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].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The agricultural products sector includes beans, oils, agricultural by - products, soft commodities, grains, and others. The sector shows different trends: oilseeds and oils are in a range - bound consolidation, with oils and beans showing a weak trend; agricultural by - products maintain a volatile trend; soft commodities like sugar face resistance and fall back, while cotton continues a weak rebound; grains such as corn and starch gradually recover and then consolidate 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 Related Catalogs 3.1 Futures Market Overview - Various agricultural product futures show different price changes. For example, soybeans (A2507) fell 0.85% to 4,185, soybean meal (M2507) fell 0.70% to 2,823, and corn (C2507) rose 0.47% to 2,364. Trading volumes and open interests also vary among different varieties [3]. 3.2 Option Factors 3.2.1 Volume - to - Open - Interest PCR - Different option varieties have different volume and open - interest PCR values and their changes. For instance, the volume PCR of soybeans (A2507) is 0.55 with a change of 0.05, and the open - interest PCR is 0.63 with a change of - 0.02 [4]. 3.2.2 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 underlying assets are identified. For example, the pressure level of soybeans (A2507) is 4,500 and the support level is 4,000 [5]. 3.2.3 Implied Volatility - Implied volatility varies among different option varieties. For example, the at - the - money implied volatility of soybeans (A2507) is 17.135%, and the weighted implied volatility is 18.42% with a change of - 0.26 [6]. 3.3 Option Strategies and Recommendations 3.3.1 Oilseeds and Oils Options - **Beans (Soybeans, Soybean Meal, Rapeseed Meal)**: For soybeans, considering the fundamentals and market trends, it is recommended to construct a short neutral call + put option combination strategy for volatility strategies and a long collar strategy for spot long - hedging. For soybean meal, a short bearish call + put option combination strategy is recommended for volatility strategies, along with a long collar strategy for spot long - hedging [7][9]. - **Oils (Palm Oil, Soybean Oil, Rapeseed Oil)**: For palm oil, a short neutral call + put option combination strategy is recommended for volatility strategies, and a long collar strategy for spot long - hedging. Similar strategies are also provided for soybean oil and rapeseed oil [10]. - **Peanuts**: For peanuts, a long spot + buy put option + sell out - of - the - money call option strategy is recommended for spot long - hedging [11]. 3.3.2 Agricultural By - products Options - **Pigs**: For pigs, a short neutral call + put option combination strategy is recommended for volatility strategies, and a long spot + sell out - of - the - money call option strategy for spot long - covered strategies [11]. - **Eggs**: For eggs, a short neutral call + put option combination strategy is recommended for volatility strategies [12]. - **Apples**: For apples, a short neutral call + put option combination strategy is recommended for volatility strategies [12]. - **Jujubes**: For jujubes, a bearish put spread combination strategy is recommended for directional strategies, a short bearish strangle option combination strategy for volatility strategies, and a long spot + sell out - of - the - money call option strategy for spot covered - hedging [13]. 3.3.3 Soft Commodities Options - **Sugar**: For sugar, a short neutral call + put option combination strategy is recommended for volatility strategies, and a long collar strategy for spot long - hedging [13]. - **Cotton**: For cotton, a short neutral call + put option combination strategy is recommended for volatility strategies, and a long spot + sell out - of - the - money call option strategy for spot covered strategies [14]. 3.3.4 Grains Options - **Corn and Starch**: For corn, a short bullish call + put option combination strategy is recommended for volatility strategies [14].

金属期权 2025-04-28 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）有色金属上方空头压力下的盘整震荡，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大幅波动，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 | 77,470 | -170 | ...

Group 1: Report Overview - Report Title: Energy Chemical Options Daily Report 2025 - 04 - 28 [2] - Author: Lu Pinxian [3] - Main Content: Analysis of various energy chemical options including fundamental, market, and volatility analysis, and provides strategy recommendations [3] Group 2: Industry Classification and Options - Energy chemical options are mainly divided into 5 categories: basic chemicals, energy, polyester chemicals, polyolefin chemicals, and other chemicals [3] - Specific options include methanol, rubber, synthetic rubber, styrene, crude oil, liquefied gas, etc. [3] Group 3: Basic Chemicals Sector Methanol Options - Fundamental: Last week, port inventory was 46.32 tons, down 12.24 tons; enterprise inventory was 30.98 tons, down 0.26 tons; enterprise orders to be delivered were 30.27 tons, up 2.83 tons [3] - Market: After falling from the March high, it continued to weaken, accelerated decline in April and then rebounded, and has been consolidating in a wide - range rectangular interval in the past two weeks [3] - Volatility: Implied volatility remained above the historical average [3] - Strategy: Construct a bullish + bearish option bearish combination strategy [3] Rubber and Synthetic Rubber Options - Fundamental: The mainstream price of high - cis butadiene rubber in Shandong decreased by 50 yuan/ton to 11,700 yuan/ton, etc. [3] - Market: Rubber showed a weak consolidation trend under the bearish pressure line [3] - Volatility: Implied volatility was at a relatively high historical level [3] - Strategy: Construct a bearish short - volatility strategy [3] Styrene Options - Fundamental: Both factory and port inventories decreased, but the decline weakened, and it may turn to inventory accumulation next week [4] - Market: After falling from the late - February high, it continued to weaken, accelerated decline in early April and then rebounded, showing a large - fluctuation weak market [4] - Volatility: Implied volatility continued to fluctuate at a relatively high historical level [4] - Strategy: Construct a short - volatility option combination strategy [4] Group 4: Oil and Gas Sector Crude Oil Options - Fundamental: OPEC plans to increase oil production in May; US supply declined [4] - Market: It rebounded in March, rose and then fell in April, and showed a large - fluctuation market under the bearish pressure line this week [4] - Volatility: Implied volatility remained at a relatively high level [4] - Strategy: Construct a short - volatility strategy: sell put + sell call option combination [4] Liquefied Gas Options - Fundamental: Port inventory rebounded; PDH capacity utilization decreased, etc. [4] - Market: It rebounded from March to April, then fell and rebounded weakly [4] - Volatility: Implied volatility remained above the historical average [4] - Strategy: Construct a short - bearish call + put option combination strategy [4] Group 5: Polyester Chemicals Sector PX and PTA Options - Fundamental: PTA load was 78.9%, up 3.5%; multiple devices had maintenance plans [5] - Market: After the previous bearish release, it rebounded last week, showing a mild bullish trend under the bearish pressure line [5] - Volatility: Implied volatility remained at a relatively high level [5] - Strategy: Construct a short - volatility strategy [5] Ethylene Glycol Options - Fundamental: Last week, EG load was 68.5%, up 2.3%; different production methods had different load changes [5] - Market: It showed a large - fluctuation weak bearish market under pressure [5] - Volatility: Implied volatility rapidly rose to a relatively high historical level [5] - Strategy: Construct a short - volatility strategy [5] Short - Fiber Options - Fundamental: Port inventory was 77.5 tons, up 0.4 tons; downstream factory inventory days increased [5] - Market: It declined continuously since late February, accelerated decline in April and then rebounded, showing an oversold rebound market under pressure [5] - Volatility: Implied volatility remained at a relatively high average level [5] - Strategy: Construct a short - volatility sell call + put option combination strategy [5] Group 6: Polyolefin Chemicals Sector Polypropylene Options - Fundamental: PP production enterprise inventory decreased by 2.37% this week; trade and port inventories had different changes [6] - Market: It showed a large - fluctuation weak market under pressure [6] - Volatility: Implied volatility fluctuated at a relatively high historical level [6] - Strategy: Construct a short - bearish call + put option combination strategy [6] Polyethylene Options - Fundamental: PE production enterprise inventory increased by 5.86%; trade inventory decreased [6] - Market: It declined continuously since March, fell sharply in April and then consolidated weakly [6] - Volatility: Implied volatility rapidly rose to a relatively high level [6] - Strategy: Construct a bearish directional strategy [6] PVC Options - Fundamental: Last week, factory inventory increased by 0.9 tons; social inventory decreased by 3.7 tons [6] - Market: It consolidated weakly in a wide range for more than a month and then turned weak [6] - Volatility: Implied volatility remained at a relatively low level [6] - Strategy: Construct a bearish directional strategy [6] Group 7: Data Summary - Option underlying market data includes closing price, change, trading volume, and open interest for each option [8] - Option volume, open interest, and amount data are provided for each option [9] - Option volume - PCR, open interest - PCR, and amount - PCR data are presented for each option [10] - The maximum open interest strike price, pressure point, and support point are given for each option [11] - Implied volatility data such as implied volatility rate, change, and average are provided for each option [13]

1. Market Overview - The report is an early morning report on agricultural product options strategies, covering various agricultural product sectors including oilseeds, oils, agricultural by - products, soft commodities, grains, etc. [2] - It provides information on the underlying futures market, option factors (volume - open interest PCR, pressure and support levels, implied volatility), and offers option strategies and suggestions for each selected option variety. [3][4][5] 2. Underlying Futures Market Conditions - **Price Changes**: Among different option varieties, the prices of some products such as soybeans, soybean meal, and rapeseed meal showed declines, while others like apples and peanuts had price increases. For example, the price of soybean (A2507) dropped to 4,214, a decrease of 54 or 1.27%. [3] - **Volume and Open Interest Changes**: Trading volumes and open - interest also changed. For instance, the trading volume of soybean (A2507) was 30.78 million lots, a decrease of 4.21 million lots, and the open - interest was 18.09 million lots, a decrease of 0.64 million lots. [3] 3. Option Factors 3.1 Volume - Open Interest PCR - The volume - open interest PCR indicators are used to describe the strength of the option underlying market and the turning points of the market. Different option varieties have different PCR values and changes. For example, the volume PCR of soybean (A2507) is 0.51, with a change of 0.16, and the open - interest PCR is 0.66, with no change. [4] 3.2 Pressure and Support Levels - The pressure and support levels of option varieties are determined by the strike prices of the maximum open - interest of call and put options. For example, the pressure level of soybean (A2507) is 4,500, and the support level is 4,000. [5] 3.3 Implied Volatility - Implied volatility reflects the market's expectation of future price fluctuations. Different option varieties have different implied volatility levels and changes. For example, the average implied volatility of soybean (A2507) is 18.68%, a decrease of 0.12%. [6] 4. Option Strategies and Suggestions 4.1 Oilseeds and Oils Options - **Soybean (A2507)**: For directional strategies, there are none. For volatility strategies, a neutral call + put option combination strategy is constructed to obtain option time value. For spot long - hedging strategies, a long collar strategy is built. [7] - **Soybean Meal (M2507) and Rapeseed Meal (RM2507)**: Directional strategies are not recommended. Volatility strategies involve constructing a short - biased call + put option combination strategy. Spot long - hedging strategies use the long collar strategy. [7][9] - **Palm Oil (P2506), Soybean Oil (Y2507), and Rapeseed Oil (OI2507)**: Directional strategies are absent. Volatility strategies construct a neutral call + put option combination strategy. Spot long - hedging strategies use the long collar strategy. [10] - **Peanut (PK2510)**: Directional and volatility strategies are not recommended. The spot long - hedging strategy is to hold a long spot position + buy a put option + sell an out - of - the - money call option. [11] 4.2 Agricultural By - products Options - **Pig (LH2507)**: Directional strategies are not available. Volatility strategies construct a neutral call + put option combination strategy. The spot long - covered call strategy is to hold a long spot position + sell an out - of - the - money call option. [11] - **Egg (JD2506)**: Directional strategies are not recommended. Volatility strategies construct a neutral call + put option combination strategy. There is no spot hedging strategy. [12] - **Apple (AP2510)**: Directional strategies construct a bull call spread combination strategy. Volatility strategies construct a long - biased call + put option combination strategy. There is no spot hedging strategy. [12] - **Jujube (CJ2509)**: Directional strategies construct a bear put spread combination strategy. Volatility strategies construct a short - biased strangle option combination strategy. The spot covered - hedging strategy is to hold a long spot position + sell an out - of - the - money call option. [13] 4.3 Soft Commodities Options - **Sugar (SR2507)**: Directional strategies are not recommended. Volatility strategies construct a neutral call + put option combination strategy. Spot long - hedging strategies use the long collar strategy. [13] - **Cotton (CF2507)**: Directional strategies are not available. Volatility strategies construct a neutral call + put option combination strategy. The spot covered strategy is to hold a long spot position + sell an out - of - the - money call option. [14] 4.4 Grains Options - **Corn (C2507) and Starch (CS2507)**: Directional strategies are not recommended. Volatility strategies construct a long - biased call + put option combination strategy. There is no spot long - hedging strategy. [14]

1. Report Information - Report Title: Energy and Chemical Options Daily Report 2025 - 04 - 24 [1] - Analyst: Lu Pinxian [2] 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 [2] 3. Industry Classification and Option Analysis 3.1 Basic Chemicals Sector - **Methanol Options**: Port inventory increased, enterprise inventory decreased, and orders to be shipped increased. The market showed a weak trend under short - selling pressure. Implied volatility was above the historical average. A bearish option combination strategy was recommended [2] - **Rubber/Synthetic Rubber Options**: The all - steel tire and semi - steel tire operating rates changed, port inventory decreased slightly, and social inventory increased slightly. The market showed a weak consolidation trend. Implied volatility was at a relatively high historical level. A bearish volatility - shorting strategy was recommended [2] - **Styrene Options**: Factory and port inventories decreased, but the de - stocking intensity weakened. The market showed a large - range volatile trend with pressure above. Implied volatility remained at a relatively high historical level. A volatility - shorting option combination strategy was recommended [3] 3.2 Oil and Gas Sector - **Crude Oil Options**: OPEC planned to increase production, and US supply decreased. The market showed a large - range volatile trend under short - selling pressure. Implied volatility remained at a relatively high level. A volatility - shorting strategy (selling put and call options) was recommended [3] - **Liquefied Gas Options**: Storage capacity utilization rates at ports, refineries, and gas stations were at low levels. The market showed a short - term weak rebound trend with pressure above. Implied volatility remained above the historical average. A bearish call + put option combination strategy was recommended [3] 3.3 Polyester Chemicals Sector - **PX/PTA Options**: PTA social inventory continued to decline. The market showed a bearish downward trend with pressure above, followed by a rebound and low - level wide - range oscillation. Implied volatility rose rapidly to a relatively high level. A volatility - shorting strategy was recommended [4] - **Ethylene Glycol Options**: Port inventory was expected to increase in the short term. The market showed a short - term weak bearish large - range oscillation trend with pressure above. Implied volatility rose rapidly to a relatively high historical level. A volatility - shorting strategy was recommended [4] - **Short - Fiber Options**: Polyester load increased, and short - fiber load remained flat. The market showed a bearish downward trend with pressure above and low - level consolidation. Implied volatility remained at a relatively high average level. A volatility - shorting call + put option combination strategy was recommended [4] 3.4 Polyolefin Chemicals Sector - **Polypropylene Options**: PP production enterprise, trader, and port inventories decreased. The market showed a weak large - range oscillation trend with pressure above. Implied volatility was at a relatively high historical level. A bearish call + put option combination strategy was recommended [5] - **Polyethylene Options**: PE production enterprise and trader inventories increased. The market showed a weak consolidation trend with pressure above. Implied volatility rose rapidly to a relatively high level. A bearish directional strategy was recommended [5] - **PVC Options**: Factory and social inventories decreased, and the overall inventory decreased. The market showed an oscillating rebound trend with pressure above. Implied volatility remained at a relatively low level. A bearish directional strategy was recommended [5] 4. Option Data Summary 4.1 Option Underlying Market Data - It includes information such as closing prices, price changes, trading volumes, and open interest for various option underlying assets [7] 4.2 Option Volume, Open Interest, and Amount Data - It shows data on trading volume, open interest, and trading amount for different options, as well as their changes [8] 4.3 Option Volume, Open Interest, and Amount PCR Data - It presents the put - call ratio (PCR) data for option trading volume, open interest, and trading amount, along with their changes [9] 4.4 Option Maximum Open Interest at Strike Prices - It provides information on the strike prices with the maximum open interest for call and put options, as well as pressure and support levels for each underlying asset [10] 4.5 Option Implied Volatility Data - It shows implied volatility data for different options, including changes, annual averages, call and put implied volatilities, historical volatility, and volatility differences [12]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The non - ferrous metals are consolidating and oscillating within a range under the short - selling pressure above, and a strategy to short volatility is recommended. The black metals have large fluctuations, suitable for constructing a seller's option portfolio strategy. The precious metals continue their strong trend, reaching a record high and then sharply falling in the night session, and a bull spread combination strategy and a spot hedging strategy are recommended [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report provides the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various metal futures contracts, including copper, aluminum, zinc, etc. For example, the latest price of copper futures contract CU2506 is 77,610, with a price increase of 660 and a price change rate of 0.86% [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of various metal options are presented, 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 0.79, and the open interest PCR is 1.03 [4]. 3.3 Option Factors - 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 analyzed. For example, the pressure level of copper option CU2506 is 80,000, and the support level is 70,000 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility data of various metal options are given, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of copper options is 17.96% [6]. 3.5 Strategy and Recommendations 3.5.1 Non - ferrous Metals - **Copper Options**: The fundamentals show a decrease in inventory. The market has experienced a bullish rise, followed by a decline and then a rebound. It is recommended to construct a short - volatility seller's option portfolio strategy and a spot hedging strategy [7]. - **Aluminum/Alumina Options**: The inventory of alumina has increased, while the inventory of aluminum has decreased. The market shows a downward trend with fluctuations. A short - biased call + put option combination strategy and a spot collar strategy are recommended [9]. - **Zinc/Lead Options**: The zinc market has experienced a decline and then a rebound. It is recommended to construct a short - biased call + put option combination strategy and a spot collar strategy [9]. - **Nickel Options**: The domestic port inventory of nickel is decreasing. The market has shown a high - level decline and then a rebound. A short - biased call + put option combination strategy and a spot long - position hedging strategy are recommended [10]. - **Tin Options**: The production of tin has changed. The market has fallen from a high level and then consolidated. A bear spread combination strategy, a short - volatility strategy, and a spot collar strategy are recommended [10]. - **Lithium Carbonate Options**: The production of lithium carbonate has decreased, and the inventory has increased. The market is in a downward trend. A bear spread combination strategy, a short - biased call + put option combination strategy, and a spot covered - call strategy are recommended [11]. 3.5.2 Precious Metals - **Gold/Silver Options**: The net long position of gold management funds has decreased, while the global gold ETF holdings have increased. The gold market has reached a record high and then fallen. A bull spread combination strategy, a short - volatility option seller's combination strategy, and a spot hedging strategy are recommended [12]. 3.5.3 Black Metals - **Rebar Options**: The inventory of rebar has decreased. The market is in a weak downward trend. A bear spread combination strategy, a short - biased call + put option combination strategy, and a spot covered - call strategy are recommended [13]. - **Iron Ore Options**: The inventory of iron ore has decreased. The market is in a short - term weak downward trend. A short - biased call + put option combination strategy and a spot collar strategy are recommended [13]. - **Ferroalloy Options**: The production of manganese silicon has decreased, and the inventory has increased. The market is in a weak downward trend. A bear spread combination strategy and a short - put + call option combination strategy are recommended [14]. - **Industrial Silicon/Polysilicon Options**: The inventory of industrial silicon has increased. The market is in a downward trend. A bear spread combination strategy, a short - biased call + put option combination strategy, and a spot covered - call strategy are recommended [14]. - **Glass Options**: The inventory of glass has decreased. The market is in a downward trend. A bear spread combination strategy, a short - volatility call + put option combination strategy, and a spot collar strategy are recommended [15].

Group 1: Core Insights - The article discusses the recent innovations in the U.S. ETF market, highlighting the launch of new products aimed at addressing market concentration risks and enhancing returns through various strategies [1][2]. - BlackRock has introduced a new S&P 500 strategy product with a weight cap of 3% per stock, redistributing excess weight to other stocks, which aims to mitigate drawdown risks in a concentrated market environment [2]. - The overall ETF market saw a net inflow of approximately $4 billion last week, with notable inflows into gold ETFs, while stock products experienced outflows [3][6]. Group 2: ETF Product Launches - Unlimited launched a global macro hedge fund strategy ETF with a management fee of 1%, targeting higher volatility for increased returns [1]. - F/m introduced a high-yield bond ETF that invests in the top 100 high-yield bonds, employing a more stable and secure investment method compared to traditional sampling [1]. - Avantis released an actively managed investment-grade bond ETF aimed at enhancing returns through selective bond investments [1]. Group 3: ETF Fund Flows - Vanguard's S&P 500 ETF (VOO) saw a significant inflow of $25.63 billion, while SPDR S&P 500 ETF Trust (SPY) experienced a notable outflow of $87.45 billion [7]. - Gold ETFs, particularly the SPDR Gold Trust (GLD), recorded inflows of $20.62 billion, indicating strong investor interest in gold amid market volatility [7][9]. - The article notes that the S&P 500 ETF funds have shown considerable volatility, with significant outflows from Russell 2000 ETFs and corporate bond ETFs, while short-term bond products have seen clear inflows [9]. Group 4: Currency-Related ETFs Performance - Currency-related ETFs, particularly those linked to the Japanese yen and euro, have performed well, with year-to-date gains exceeding 10% for several products [10]. - The Invesco CurrencyShares Japanese Yen Trust (FXY) and Invesco CurrencyShares Euro Trust (FXE) have shown respective gains of 10.54% and 10.30% this year [10].

Core Viewpoint - U.S. multinational companies are extending their currency hedging periods to protect cash flows from potential exchange rate fluctuations caused by the tariffs imposed by the Trump administration, reflecting increased uncertainty in the global trade landscape [1][2]. Group 1: Currency Hedging Adjustments - The adjustment in hedging periods indicates that multinational companies are facing heightened uncertainty amid concerns over economic recession and a weakening dollar [1]. - Following the announcement of higher-than-expected global tariffs on April 2, volatility in the foreign exchange market surged, leading to unrealized losses in some companies' hedging positions [1]. - Companies that have managed to withstand volatility are also beginning to extend their hedging periods, with some clients extending to the maximum available duration to lock in protective measures [1][2]. Group 2: Rising Costs of Short-term Hedging - The increase in volatility has raised the costs of short-term hedging tools, prompting companies to extend their hedging periods [2]. - Implied volatility for one-month and three-month parity options has increased by 72% and 46% respectively since April 2, leading to higher costs for companies to mitigate potential short-term losses [2]. Group 3: Shift in Options Strategy - The impact of tariffs has disrupted market expectations for the euro, with a stronger euro increasing operational costs for U.S. companies with significant sales in Europe [3]. - Companies are increasingly building protective mechanisms, particularly those needing to purchase goods and materials priced in euros [3]. - There is a growing demand for "window forward contracts," which combine the advantages of forward contracts with flexible execution times, suitable for companies facing cash flow uncertainties [3]. - More clients are shifting from forward hedging to options strategies to gain greater flexibility amid ongoing trade tensions [3].