1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others [9]. - For each sector, some varieties are selected to provide option strategies and suggestions [9]. - Option strategy reports for each option variety are compiled based on underlying market analysis, option factor research, and option strategy suggestions [9]. 3. Summary According to 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, including crude oil, LPG, methanol, etc [4]. 3.2 Option Factors - 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 underlying market. The report provides these data for different option varieties [5]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels of option underlying are determined from the strike prices with the largest open interests of call and put options. The report lists these levels for various option varieties [6]. 3.4 Option Factors - Implied Volatility - The report provides data on at - the - money implied volatility, weighted implied volatility, average annual implied volatility, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility for different option varieties [7]. 3.5 Option Strategies and Suggestions 3.5.1 Energy - related Options - **Crude Oil**: Fundamentals show changes in US crude oil inventories, production, and the number of active rigs and fracturing fleets. The market is short - term bearish. Option factors indicate high historical implied volatility, increasing short - selling power, a pressure level of 660, and a support level of 450. Strategies include constructing a neutral short call + put option combination for volatility, and a long collar strategy for spot hedging [8]. - **LPG**: Fundamentals are affected by geopolitical concerns and import cost changes. The market is short - term bearish. Option factors show relatively high implied volatility, increasing short - selling power, a pressure level of 5100, and a support level of 4000. Strategies are similar to those of crude oil [10]. 3.5.2 Alcohol - related Options - **Methanol**: Fundamentals involve port inventory and MTO device utilization. The market shows short - term narrow - range fluctuations. Option factors indicate relatively high implied volatility, a fluctuating market, a pressure level of 2950, and a support level of 2200. Strategies include constructing a neutral short call + put option combination and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: Fundamentals are related to market prices and supply - demand structure. The market shows weak bearish fluctuations. Option factors show implied volatility around the historical average, weakening market, a pressure level of 4350, and a support level of 4300. Strategies include constructing a short - volatility strategy and a long collar strategy for spot hedging [11]. 3.5.3 Polyolefin - related Options - **Polypropylene**: Fundamentals involve production volume changes. The market shows weak bearish fluctuations. Option factors show implied volatility around the historical average, weakening market, a pressure level of 7500, and a support level of 6800. Strategies include a long collar strategy for spot hedging [11]. 3.5.4 Rubber - related Options - **Rubber**: Fundamentals involve exchange inventories. The market shows low - level consolidation. Option factors show implied volatility around the average, increasing short - selling power, a pressure level of 21000, and a support level of 13000. Strategies include constructing a neutral short call + put option combination [12]. 3.5.5 Polyester - related Options - **PTA**: Fundamentals involve inventory changes. The market shows sharp fluctuations. Option factors indicate high historical implied volatility, weakening market, a pressure level of 5800, and a support level of 4500. Strategies include constructing a neutral short call + put option combination [13]. 3.5.6 Alkali - related Options - **Caustic Soda**: Fundamentals involve inventory and profit changes. The market shows short - term narrow - range fluctuations. Option factors show decreasing implied volatility, a weak market, a pressure level of 2400, and a support level of 2200. Strategies include constructing a bear - spread put option combination and a covered call strategy for spot hedging [14]. - **Soda Ash**: Fundamentals involve supply - demand and market sentiment. The market shows weak bearish low - level consolidation. Option factors show implied volatility around the historical average, a weak and fluctuating market, a pressure level of 1220, and a support level of 1120. Strategies include constructing a bear - spread put option combination, a short - bearish call + put option combination, and a long collar strategy for spot hedging [14]. 3.5.7 Other Options - **Urea**: Fundamentals involve supply - demand differences and inventory changes. The market shows bearish fluctuations. Option factors show implied volatility below the historical average, a weakening market, a pressure level of 1900, and a support level of 1700. Strategies include constructing a neutral short call + put option combination and a long collar strategy for spot hedging [15].

Group 1: Implied Volatility Index and Its Calculation - The financial options implied volatility index reflects the 30 - day implied volatility (IV) trend as of the previous trading day. The commodity options implied volatility index is obtained by weighting the IV of the two - strike prices above and below the at - the - money option of the main contract month, reflecting the IV change trend of the main contract [3] - The difference between the IV index and historical volatility (HV) indicates the relative level of IV to HV. A larger difference means IV is relatively higher than HV, and a smaller difference means IV is relatively lower [3] Group 2: Implied Volatility and Historical Volatility Graphs - There are multiple graphs showing the IV, HV, and IV - HV differences of various financial and commodity options, including 300 - stock index, 50ETF, 1000 - stock index, 500ETF, silver, bean粕, corn, cotton, rubber, methanol, PTA, crude oil, iron ore, copper, PVC, rebar, urea, fuel oil, aluminum, zinc, and sugar from 2019 to 2025 [4][5][6] Group 3: Implied Volatility and Historical Volatility Quantiles - Implied volatility quantiles represent the current IV level of a variety 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 [20] - The implied volatility and historical volatility quantile rankings of various varieties are presented, such as copper (0.67), PTA (0.82), PVC (0.35), 50ETF (0.10), 300 - stock index (0.09), etc. [22]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The metal sector is divided into non - ferrous metals, precious metals, and black metals. Different options strategies are recommended for each sector and variety based on their fundamental and market conditions [7]. - For non - ferrous metals, it is recommended to construct bullish option bull spread combination strategies and short volatility strategies as they are in a mostly upward - trending or oscillating market. For black metals, which are in a range - bound consolidation, neutral option seller combination strategies are suitable. For precious metals, especially gold, which is in a high - level consolidation and weak decline, spot hedging strategies are recommended [2]. 3. Summary by Relevant Catalogs 3.1. Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts, including copper, aluminum, zinc, etc. For example, the latest price of copper futures contract CU2508 is 80,900, with a price increase of 280 and a trading volume of 102,000 lots [3]. 3.2. Option Factor - Volume and Open Interest PCR - The volume and open interest PCR of various metal options are presented. For example, the open interest PCR of copper options is 0.63, with a change of 0.03, which is used to describe the strength of the option underlying market [4]. 3.3. Option Factor - Pressure and Support Levels - The pressure and support levels of various metal options are analyzed. For example, the pressure level of copper options is 82,000, and the support level is 77,000, which are determined by the maximum open interest of call and put options [5]. 3.4. Option Factor - Implied Volatility - The implied volatility of various metal options is reported, including at - the - money implied volatility and weighted implied volatility. For example, the at - the - money implied volatility of copper options is 14.01%, and the weighted implied volatility is 19.53% with a change of - 0.78% [6]. 3.5. Strategy and Recommendations 3.5.1. Non - Ferrous Metals - **Copper Options**: Construct bullish option bull spread combination strategies, short volatility seller option combination strategies, and spot long - position hedging strategies. The copper market has shown an upward - trending breakthrough after high - level consolidation [8]. - **Aluminum/Alumina Options**: Use bullish option bull spread combination strategies, short bullish call + put option combination strategies, and spot collar strategies. The aluminum market has shown a mostly upward - trending oscillating pattern [9]. - **Zinc/Lead Options**: Adopt bullish bull spread combination strategies, short neutral call + put option combination strategies, and spot collar strategies. The zinc market has shown an upward - trending breakthrough after a decline [9]. - **Nickel Options**: Use short bearish call + put option combination strategies and spot long - position hedging strategies. The nickel market has shown a weak rebound [10]. - **Tin Options**: Apply short volatility strategies and spot collar strategies. The tin market has shown a short - term upward - trending breakthrough after a wide - range oscillation [10]. - **Lithium Carbonate Options**: Use short neutral call + put option combination strategies and spot covered call strategies. The lithium carbonate market has shown a rebound after a decline [11]. 3.5.2. Precious Metals - **Gold/Silver Options**: Use short bullish volatility option seller combination strategies and spot hedging strategies. The gold market has shown a short - term weakening pattern after high - level consolidation [12]. 3.5.3. Black Metals - **Rebar Options**: Use short bearish call + put option combination strategies and spot covered call strategies. The rebar market has shown a weak rebound [13]. - **Iron Ore Options**: Adopt short neutral call + put option combination strategies and spot collar strategies. The iron ore market has shown a weak rebound after an upward - trending breakthrough [13]. - **Ferroalloy Options**: Use short volatility strategies. The manganese silicon market has shown a rebound after a decline [14]. - **Industrial Silicon/Polysilicon Options**: Use short neutral call + put option combination strategies and spot covered call strategies. The industrial silicon market has shown a rebound after a decline [14]. - **Glass Options**: Apply short volatility strategies and spot collar strategies. The glass market has shown a rebound after a decline [15].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The agricultural products sector is divided into beans, oils, agricultural by - products, soft commodities, grains, and others. Oils and fats, and agricultural by - products are in a volatile market, soft commodity sugar continues to be weak, cotton rises moderately, and grains such as corn and starch recover and then consolidate in a narrow range. It is recommended to construct option combination strategies mainly as sellers, and spot hedging or covered strategies to enhance returns [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Different agricultural product futures have different price changes. For example, the latest price of soybean No.1 (A2509) is 4,126, down 3 with a decline rate of 0.07%; the latest price of sugar (SR2509) is 5,716, down 65 with a decline rate of 1.12% [3]. 3.2 Option Factor - Volume and Position PCR - Different option varieties have different volume and position PCR values and their changes. For instance, the volume PCR of soybean No.1 is 0.41 with a change of 0.07, and the position PCR is 0.49 with a change of - 0.03 [4]. 3.3 Option Factor - Pressure and Support Levels - Each option variety has corresponding pressure and support levels. For example, the pressure level of soybean No.1 is 4,500 and the support level is 4,100; the pressure level of soybean meal is 3,100 and the support level is 2,900 [5]. 3.4 Option Factor - Implied Volatility - Implied volatility varies among different option varieties. For example, the at - the - money implied volatility of soybean No.1 is 9.575, and the weighted implied volatility is 11.66 with a change of - 0.24 [6]. 3.5 Strategy and Recommendations 3.5.1 Oils and Fats Options - **Beans (Soybean No.1, Soybean No.2)**: As of June 24, the purchase volume of soybeans from December to September is known. Soybean No.1 has a weak market. Its implied volatility is at a relatively high level, and the position PCR is below 0.7. The recommended strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal, Rapeseed Meal**: The cost of distant - month soybean meal is in the range of 2,850 - 3,020 yuan/ton. The market shows a weak decline with support below. The implied volatility is slightly above the historical average, and the position PCR fluctuates around 0.8. Recommended strategies are similar to those for soybeans [9]. - **Palm Oil, Soybean Oil, Rapeseed Oil**: The fundamentals of oils are affected by multiple factors. Palm oil shows a pattern of rising and then falling. Its implied volatility is below the historical average, and the position PCR is around 1.0. Recommended strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [10]. - **Peanuts**: The peanut market has a weak supply - demand pattern. The implied volatility is at a low level, and the position PCR is below 0.8. The recommended strategies are a bearish spread strategy for put options and a long collar strategy for spot hedging [11]. 3.5.2 Agricultural By - product Options - **Pigs**: The pig price fluctuates upward. The implied volatility is above the historical average, and the position PCR is below 0.5. Recommended strategies include constructing a neutral short call + put option combination strategy and a covered call strategy for spot [11]. - **Eggs**: The egg inventory is expected to increase, and the market shows a weak downward trend. The implied volatility is high, and the position PCR is below 0.6. The recommended strategy is a short - biased bearish call + put option combination strategy [12]. - **Apples**: The apple inventory is decreasing, and the market shows a weak rebound. The implied volatility is below the historical average, and the position PCR is below 0.6. The recommended strategy is a neutral short call + put option combination strategy [12]. - **Red Dates**: The red date inventory is slightly decreasing, and the market rebounds. The implied volatility is above the average and decreasing, and the position PCR is below 0.5. The recommended strategies are a short - biased long strangle option combination strategy and a covered call strategy for spot [13]. 3.5.3 Soft Commodity Options - **Sugar**: The supply of Brazilian sugar is affected. The sugar market shows a weak rebound. The implied volatility is at a low level, and the position PCR is around 0.8. Recommended 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 mild upward trend. The implied volatility is at a low level and decreasing, and the position PCR is below 1.0. Recommended strategies are a bullish spread strategy for call options, a neutral short call + put option combination strategy, and a covered call strategy for spot [14]. 3.5.4 Grain Options - **Corn, Starch**: The corn market is in a narrow - range consolidation. The implied volatility is at a low level, and the position PCR is around 0.8. The recommended strategy is a neutral short call + put option combination strategy [14].

金属期权 2025-07-02 金属期权策略早报 | 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 | 金属期权策略早报概要：（1）有色金属偏多震荡，构建看涨期权牛市价差组合策略和做空波动率策略策略；（2） 黑色系区间盘整震荡逐渐走弱，适合构建卖方期权中性组合策略；（3）贵金属黄金高位盘整弱势回落，构建现货 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （% ...

Market Overview - On July 1, A-shares experienced a slight upward movement with a total transaction volume of 1.49 trillion yuan, where over 2,600 stocks rose, indicating a generally bullish market sentiment [1] - Leading sectors included pharmaceuticals, biological products, precious metals, and banking, while sectors such as diversified finance, software development, telecommunications, and batteries saw the largest declines [1] Options Market Activity - The options market saw a decrease in transaction volume but a steady increase in open interest, with total transactions amounting to 3.7281 million contracts, down 19.20% from the previous trading day, while total open interest rose by 8.42% to 7.3985 million contracts [1] - The Shanghai Stock Exchange 50 ETF options recorded a transaction volume decrease of 19.56% and an open interest increase of 8.23%, with 605,600 contracts traded, down from 752,900 contracts [1] Options Position Changes - For the July contracts, there was a total increase of 55,400 contracts in open interest, with call options increasing by 20,000 contracts and put options by 35,400 contracts, indicating a preference for both call and put options in slightly out-of-the-money positions [1] - The CSI 300 ETF options mirrored the trends of the Shanghai 50 ETF options, with transaction volumes decreasing by 29.05% for the Shenzhen Stock Exchange and 21.86% for the Shanghai Stock Exchange, while open interest increased by 11.19% and 10.67% respectively [2] Volatility Analysis - The implied volatility for the Shanghai 50 ETF at the end of July 1 was 11.62%, with historical volatility remaining low at 8.48% for the 30-day period [3] - The overall analysis suggests that the A-share market is in a consolidation phase following a volume increase, with both call and put options being added in slightly out-of-the-money positions, indicating a cautious outlook for short-term market movements [3]

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core View - Not provided 3. Summary by Relevant Catalogs 3.1 Market Review - The Shanghai Composite Index closed down 24.22 points, a decline of 0.7%, at 3424.23 points, with a turnover of 6057.32 billion yuan; the Shenzhen Component Index closed up 35.07 points, an increase of 0.34%, at 10378.55 points, with a turnover of 9353.85 billion yuan; the ChiNext Index closed up 9.91 points, an increase of 0.47%, at 2124.34 points, with a turnover of 4645.62 billion yuan; the CSI 300 closed down 24.26 points, a decline of 0.61%, at 3921.76 points, with a turnover of 3434.68 billion yuan [4][8] - The closing prices, changes, turnovers, and trading volumes of SSE 50, CSI 300, and CSI 1000 are presented. The SSE 50 closed at 2707.5688, down 1.13%; the CSI 300 at 3921.7578, down 0.61%; the CSI 1000 at 6276.9373, up 0.47%. Their turnovers were 957.14 billion yuan, 3434.68 billion yuan, and 3304.55 billion yuan respectively, and trading volumes were 57.08 billion, 194.56 billion, and 248.56 billion respectively [4] 3.2 CFFEX Stock Index Option Trading Situation - For the SSE 50, put option trading volume was 1.32 million contracts, call option was 3.08 million contracts, daily trading volume was 4.39 million contracts, PCR was 0.43, option open interest was 5.78 million contracts, call option open interest was 3.55 million contracts, put option open interest was 2.22 million contracts, and open - interest PCR was 0.63 [4] - For the CSI 300, put option trading volume was 3.08 million contracts, call option was 6.65 million contracts, daily trading volume was 9.73 million contracts, PCR was 0.46, option open interest was 16.53 million contracts, call option open interest was 10.07 million contracts, put option open interest was 6.46 million contracts, and open - interest PCR was 0.64 [4] - For the CSI 1000, put option trading volume was 8.05 million contracts, call option was 12.64 million contracts, daily trading volume was 20.69 million contracts, PCR was 0.64, option open interest was 23.28 million contracts, call option open interest was 11.90 million contracts, put option open interest was 11.38 million contracts, and open - interest PCR was 0.96 [4] 3.3 Volatility Analysis - Historical volatility chains and next - month at - the - money implied volatility smile curves are presented for SSE 50, CSI 300, and CSI 1000 [10]

Group 1: Report Summary - The report is a metal options strategy morning report dated June 30, 2025 [1] - It provides an overview of the metal options market, including futures market conditions, option factors, and strategy recommendations for different metal sectors [2][7] Group 2: Market Overview Futures Market Conditions - The report presents the latest prices, price changes, trading volumes, and open interest of various metal futures contracts [3] Option Factors - It includes option volume and open interest PCR, pressure and support levels, and implied volatility for different metal options [4][5][6] Group 3: Strategy Recommendations Non - Ferrous Metals - For copper options, build a bull spread combination strategy for call options and a short - volatility seller option combination strategy, and a spot hedging strategy [8] - For aluminum/alumina options, use a bull spread combination strategy for call options, a short call + put option combination strategy, and a spot collar strategy [9] - For zinc/lead options, construct a bull spread combination strategy for call options, a short neutral call + put option combination strategy, and a spot collar strategy [9] - For nickel options, build a short bearish call + put option combination strategy and a spot long - position hedging strategy [10] - For tin options, use a short - volatility strategy and a spot collar strategy [10] - For lithium carbonate options, construct a short neutral call + put option combination strategy and a spot long - position covered call strategy [11] Precious Metals - For gold/silver options, build a short - volatility option seller combination strategy and a spot hedging strategy [12] Black Metals - For rebar options, construct a short bearish call + put option combination strategy and a spot long - position covered call strategy [13] - For iron ore options, use a short neutral call + put option combination strategy and a spot long - position collar strategy [13] - For ferroalloy options, build a short - volatility strategy [14] - For industrial silicon/polysilicon options, construct a short neutral call + put option combination strategy and a spot long - position covered call strategy [14] - For glass options, use a short - volatility call + put option combination strategy and a spot long - position collar strategy [15] Group 4: Charts - The report includes price charts, option volume and open interest charts, and implied volatility charts for various metals such as copper, aluminum, and gold [17][36][148]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The agricultural product sector shows different trends: oilseeds and oils are weakening, fats and oils, and agricultural by - products are in a volatile market, soft commodity sugar continues to be weak, cotton is rising moderately, and grains such as corn and starch are gradually warming up and then trading in a narrow range. 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 - Various agricultural product futures have different price changes, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2509) is 4,148, up 4 with a 0.10% increase, trading volume is 8.67 million lots (down 4.46 million lots), and open interest is 19.92 million lots (down 0.13 million lots) [3] 3.2 Option Factor - Volume and Open Interest PCR - Different option varieties have different volume and open interest PCR values and their changes, which are used to describe the strength of option underlying market trends and whether there is a turning point. For example, the volume PCR of soybean No.1 is 0.61 (down 0.10), and the open interest PCR is 0.55 (down 0.03) [4] 3.3 Option Factor - Pressure and Support Levels - From the perspective of the strike prices with the largest open interest of call and put options, the pressure and support levels of option underlyings are determined. For example, the pressure level of soybean No.1 is 4,500 and the support level is 4,100 [5] 3.4 Option Factor - Implied Volatility - Different option varieties have different implied volatility indicators, including at - the - money implied volatility, weighted implied volatility, and their changes, as well as the difference between implied and historical volatilities. For example, the at - the - money implied volatility of soybean No.1 is 9.625%, the weighted implied volatility is 11.36% (down 0.26%), and the difference between implied and historical volatilities is - 1.99 [6] 3.5 Option Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamentals show the situation of soybean purchases and the physical inventory days of feed enterprises. The market trend of soybean No.1 is a high - level decline after a rebound. It is recommended to construct a short neutral call + put option combination strategy and a long collar strategy for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: The cost of soybean meal is in a certain range, and the market is affected by factors such as oil mill crushing volume and downstream buying interest. It is recommended to construct a short neutral call + put option combination strategy and a long collar strategy for spot hedging [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The fundamentals are affected by factors such as palm oil production and export data, and Canadian rapeseed inventory. It is recommended to construct a short neutral call + put option combination strategy and a long collar strategy for spot hedging [10] - **Peanuts**: The spot market is in a situation of weak supply and demand. It is recommended to construct a bear spread strategy of put options and a long collar strategy for spot hedging [11] 3.5.2 Agricultural By - products Options - **Pigs**: The pig price has been rising last week, and the market is affected by factors such as slaughter volume and weight. It is recommended to construct a short neutral call + put option combination strategy and a covered call strategy for spot [11] - **Eggs**: The egg inventory is expected to increase in the future, and the market is in a weak downward trend. It is recommended to construct a short bearish call + put option combination strategy [12] - **Apples**: The apple inventory is decreasing, and the market is in a weak rebound. It is recommended to construct a short bearish call + put option combination strategy [12] - **Jujubes**: The jujube inventory is slightly decreasing, and the market is in a rebound. It is recommended to construct a short bullish strangle option combination strategy and a covered call strategy for spot hedging [13] 3.5.3 Soft Commodity Options - **Sugar**: The Brazilian sugar shipping situation and production forecast affect the market. The sugar market is in a weak rebound. It is recommended to construct a short neutral call + put option combination strategy and a long collar strategy for spot hedging [13] - **Cotton**: The cotton spinning and weaving factory operating rates and inventory affect the market. The cotton market is in a mild upward trend. It is recommended to construct a bull spread strategy of call options, a short neutral call + put option combination strategy, and a covered call strategy for spot [14] 3.5.4 Grains Options - **Corn and Starch**: The corn oil market price is stable, and the corn market is in a volatile upward and then downward trend. It is recommended to construct a short neutral call + put option combination strategy [14]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The agricultural products sector includes beans, oils, agricultural by - products, soft commodities, grains, and others. The overall market shows that oilseeds and oils tend to rise, oils and agricultural by - products maintain a volatile trend, soft commodity sugar continues to be weak, cotton consolidates at a high level after a rebound, and grains such as corn and starch gradually recover and then trade in a narrow range. It is recommended to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest changes of various agricultural product futures such as soybeans, bean meal, palm oil, etc. For example, the latest price of soybean No.1 (A2509) is 4,150, down 2 points or 0.05% [3] 3.2 Option Factor Analysis 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. For example, the volume PCR of soybean No.1 is 0.70 with a change of 0.02, and the open - interest PCR is 0.57 with a change of - 0.01 [4] 3.2.2 Pressure and Support Levels - The pressure and support levels of each option variety are analyzed. For instance, the pressure level of soybean No.1 is 4,500, and the support level is 4,100 [5] 3.2.3 Implied Volatility - The implied volatility of each option variety 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 soybean No.1 is 9.965, and the weighted implied volatility is 11.62 with a change of - 0.04 [6] 3.3 Strategy and Recommendations for Different Option Varieties 3.3.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The current annual net sales of US soybeans are higher than expected. Soybean No.1 has shown a pattern of rising after a rebound and then falling back. It is recommended to construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7] - **Bean Meal and Rapeseed Meal**: The trading volume and delivery volume of bean meal have increased, and the basis has risen. Bean meal has rebounded and then consolidated at a high level. Similar to soybean No.1, a neutral short call + put option combination strategy and a long collar strategy are recommended [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The production of Malaysian palm oil has decreased, and exports have increased. Palm oil has risen and then consolidated at a high level. A long - biased short call + put option combination strategy and a long collar strategy are recommended [10] - **Peanuts**: The downstream market is cautious in purchasing. Peanuts have shown a weak and volatile trend. A bear spread strategy for put options and a long collar strategy are recommended [11] 3.3.2 Agricultural By - products Options - **Pigs**: The average price of live pigs has increased. Pigs have shown a trend of falling and then rebounding. A neutral short call + put option combination strategy and a covered call strategy for spot are recommended [11] - **Eggs**: The inventory of laying hens is expected to increase, and eggs have shown a weak and volatile trend. A short - biased short call + put option combination strategy is recommended [12] - **Apples**: The cold - storage inventory of apples is at a low level. Apples have shown a weak and volatile trend. A short - biased short call + put option combination strategy is recommended [12] - **Jujubes**: The inventory of jujubes has decreased slightly. Jujubes have shown a trend of falling and then rebounding. A long - biased short strangle option combination strategy and a covered call strategy for spot are recommended [13] 3.3.3 Soft Commodities Options - **Sugar**: The import volume of sugar has decreased. Sugar has shown a weak and volatile trend. A short - biased short call + put option combination strategy and a long collar strategy for spot are recommended [13] - **Cotton**: The operating rates of spinning and weaving mills have decreased, and the commercial inventory of cotton has increased. Cotton has shown a trend of falling and then rebounding. A bull spread strategy for call options, a neutral short call + put option combination strategy, and a covered call strategy for spot are recommended [14] 3.3.4 Grains Options - **Corn and Starch**: The price of Northeast corn has risen, and the inventory of northern ports has decreased. Corn has shown a trend of rising and then falling back. A long - biased short call + put option combination strategy is recommended [14]