neutral call + put option selling portfolio [13]. 3.3.5 Polyester - related Options - **PTA**: The industry inventory has decreased, but there is inventory accumulation in finished filament. The market shows a weak - oscillating pattern with pressure above. The implied volatility of PTA options fluctuates at a relatively high level above the mean. The open interest PCR indicates a weakening trend. Strategies include a neutral call + put option selling portfolio [14]. 3.3.6 Alkali - related Options - **Caustic Soda**: Enterprises have high production starts, but it is the off - season for demand, and export orders are few. The market shows a weak - oscillating pattern with pressure above. The implied volatility of caustic soda options first rises sharply and then falls but remains at a high level. The open interest PCR indicates strong bearish pressure. Strategies include a long collar strategy for spot hedging [15]. - **Soda Ash**: The total inventory of domestic soda ash manufacturers is high, and production has increased. The market shows a weak - bearish pattern. The implied volatility of soda ash options first rises sharply and then falls but remains at a high level. The open interest PCR indicates strong bearish pressure. Strategies include a volatility - selling portfolio and a long collar strategy for spot hedging [15]. 3.3.7 Other Options - **Urea**: The total inventory of urea enterprises has decreased. The market shows a low - level oscillating pattern. The implied volatility of urea options fluctuates slightly around the historical mean. The open interest PCR indicates strong bearish pressure. Strategies include a bearish call + put option selling portfolio and a long collar strategy for spot hedging [16].

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]

Core Viewpoint - The article explains why call options do not rise in price when the futures prices of similar products increase, highlighting significant differences in price-driving factors between futures and options [1]. Group 1: Option Status - Call options may be in an out-of-the-money state, meaning the strike price is significantly higher than the current futures price, resulting in zero intrinsic value [4]. - The Delta value of out-of-the-money options is low, indicating weak sensitivity to price changes in the underlying asset, which limits the price increase of options even when futures rise [4]. Group 2: Time Value Decay - Time value diminishes as the expiration date approaches, leading to a non-linear decay that can offset any gains from rising futures prices [7]. - Deep out-of-the-money options have minimal time value, making them vulnerable to complete erosion of any intrinsic value increase due to time decay [7][8]. Group 3: Implied Volatility - Implied volatility is a key parameter in option pricing; a decrease in implied volatility can lead to a decline in call option prices despite an increase in futures prices [8]. - The relationship between volatility and option prices is characterized by a "see-saw effect," where a drop in implied volatility negatively impacts option prices, counteracting gains from Delta [8]. Group 4: Market Liquidity and Transaction Costs - Poor liquidity in deep out-of-the-money options can widen bid-ask spreads, causing actual transaction prices to appear unchanged despite theoretical price increases [9]. - Large orders from institutional investors can push up market prices, but retail investors may struggle to execute trades at reasonable prices due to insufficient market depth [10]. Group 5: Other Factors - Changes in interest rates have a minimal impact on commodity options compared to stock options, with slight increases in call option prices possible due to higher holding costs [11]. - Differences in exercise styles (American vs. European options) affect time value decay, with European options experiencing more significant losses in time value when futures prices rise [12].