Group 1: Report Summary - The report is a metal options strategy morning report dated May 7, 2025, covering有色金属, precious metals, and black metals [1][2] - The report provides an overview of the underlying futures market, option factors, and offers strategy suggestions for each metal option [3][4][8] Group 2: Underlying Futures Market Overview - Copper (CU2506) latest price is 78,320, up 650 (0.84%), with a trading volume of 8.35 million lots and an open interest of 17.26 million lots [3] - Aluminum (AL2506) latest price is 19,760, down 110 (-0.55%), with a trading volume of 13.87 million lots and an open interest of 18.38 million lots [3] - Other metals such as zinc, lead, nickel, etc., also have detailed price, trading volume, and open interest data provided [3] Group 3: Option Factors Option Factor - Volume and Open Interest PCR - Copper option volume PCR is 1.50, open interest PCR is 1.26, indicating certain market sentiment [4] - Aluminum option volume PCR is 1.72, open interest PCR is 1.56, reflecting the market's view on the underlying [4] Option Factor - Pressure and Support Levels - Copper option pressure point is 80,000, support point is 70,000 [5] - Aluminum option pressure point is 20,000, support point is 19,000 [5] Option Factor - Implied Volatility - Copper option at - the - money implied volatility is 15.60%, weighted implied volatility is 22.92% [6] - Aluminum option at - the - money implied volatility is 10.56%, weighted implied volatility is 13.12% [6] Group 4: Strategy Suggestions Non - ferrous Metals - Copper options: Build a short - volatility strategy and a spot hedging strategy [9] - Aluminum options: Build a neutral short - call and short - put option combination strategy and a spot collar strategy [10] Precious Metals - Gold options: Build a bull spread strategy, a short - volatility strategy, and a spot hedging strategy [13] - Silver options: Similar strategies considering the market conditions [13] Black Metals - Rebar options: Build a short - call and short - put option combination strategy and a spot covered call strategy [14] - Iron ore options: Build a short - call and short - put option combination strategy and a spot collar strategy [14]

Group 1: Report Overview - The report is an Energy Chemical Options Daily Report dated May 7, 2025, providing early morning strategies for energy chemical options [2] Group 2: Industry Classification and Option Types - Energy chemical options are mainly divided into 5 categories: basic chemicals, energy, polyester chemicals, polyolefin chemicals, and other chemicals [3] Group 3: Basic Chemicals Sector Methanol Options - The afternoon methanol prices in Shandong on May 6 were 2400 yuan/ton in central Shandong, 2370 yuan/ton in southern Shandong, etc. [3] - Methanol has shown a weak and bearish trend with resistance above. The implied volatility is above the historical average [3] - A bearish combination strategy of call + put options is recommended to obtain time - value and directional returns, such as S_MA2506P2275, etc. [3] Rubber and Synthetic Rubber Options - The mainstream prices of high - cis butadiene rubber in different regions decreased. For example, in Shandong, it was 11700 yuan/ton, down 50 yuan/ton [3] - Rubber has shown a weak consolidation and slight rebound under bearish pressure. The implied volatility of rubber options is at a historically high level [3] - A bearish volatility - selling strategy is recommended to obtain directional and time - value returns, such as S_RU2509P14250, etc. [3] Styrene Options - In April, the downstream demand of styrene decreased due to the Sino - US tariff war, and the inventory of finished products was high. In May, the terminal household appliance production plan decreased marginally [4] - Styrene has shown a weak and volatile trend with resistance above. The implied volatility has remained at a historically high level [4] - A volatility - selling option combination strategy is recommended to obtain time - value and directional returns, such as S_EB2506P6900, etc. [4] Group 4: Oil and Gas Sector Crude Oil Options - OPEC + members agreed to increase oil supply by 411,000 barrels per day in June, but exports did not increase significantly. The US maintained production cuts [4] - Crude oil has shown a large - fluctuation trend under bearish pressure. The implied volatility has remained at a relatively high level [4] - A volatility - selling strategy is recommended to obtain time - value returns, such as S_SC2506P455 and S_SC2506C475 [4] Liquefied Gas Options - The benchmark price of liquefied gas on the business community was 4980.00 yuan/ton, up 0.05% from the beginning of last month [4] - Liquefied gas has shown a short - term weak rebound with resistance above. The implied volatility has remained above the historical average [4] - A strategy of selling a bearish call + put option combination is recommended. Adjust the position delta dynamically and close the position if the market fluctuates sharply, such as S_PG2506P4350, etc. [4] Group 5: Polyester Chemicals Sector PX and PTA Options - At the end of the month, the PTA load was 77.7%, down 2.2% month - on - month. The overall inventory decreased year - on - year [5] - PTA has shown a mild bullish trend under bearish pressure. The implied volatility has remained at a relatively high level [5] - A volatility - selling strategy is recommended to obtain time - value returns, such as S_TA2506P4450 and S_TA2506C4600 [5] Ethylene Glycol Options - As of April 28, the port inventory was 800,000 tons, up 15,000 tons year - on - year. The downstream inventory days increased [5] - Ethylene glycol has shown a short - term weak and bearish large - fluctuation trend with resistance above. The implied volatility has risen rapidly to a historically high level [5] - A volatility - selling strategy is recommended to obtain time - value returns, such as S_EG2506P4100 and S_EG2506C4250 [5] Short - Fiber Options - At the end of the month, the polyester load was 93.4%, up 0.5% year - on - year. The short - fiber load was 91.3%, down 0.6% [5] - Short - fiber has shown a bearish rebound after over - decline. The implied volatility has remained at a relatively high level [5] - A strategy of selling a call + put option combination to sell volatility is recommended to obtain time - value returns, such as S_PF2506P6000, etc. [5] Group 6: Polyolefin Chemicals Sector Polypropylene Options - The PP production enterprise inventory decreased by 5.81% this month but increased by 8.18% year - on - year. The trade and port inventories had different changes [6] - Polypropylene has shown a weak and large - fluctuation trend with resistance above. The implied volatility is at a historically high level [6] - A strategy of selling a bearish call + put option combination is recommended. Adjust the position delta dynamically and close the position if the market fluctuates sharply, such as S_PP2506P7100, etc. [6] Polyethylene Options - The PE production enterprise inventory increased by 18.16% this month and 7.71% year - on - year. The trade inventory had different changes [6] - Polyethylene has shown a weak consolidation trend with resistance above. The implied volatility has risen rapidly to a relatively high level [6] - A bearish directional strategy is recommended to obtain directional returns, such as B_L2506P7200 and S_L2506C7300 [6] PVC Options - At the end of April, the factory inventory, social inventory, and overall inventory decreased year - on - year. The warrants increased after centralized cancellation [6] - PVC has shown a wide - range weak consolidation and then a weak downward trend, followed by a rebound with resistance above. The implied volatility has remained at a low level [6] - A bearish directional strategy is recommended to obtain directional returns, such as B_V2506P4900, etc. [6] Group 7: Option Data Summary Option Underlying Market Data - Data such as the closing price, change, trading volume, and open interest of various option underlyings are provided, such as methanol with a closing price of 2289 yuan for the 2506 contract, up 8 yuan, etc. [8] Option Volume, Open Interest, and Amount Data - Data on the volume, open interest, and amount of various options, including their changes, are presented, such as the volume of methanol options (MA506) being 16.33 million, up 2.41 million [9] Option Volume, Open Interest, and Amount PCR Data - PCR data for volume, open interest, and amount of various options, including their changes, are given, such as the volume - PCR of methanol options (MA506) being 1.31, down 0.17 [10] Option Maximum Open Interest at Strike Prices - The strike prices with the maximum open interest for calls and puts, as well as pressure and support points, are provided for each option underlying, such as the pressure point of methanol (MA506) being 2350 yuan [11] Option Implied Volatility Data - Implied volatility data, including changes, annual averages, call and put implied volatilities, etc., are presented for each option underlying, such as the implied volatility of methanol (MA506) being 24.78, down 8.08 [13]

农产品期权 2025-05-07 | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万手) | | (万手) | | | 豆一 | A2507 | 4,226 | 51 | 1.22 | 14.91 | -0.50 | 15.86 | 0.51 | | 豆二 | B2506 | 3,368 | -4 | -0.12 | 2.23 | -0.72 | 8.74 | -0.28 | | 豆粕 | M2507 | 2,766 | -4 | -0.14 | 9.47 | -11.78 | 55.09 | 0.64 | | 菜籽粕 | RM2507 | 2,478 | 0 | 0.00 | 3.11 | -6.49 | 15.05 | -0.23 | | 棕榈油 | P2506 | 8,226 | -54 | -0.65 | 0.66 | 0.15 | 0.65 | 0.00 | | 豆油 | Y2507 | 7 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report conducts fundamental, market, and volatility analyses of various energy - chemical options, and provides corresponding strategy operations and suggestions [3]. 3. Summary by Directory 3.1 Basic Chemicals Sector - **Methanol Options**: The downstream MTO units have maintenance plans, but port inventory has decreased to a low level. The market has been fluctuating in a wide - range rectangle recently. Implied volatility is above the historical average. A bullish + bearish option short - biased portfolio strategy is recommended, such as S_MA2506P2275, S_MA2506P2300, S_MA2506C2350, and S_MA2506C2375 [3]. - **Rubber Options/Synthetic Rubber Options**: The market price of high - cis butadiene rubber in various regions has declined. The market shows a weak consolidation pattern under bearish pressure. Implied volatility is at a relatively high historical level. A short - biased volatility - selling strategy is recommended, such as S_RU2509P14250, S_RU2509P14500, S_RU2509C15250, and S_RU2509C15500 [3]. - **Styrene Options**: In April, downstream demand declined due to the Sino - US tariff war, and inventory was at a high level. The market has been in a volatile downward trend with resistance. Implied volatility remains at a relatively high historical level. A volatility - selling option portfolio strategy is recommended, such as S_EB2506P6900, S_EB2506P7000, S_EB2506C7200, and S_EB2506C7300 [4]. 3.2 Oil and Gas Sector - **Crude Oil Options**: OPEC + members agreed to increase oil supply in June, but exports have not increased significantly. The US has maintained production cuts. The market has shown large - scale fluctuations under bearish pressure. Implied volatility remains at a relatively high level. A bearish spread put option strategy is recommended, such as B_SC2506P485 and S_SC2506P465 [4]. - **Liquefied Gas Options**: The benchmark price has increased slightly compared to the beginning of last month. The market has shown a short - term weak rebound pattern with resistance. Implied volatility remains above the historical average. A short - biased call + put option selling strategy is recommended, such as S_PG2506P4350, S_PG2506P4300, S_PG2506C4450, and S_PG2506C4500 [4]. 3.3 Polyester Chemicals Sector - **PX Options/PTA Options**: PTA load is expected to decline in May, and inventory has decreased year - on - year. The market has shown a moderate bullish upward trend under bearish pressure. Implied volatility remains at a relatively high level. A volatility - selling strategy is recommended, such as S_TA2506P4450 and S_TA2506C4600 [5]. - **Ethylene Glycol Options**: Port inventory has increased slightly year - on - year, and downstream inventory days have increased. The market has shown large - scale fluctuations under short - term bearish pressure. Implied volatility has rapidly risen to a relatively high historical level. A volatility - selling strategy is recommended, such as S_EG2506P4100 and S_EG2506C4250 [5]. - **Short - Fiber Options**: Polyester load is relatively high, but short - fiber load has decreased slightly. The market has shown a rebound after a sharp decline. Implied volatility remains at a relatively high average level. A call + put option selling strategy for volatility - selling is recommended, such as S_PF2506P6000, S_PF2506P6100, S_PF2506C6400, and S_PF2506C6500 [5]. 3.4 Polyolefin Chemicals Sector - **Polypropylene Options**: PP production enterprise, trader, and port inventories have different trends. The market has shown a large - scale volatile pattern with resistance. Implied volatility is at a relatively high historical level. A short - biased call + put option selling strategy is recommended, such as S_PP2506P7100, S_PP2506P7000, S_PP2506C7200, and S_PP2506C7300 [6]. - **Polyethylene Options**: PE production enterprise and trader inventories have changed. The market has shown a weak consolidation pattern with resistance. Implied volatility has rapidly risen to a relatively high level. A bearish directional strategy is recommended, such as B_L2506P7200 and S_L2506C7300 [6]. - **PVC Options**: Factory and social inventories have decreased year - on - year. The market has shown a volatile upward pattern with resistance. Implied volatility remains at a relatively low level. A bearish directional strategy is recommended, such as B_V2506P4900, B_V2506P4950, S_V2506C5000, and S_V2506C5100 [6]. 3.5 Data Summary - **Option Underlying Market Data**: It includes closing prices, price changes, trading volumes, and open interest changes of various option underlying assets [8]. - **Option Volume, Open Interest, and Turnover Data**: It shows the volume, open interest, and turnover of different options, as well as their changes [9]. - **Option Volume, Open Interest, and Turnover PCR Data**: It presents the PCR values of volume, open interest, and turnover of different options and their changes [10]. - **Option Maximum Open Interest at Strike Prices**: It provides the strike prices with the maximum open interest for calls and puts, as well as pressure and support levels for different options [11]. - **Option Implied Volatility Data**: It shows the implied volatility, its changes, annual averages, call and put implied volatilities, and historical volatilities of different options [13].

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints of the Report - Option strategy products in the US ETF market continue to be issued intensively, with various new products including small - cap and Bitcoin - related option strategies [1][6]. - International stock products in the US ETF market are seeing inflows, while US stock ETFs have some outflows. Bitcoin ETFs maintain inflows, and long - term bonds in the ETF market are falling significantly [1][10][15]. - In March 2025, the total amount of non - money public funds in the US decreased, and the scale decline of domestic stock - type products was higher than the stock decline. The outflow of domestic stock funds has been relatively low in recent months, and the outflow of bond products has also slowed down significantly [1][16][17]. Summary According to the Directory 1. US ETF Innovation Products: Option Strategies Continue to Be Issued Intensively - Last week, 16 new products were issued in the US, with many option strategy products. Simplify issued a small - cap plus option strategy product, and Amplify issued two Bitcoin option strategy products [1][6]. - Grayscale issued a Bitcoin - related product, and there was diverse issuance of bond products, including convertible bonds and MBS. PGIM and Innovator continued to expand downside protection products [7]. - Harbor issued a series of active ETFs for mid - cap and small - mid - cap value and core stock - selection products [8]. 2. US ETF Dynamics 2.1 US ETF Funds: International Stock Products See Inflows - Last week, US stock ETFs continued to have some outflows, while international stock and bond products had obvious inflows, and Bitcoin ETFs maintained inflows. Vanguard's S&P 500 ETF had significant inflows, and Bitcoin ETFs had inflows of over $2 billion [10][13]. - The SPDR S&P 500 ETF had obvious outflows last week, while Vanguard's products had stable inflows. Gold ETFs still had some outflows, and corporate bond ETFs had a small - scale return [14]. 2.2 US ETF Performance: Long - Term Bonds Fall Significantly - In the past month, US bonds rebounded overall, but long - term bonds had obvious declines, short - term and international bonds rose more, and long - term bond products had some outflows. iShares' MBS ETF entered the top ten in terms of bond ETF scale, and alternative bond products attracted more attention [15]. 3. Recent Capital Flows of US Ordinary Public Funds - In March 2025, the total amount of non - money public funds in the US was $21.17 trillion, a decrease of $0.88 trillion compared to February 2025. The scale of domestic stock - type products declined by 6.55%, higher than the 5.75% decline of the S&P 500 [16]. - From April 16th to April 23rd, US domestic stock funds had a total outflow of $2.68 billion. The outflows in recent months have been relatively low, and the outflows of bond products have also slowed down significantly [17].

金属期权 2025-05-06 金属期权策略早报 | 卢品先 | 期权研究员 | 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 | 金属期权策略早报概要：（1）有色金属盘整震荡偏上，构建做空波动率策略策略；（2）黑色系波动较大，适合构 建卖方期权组合策略；（3）贵金属延续偏强走势创历史新高大幅回落后止跌回升，构建牛市价差组合策略、做空 波动率策略和现货避险策略。 表1：标的期货市场概况 | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万手) | | (万手) | | | 铜 | CU2506 | 77,220 | -370 | -0.48 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoint The report conducts a comprehensive analysis of various energy and chemical options, including fundamental aspects, market trends, volatility analysis, and provides corresponding option trading strategies and suggestions for different types of energy and chemical options [3]. 3. Summary by Category 3.1 Energy and Chemical Option Classification - Energy and chemical options are mainly divided into five categories: basic chemicals (methanol, rubber, synthetic rubber, styrene options), energy (crude oil, liquefied gas options), polyester chemicals (paraxylene, PTA, ethylene glycol, short - fiber options), polyolefin chemicals (polypropylene, PVC, polyethylene options), and other chemicals (caustic soda, soda ash, urea options) [3]. 3.2 Basic Chemicals Sector - **Methanol Options**: Last week, port inventory decreased to 46.32 tons, and enterprise inventory was 30.98 tons. The market has been in a wide - range rectangular consolidation. Implied volatility is above the historical average. A bullish + bearish option bearish portfolio strategy is recommended, such as S_MA2506P2275, S_MA2506P2300, S_MA2506C2350, S_MA2506C2375 [3]. - **Rubber/Synthetic Rubber Options**: The market price of high - cis butadiene rubber in various regions has decreased. The market shows a weak consolidation pattern under bearish pressure. Implied volatility is at a relatively high historical level. A bearish volatility - selling strategy is recommended, such as S_RU2509P14250, S_RU2509P14500, S_RU2509C15250, S_RU2509C15500 [3]. - **Styrene Options**: Both factory and port inventories have decreased, but the rate of decline has weakened. The market has been volatile after a decline. Implied volatility remains at a relatively high historical level. A volatility - selling option portfolio strategy is recommended, such as S_EB2506P6900, S_EB2506P7000, S_EB2506C7200, S_EB2506C7300 [4]. 3.3 Oil and Gas Sector - **Crude Oil Options**: OPEC plans to increase production, and US supply has declined. The market has shown large fluctuations under bearish pressure. Implied volatility remains at a relatively high level. A bear put spread strategy is recommended, such as B_SC2506P485 and S_SC2506P465 [4]. - **Liquefied Gas Options**: Port inventory has rebounded, and the production capacity utilization rate of related industries has changed. The market has shown a short - term weak rebound. Implied volatility is above the historical average. A bearish call + put option selling strategy is recommended, such as S_PG2506P4350, S_PG2506P4300, S_PG2506C4450, S_PG2506C4500 [4]. 3.4 Polyester Chemicals Sector - **PX/PTA Options**: PTA load is 78.9%, and multiple devices are in maintenance. The market has shown a mild bullish trend. Implied volatility is at a relatively high level. A volatility - selling strategy is recommended, such as S_TA2506P4450 and S_TA2506C4600 [5]. - **Ethylene Glycol Options**: Last week, the EG load was 68.5%. The market has shown large fluctuations under bearish pressure. Implied volatility has rapidly risen to a relatively high historical level. A volatility - selling strategy is recommended, such as S_EG2506P4100 and S_EG2506C4250 [5]. - **Short - Fiber Options**: Port inventory has increased, and downstream factory inventory days have risen. The market has shown a rebound after a decline. Implied volatility remains at a relatively high average level. A volatility - selling call + put option selling strategy is recommended, such as S_PF2506P6000, S_PF2506P6100, S_PF2506C6400, S_PF2506C6500 [5]. 3.5 Polyolefin Chemicals Sector - **Polypropylene Options**: PP production enterprise inventory has decreased this week, and the market has shown a wide - range volatile pattern under pressure. Implied volatility is at a relatively high historical level. A bearish call + put option selling strategy is recommended, such as S_PP2506P7100, S_PP2506P7000, S_PP2506C7200, S_PP2506C7300 [6]. - **Polyethylene Options**: PE production enterprise inventory has increased, and the market has shown a weak consolidation pattern under pressure. Implied volatility has rapidly risen to a relatively high level. A bearish directional strategy is recommended, such as B_L2506P7200 and S_L2506C7300 [6]. - **PVC Options**: Factory and social inventories have changed, and the market has shown a volatile rebound pattern under pressure. Implied volatility remains at a relatively low level. A bearish directional strategy is recommended, such as B_V2506P4900, B_V2506P4950, S_V2506C5000, S_V2506C5100 [6]. 3.6 Data Summary - **Option Underlying Market Data**: Provides closing prices, price changes, trading volumes, and open interest for various option underlying assets [8]. - **Option Volume, Open Interest, and Turnover Data**: Includes volume, volume changes, open interest, open interest changes, turnover, and turnover changes for different options [9]. - **Option Volume, Open Interest, and Turnover PCR Data**: Presents PCR values and their changes for volume, open interest, and turnover of different options [10]. - **Option Maximum Open Interest at Strike Prices**: Lists the maximum open interest at call and put strike prices, as well as pressure and support levels for different options [11]. - **Option Implied Volatility Data**: Provides implied volatility, implied volatility changes, annual averages, call and put implied volatilities, and volatility differences for different options [13].

农产品期权 2025-04-30 农产品期权策略早报 | 卢品先 | 期权研究员 | 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 | 农产品期权策略早报概要：油料油脂类农产品区间盘整，油脂类，豆类偏弱行情，农副产品维持震荡行情，软商品 白糖上升受阻回落，棉花延续弱势反弹形态，谷物类玉米和淀粉逐渐回暖上升后窄幅盘整。 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 | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万手) | | (万手) | | | 豆一 | A2507 | 4,187 | 7 | ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The metal sector is mainly divided into non - ferrous metals, precious metals, and black metals. Different options strategies and suggestions are provided for selected varieties in each sector based on their fundamental analysis, option factor research, and market trends [7]. - For non - ferrous metals under pressure and in a consolidation phase, strategies such as shorting volatility can be constructed; for black metals with large fluctuations, seller option combination strategies are suitable; for precious metals that continue to be strong, bull spread combination strategies, short - volatility strategies, and spot hedging strategies can be adopted [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts are presented, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2506) is 77,740, with a price increase of 150 and a trading volume of 7.91 million lots [3]. 3.2 Option Factor - Volume and Open Interest PCR - The volume and open interest PCR of various metal options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For instance, the volume PCR of copper options is 0.99, and the open interest PCR is 1.15 [4]. 3.3 Option Factor - Pressure and Support Levels - The pressure and support levels of various 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 (CU2506) is 80,000, and the support level is 70,000 [5]. 3.4 Option Factor - Implied Volatility - The implied volatility of various metal options is presented, 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 copper options is 17.93%, and the weighted implied volatility is 23.55% [6]. 3.5 Strategies and Suggestions 3.5.1 Non - Ferrous Metals - **Copper Options**: The copper market has shown a trend of over - sold rebound and subsequent fluctuations. Option strategies include constructing short - volatility seller option combination strategies and spot long - hedging strategies [7]. - **Aluminum/Alumina Options**: The aluminum market has gradually recovered and risen under pressure. Strategies include selling neutral call + put option combination strategies and constructing spot collar strategies [8]. - **Zinc/Lead Options**: The zinc market has shown a trend of decline and subsequent rebound and consolidation. Strategies include selling bearish call + put option combination strategies and constructing spot collar strategies [8]. - **Nickel Options**: The nickel market has shown a weak trend under pressure. Strategies include selling bearish call + put option combination strategies and spot long - hedging strategies [9]. - **Tin Options**: The tin market has shown a weak trend after a decline and rebound. Strategies include bearish put spread combination strategies, short - volatility strategies, and spot collar strategies [9]. - **Lithium Carbonate Options**: The lithium carbonate market has shown a weak bearish trend. Strategies include constructing bear spread combination strategies, selling bearish call + put option combination strategies, and spot covered call strategies [10]. 3.5.2 Precious Metals - **Gold/Silver Options**: The gold market has shown a trend of high - level shock after a rise and fall. Strategies include constructing bullish call spread combination strategies, short - volatility option seller combination strategies, and spot hedging strategies [11]. 3.5.3 Black Metals - **Rebar Options**: The rebar market has shown a weak bearish trend with a recent rebound. Strategies include selling bearish call + put option combination strategies and spot covered call strategies [12]. - **Iron Ore Options**: The iron ore market has shown a short - term weak bearish trend. Strategies include selling bearish call + put option combination strategies and constructing long collar strategies [12]. - **Ferroalloy Options**: The manganese silicon market has shown a weak bearish trend. Strategies include constructing bearish put spread combination strategies and selling call + put option combination strategies [13]. - **Industrial Silicon/Polysilicon Options**: The industrial silicon market has shown a weak downward trend. Strategies include constructing bearish put spread combination strategies, selling bearish call + put option combination strategies, and spot covered call strategies [13]. - **Glass Options**: The glass market has shown a weak bearish downward trend. Strategies include constructing bearish put spread combination strategies, short - volatility selling call + put option combination strategies, and constructing long collar strategies [14].

农产品期权 2025-04-29 农产品期权策略早报 | 卢品先 | 期权研究员 | 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 | 农产品期权策略早报概要：油料油脂类农产品区间盘整，油脂类，豆类偏弱行情，农副产品维持震荡行情，软商品 白糖上升受阻回落，棉花延续弱势反弹形态，谷物类玉米和淀粉逐渐回暖上升后窄幅盘整。 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 | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万手) | | (万手) | | | 豆一 | A2507 | 4,185 | -36 ...