Report Date and Title - The report is titled "Energy and Chemical Options Daily Report 2025 - 05 - 08" and is an options strategy morning report for energy and chemical products [2] Core Viewpoint - The report analyzes the fundamentals, market trends, and volatility of various energy and chemical options, and provides corresponding option trading strategies and suggestions for different types of energy and chemical options [3] Industry Classification and Options Included - 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] Summary by Industry Group Basic Chemicals Sector - **Methanol Options**: The price in Shandong on May 6 showed different levels in different regions. The market has been in a weak and bearish trend since the high in March. The implied volatility is above the historical average. A combination strategy of long - put and short - call options is recommended to obtain time - value and directional returns, such as S_MA2506P2225, etc. [3] - **Rubber/Synthetic Rubber Options**: The price of high - cis butadiene rubber in Shandong and other regions decreased. The market is in a weak consolidation and rebound pattern under bearish pressure. The implied volatility is at a relatively high historical level. A bearish volatility - selling strategy is recommended to obtain directional and time - value returns, such as S_RU2509P14250, etc. [3] - **Styrene Options**: In April, downstream demand was affected by the China - US tariff war, with high inventories. The market has been in a weak and volatile pattern since the high in late February. The implied volatility remains at a relatively high historical level. A volatility - selling option combination strategy is recommended to obtain time - value and directional returns, such as S_EB2506P6700, etc. [4] Oil and Gas Sector - **Crude Oil Options**: OPEC+ increased supply in June, but exports did not increase significantly, and the US maintained production cuts. The market has shown large fluctuations under bearish pressure. The implied volatility is at a relatively high level. A volatility - selling strategy is recommended to obtain time - value returns, such as S_SC2506P450 [4] - **Liquefied Gas Options**: The benchmark price increased slightly compared to the beginning of last month. The market has shown a short - term weak rebound pattern with pressure. The implied volatility is above the historical average. A strategy of selling a bearish combination of call and put options is recommended, adjusting the position delta according to market changes, and closing the position if the market fluctuates sharply, such as S_PG2506P4350 [4] Polyester Chemicals Sector - **PX/PTA Options**: The PTA load decreased in April and is expected to decline further in May. The inventory showed a mixed situation. The market has been in a mild bullish pattern under bearish pressure. The implied volatility is at a relatively high level. A volatility - selling strategy is recommended to obtain time - value returns, such as S_TA2506P4450 [5] - **Ethylene Glycol Options**: As of April 28, port and downstream inventories changed. The domestic supply - demand balance is expected to strengthen in May. The market has shown a large - scale volatile pattern under short - term bearish pressure. The implied volatility has risen rapidly to a relatively high historical level. A volatility - selling strategy is recommended to obtain time - value returns, such as S_EG2506P4100 [5] - **Short - Fiber Options**: The polyester load showed different trends in different products. The market has shown a rebound pattern under bearish pressure since late February. The implied volatility is at a relatively high average level. A volatility - selling strategy of selling call and put options is recommended to obtain time - value returns, such as S_PF2506P6000 [5] Polyolefin Chemicals Sector - **Polypropylene Options**: The inventory of PP production enterprises, traders, and ports showed different changes. The market has shown a weak and volatile pattern with pressure. The implied volatility is at a relatively high historical level. A strategy of selling a bearish combination of call and put options is recommended, adjusting the position delta according to market changes, and closing the position if the market fluctuates sharply, such as S_PP2506P7100 [6] - **Polyethylene Options**: The inventory of PE production enterprises and traders changed. The market has shown a weak consolidation pattern with pressure. The implied volatility has risen rapidly to a relatively high level. A bearish directional strategy is recommended to obtain directional returns, such as B_L2506P7200 [6] - **PVC Options**: The factory and social inventories decreased in April. The market has shown a volatile and rebound pattern with pressure. The implied volatility is at a relatively low level. A bearish directional strategy is recommended to obtain directional returns, such as B_V2506P4900 [6] Data Tables - **Option Underlying Market Data**: It includes the closing price, change, trading volume, and open interest 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 and their changes of different options [10] - **Option Maximum Open Interest at Strike Prices**: It shows the pressure points, support points, and maximum open interest of call and put options for different underlying assets [11] - **Option Implied Volatility Data**: It includes the implied volatility, its change, annual average, and other related data of different options [13]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - The report provides an overview of the metal options market, including the performance of various metal futures, option factors, and corresponding strategies and suggestions for different metal categories such as non - ferrous metals, precious metals, and black metals [2]. - For non - ferrous metals, it is recommended to construct strategies according to the market conditions of each metal, such as short - volatility strategies for copper and short - option combination strategies for aluminum [7][9]. - For precious metals, strategies like bull - spread combination strategies and short - volatility strategies are suggested for gold and silver [12]. - For black metals, strategies such as short - option combination strategies and bear - spread combination strategies are proposed for different metals like iron ore and manganese silicon [13][14]. 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, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2506) is 77,450, with a decrease of 580 and a decline rate of 0.74% [3]. 3.2 Option Factors - **Volume and Open Interest PCR**: This factor is used to describe the strength of the option underlying market and the turning point of the underlying market. For instance, the volume PCR of copper is 1.01, with a change of - 0.49, and the open interest PCR is 1.14, with a change of - 0.13 [4]. - **Pressure and Support Levels**: Determined from the strike prices of the maximum open interest of call and put options. For example, the pressure point of copper is 80,000 and the support point is 70,000 [5]. - **Implied Volatility**: Includes at - the - money implied volatility, weighted implied volatility, etc. For example, the at - the - money implied volatility of copper is 15.29%, and the weighted implied volatility is 21.00%, with a change of - 1.92% [6]. 3.3 Strategies and Suggestions - **Non - ferrous Metals** - **Copper**: Suggested strategies include short - volatility strategies and spot hedging strategies. For example, construct a short - volatility seller option combination strategy like S_CU2506P75000, S_CU2506P76000, S_CU2506C82000, S_CU2506C80000 [7]. - **Aluminum/Alumina**: Strategies involve short - neutral call + put option combination strategies and spot collar strategies [9]. - **Zinc/Lead**: Short - bearish call + put option combination strategies and spot collar strategies are recommended [9]. - **Nickel**: Short - bearish call + put option combination strategies and spot long - position hedging strategies are suggested [10]. - **Tin**: Bear - put spread combination strategies, short - volatility strategies, and spot collar strategies are proposed [10]. - **Lithium Carbonate**: Bear - spread combination strategies, short - bearish call + put option combination strategies, and spot covered - call strategies are recommended [11]. - **Precious Metals** - **Gold/Silver**: Bull - call spread combination strategies, short - neutral short - volatility option seller combination strategies, and spot hedging strategies are suggested [12]. - **Black Metals** - **Rebar**: Short - bearish call + put option combination strategies and spot covered - call strategies are recommended [13]. - **Iron Ore**: Short - bearish call + put option combination strategies and spot collar strategies are proposed [13]. - **Ferroalloys**: Bear - put spread combination strategies for manganese silicon are suggested [14]. - **Industrial Silicon/Polysilicon**: Bear - put spread combination strategies, short - bearish call + put option combination strategies, and spot covered - call strategies are recommended [14]. - **Glass**: Bear - put spread combination strategies, short - volatility short - call + put option combination strategies, and spot collar strategies are proposed [15].

碳酸锂现货：根据SMM数据，2025年5月7日电池级碳酸锂报价6.525-6.805万元/吨，较前一交易日下跌0.045万元/ 吨，工业级碳酸锂报价6.45-6.55万元/吨，较前一交易日下跌0.04万元/吨。部分锂盐企业陆续检修或减产，周度产 量环比继续小幅下降，但整体来看，减产力度不及预期，碳酸锂产量仍处于高位，减产难以对供需过剩格局造成 实质性改变。工电价差进一步收窄，根据SMM调研，五一假期结束，上下游普遍处于观望态度，市场成交寥寥。 且在价格持续落入新低的趋势下，下游亦等待价格的进一步下探，持续观望。虽矿价也在同步下跌，但上游锂盐 厂的亏损程度并未有所好转，其碳酸锂出货意愿较差。当前更多是贸易商因担心后市，目前出货意愿较强。4月动 力终端需求表现较好，但部分储能订单受到一定影响，一方面是由于国内强制配储要求取消，另一方面是受到美 国增加关税导致的需求有小幅下滑。5月储能市场需求将继续受到美国关税政策和国内取消强制配储的影响，小幅 减量；但动力市场仍有较好表现，预计5月电芯排产整体保持增量，磷酸铁锂材料5月产量也将增加。 策略 整体来看，现货成交重心下移，带动矿价下跌，锂盐虽有检修，但矿端未见减产，过 ...

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].