金属期权 2025-11-25 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）有色金属偏多上行，构建卖方中性波动率策略策略；（2）黑色系维持大幅度波动的 行情走势，适合构建做空波动率组合策略；（3）贵金属反弹回暖上升，构建牛市价差组合策略。 | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） ...

能源化工期权 2025-11-25 能源化工期权策略早报 | 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 | 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 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 | | --- | --- | --- | --- | --- | --- | --- | -- ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For non - ferrous metals, a seller neutral volatility strategy can be constructed as they are trending upwards; for black metals, a short - volatility portfolio strategy is suitable due to their large - amplitude fluctuations; for precious metals, a bull spread portfolio strategy can be built as they are rebounding [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest of various metal futures contracts are presented, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2601) is 85,930, with a price increase of 10 and a trading volume of 7.33 million lots [3] 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of different 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 0.90, with a change of - 0.06 [4] 3.3 Option Factors - Pressure and Support Levels - The pressure points, support points, and the maximum open interest of call and put options for each metal option are given. For example, the pressure point of copper options is 90,000, and the support point is 84,000 [5] 3.4 Option Factors - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, and other implied volatility indicators of each metal option are presented, along with their changes and the differences between implied and historical volatilities. For example, the at - the - money implied volatility of copper options is 13.36% [6] 3.5 Strategy and Recommendations Non - ferrous Metals - Copper: Build a short - volatility seller option portfolio strategy and a spot long - hedging strategy, and the underlying shows a high - level consolidation and rebound trend [7] - Aluminum: Construct a bull spread portfolio strategy, a sell - biased long call + put option combination strategy, and a spot collar strategy, and the underlying shows a bullish high - level consolidation trend [9] - Zinc: Build a sell - neutral call + put option combination strategy and a spot collar strategy, and the underlying shows a warming - up trend with resistance [9] - Nickel: Construct a sell - bearish call + put option combination strategy and a spot covered strategy, and the underlying shows a bearish consolidation trend [10] - Tin: Build a short - volatility strategy and a spot collar strategy, and the underlying shows a short - term high - level consolidation trend [10] - Lithium Carbonate: Construct a bull spread portfolio strategy, a sell - bullish call + put option combination strategy, and a spot long - hedging strategy, and the underlying shows a recent bullish trend [11] Precious Metals - Gold: Build a neutral short - volatility option seller portfolio strategy and a spot hedging strategy, and the underlying shows a bullish trend with high - level consolidation [12] Black Metals - Rebar: Build a sell - bearish call + put option combination strategy and a spot covered strategy, and the underlying shows a bearish trend with resistance [13] - Iron Ore: Build a sell - bearish call + put option combination strategy and a spot long - collar strategy, and the underlying shows a bearish consolidation trend [13] - Ferroalloys (Manganese Silicon and Industrial Silicon): Build short - volatility strategies and corresponding spot hedging strategies, and the underlying shows a bearish trend with resistance [14] - Glass: Build a bear spread portfolio strategy, a short - volatility sell call + put option combination strategy, and a spot long - collar strategy, and the underlying shows a bearish trend with resistance [15]

Group 1: Report Overview - The report is an energy and chemical options strategy morning report dated November 17, 2025 [1] - It covers various energy and chemical options, including energy, polyolefins, polyesters, alkali chemicals, and others [2] - The recommended strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2] Group 2: Underlying Futures Market Overview - The report provides the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various option underlying futures contracts [3] Group 3: Option Factor - Volume and Open Interest PCR - The volume and open interest PCR data of different option varieties are presented, which are used to describe the strength of the underlying option market and the turning point of the underlying market [4] Group 4: Option Factor - Pressure and Support Levels - The pressure and support levels of different option underlying contracts are analyzed from the perspective of the strike prices with the largest open interest of call and put options [5] Group 5: Option Factor - Implied Volatility - The implied volatility data of different option varieties are provided, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [6] Group 6: Option Strategy Analysis for Each Variety Energy - related Options Crude Oil - Fundamental analysis shows changes in US crude oil inventories; the market has a complex price trend from August to November [7] - Option factor research indicates that the implied volatility is above the average, the open interest PCR is below 0.80, the pressure level is 540, and the support level is 460 [7] - Recommended strategies include a volatility strategy of selling call + put option combinations and a spot long - hedging strategy of a long collar [7] Liquefied Petroleum Gas (LPG) - The LPG market is relatively strong; the price trend shows a pattern of decline, rebound, and consolidation [9] - Option factor research shows that the implied volatility has dropped to below the average, the open interest PCR is around 0.80, the pressure level is 4500, and the support level is 4250 [9] - Recommended strategies include a volatility strategy of selling neutral call + put option combinations and a spot long - hedging strategy of a long collar [9] Alcohol - related Options Methanol - Supply may increase, and the price trend is weak; the market is under pressure [9] - Option factor research shows that the implied volatility is around the historical average, the open interest PCR is below 0.80, the pressure level is 2500, and the support level is 2000 [9] - Recommended strategies include a directional strategy of a bear spread of put options, a volatility strategy of selling bearish call + put option combinations, and a spot long - hedging strategy of a long collar [9] Ethylene Glycol - Supply growth pressure exists; the price trend is weak [10] - Option factor research shows that the implied volatility is below the average, the open interest PCR is around 0.70, the pressure level is 4500, and the support level is 4050 [10] - Recommended strategies include a directional strategy of a bear spread of put options, a volatility strategy of shorting volatility, and a spot long - hedging strategy of buying put options and selling out - of - the - money call options [10] Polyolefin - related Options Polypropylene - Production has increased; the price trend is weak [10] - Option factor research shows that the implied volatility has dropped to around the average, the open interest PCR is around 0.70, the pressure level is 7000, and the support level is 6300 [10] - Recommended strategies include a directional strategy of a bear spread of put options and a spot long - hedging strategy of buying at - the - money put options and selling out - of - the - money call options [10] Rubber - related Options Rubber - Tire production capacity utilization and inventory turnover days show certain trends; the price trend is weak and consolidating [11] - Option factor research shows that the implied volatility has decreased to below the average, the open interest PCR is below 0.60, the pressure level is 16000, and the support level is 15000 [11] - Recommended strategies include a volatility strategy of selling bearish call + put option combinations [11] Polyester - related Options PTA - Device operation and load adjustment affect the market; the price trend shows a pattern of decline, rebound, and consolidation [11] - Option factor research shows that the implied volatility is above the average, the open interest PCR is around 0.70, the pressure level is 4700, and the support level is 4300 [11] - Recommended strategies include a volatility strategy of selling neutral call + put option combinations [11] Alkali - related Options Caustic Soda - Production capacity utilization varies by region; the price trend is weak and bearish [12] - Option factor research shows that the implied volatility is at a relatively high level, the open interest PCR is below 0.80, the pressure level is 3000, and the support level is 2200 [12] - Recommended strategies include a directional strategy of a bear spread and a spot long - hedging strategy of a long collar [12] Soda Ash - Inventory has increased year - on - year; the price trend is weak and consolidating [12] - Option factor research shows that the implied volatility is at a relatively high historical level, the open interest PCR is below 0.60, the pressure level is 1860, and the support level is 1100 [12] - Recommended strategies include a directional strategy of a bear spread, a volatility strategy of shorting volatility, and a spot long - hedging strategy of a long collar [12] Other Options Urea - Enterprise inventory is decreasing, and port inventory is increasing; the price trend shows a pattern of low - level consolidation and rebound [13] - Option factor research shows that the implied volatility is around the historical average, the open interest PCR is below 0.60, the pressure level is 1800, and the support level is 1600 [13] - Recommended strategies include a volatility strategy of selling neutral call + put option combinations and a spot long - hedging strategy of buying at - the - money put options and selling out - of - the - money call options [13] Group 7: Option Charts - The report includes various option charts for different varieties, such as price trend charts, volume and open interest charts, open interest PCR and turnover PCR charts, implied volatility charts, and historical volatility cone charts [14][34][52]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The energy and chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, option strategies and suggestions are provided for selected varieties. Each option variety's report includes analysis of the underlying asset's market, research on option factors, and option strategy recommendations [8]. 3. Summary by Relevant Contents 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change percentages, trading volumes, volume changes, open interest, and open interest changes of various energy and chemical futures contracts, including crude oil, liquefied petroleum gas (LPG), methanol, ethylene glycol, etc. For example, the latest price of crude oil (SC2601) is 455, with a price change of -3 and a change percentage of -0.61% [3]. 3.2 Option Factors - Volume and Open Interest PCR - The report provides volume and open interest PCR data for different option varieties. The open interest PCR = put option open interest / call option open interest, which describes the strength of the option underlying asset's market; the volume PCR = put option trading volume / call option trading volume, which indicates whether the underlying asset's market is at a turning point [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of each option variety are given, along with the corresponding strike prices, pressure point offsets, and support point offsets. For instance, the pressure point of crude oil (SC2601) is 540 with an offset of -50, and the support point is 460 with an offset of 0 [5]. 3.4 Option Factors - Implied Volatility - The report includes data on the at-the-money implied volatility, weighted implied volatility, weighted implied volatility changes, annual average implied volatility, call option implied volatility, put option implied volatility, historical 20-day volatility, and the difference between implied and historical volatility for each option variety [6]. 3.5 Strategy and Suggestions 3.5.1 Energy Options - **Crude Oil**: The fundamental situation shows that U.S. refinery demand has stabilized and rebounded, shale oil production has slightly increased, OPEC exports have increased, and European refinery demand is about to enter the peak season. The market has shown a complex price trend since August. Option factors indicate that the implied volatility is above the average, the open interest PCR is below 0.80, and the pressure and support levels are 540 and 460 respectively. Strategies include constructing a short call + put option combination for volatility, and a long collar strategy for spot hedging [7]. - **LPG**: The cost of crude oil is affected by supply and geopolitical issues. The LPG market has shown an oversold rebound and slight consolidation since August. Option factors show that the implied volatility has dropped to below the average, the open interest PCR is around 0.80, and the pressure and support levels are 4400 and 4200 respectively. Strategies include constructing a neutral short call + put option combination for volatility, and a long collar strategy for spot hedging [9]. 3.5.2 Alcohol Options - **Methanol**: Port and enterprise inventories are at high levels and difficult to reduce significantly in the short term. The market has been weak since August. Option factors indicate that the implied volatility is around the historical average, the open interest PCR is below 0.80, and the pressure and support levels are 2500 and 2000 respectively. Strategies include constructing a bear spread with put options for direction, a short call + put option combination for volatility, and a long collar strategy for spot hedging [9]. - **Ethylene Glycol**: Port and downstream inventories are high, and domestic production and imports are expected to keep the port inventory in an accumulation cycle. The market has been weak. Option factors show that the implied volatility is below the average, the open interest PCR is around 0.70, and the pressure and support levels are 4500 and 4050 respectively. Strategies include constructing a bear spread with put options for direction, a short volatility strategy for volatility, and a long collar strategy for spot hedging [10]. 3.5.3 Polyolefin Options - **Polypropylene**: PE and PP inventories show different trends. The market has been weak. Option factors indicate that the implied volatility has dropped to around the average, the open interest PCR is around 0.70, and the pressure and support levels are 7000 and 6300 respectively. Strategies include constructing a bear spread with put options for direction, and a long collar strategy for spot hedging [10]. 3.5.4 Rubber Options - **Rubber**: Exchange rubber warehouse receipts are at a ten-year low, and there is an expectation of inventory accumulation. The market has been in a weak consolidation. Option factors show that the implied volatility has dropped to below the average after a sharp rise, the open interest PCR is below 0.60, and the pressure and support levels are 16000 and 14500 respectively. Strategies include constructing a short call + put option combination for volatility [11]. 3.5.5 Polyester Options - **PTA**: The overall social inventory of PTA is increasing, and new installations are expected to continue to increase inventory. The market has shown a rebound with pressure. Option factors indicate that the implied volatility is above the average, the open interest PCR is around 0.70, and the pressure and support levels are 4700 and 4300 respectively. Strategies include constructing a neutral short call + put option combination for volatility [11]. 3.5.6 Alkali Options - **Caustic Soda**: The capacity utilization rate of caustic soda enterprises has increased. The market has been weak. Option factors show that the implied volatility is at a relatively high level, the open interest PCR is below 0.80, and the pressure and support levels are 3000 and 2000 respectively. Strategies include constructing a bear spread for direction, and a long collar strategy for spot hedging [12]. - **Soda Ash**: The factory inventory of soda ash has increased. The market has been in a low-level weak consolidation. Option factors indicate that the implied volatility is at a relatively high historical level, the open interest PCR is below 0.60, and the pressure and support levels are 1860 and 1100 respectively. Strategies include constructing a bear spread for direction, a short volatility combination for volatility, and a long collar strategy for spot hedging [12]. 3.5.7 Other Options - **Urea**: Enterprise inventory is at a high level, and port inventory is decreasing. The market has shown a low-level rebound. Option factors show that the implied volatility is around the historical average, the open interest PCR is below 0.60, and the pressure and support levels are 1800 and 1600 respectively. Strategies include constructing a neutral short call + put option combination for volatility, and a long collar strategy for spot hedging [13].

Group 1: Report Summary - The report is an energy and chemical options strategy morning report, covering energy, polyolefins, polyesters, alkali chemicals, and other energy and chemical options [1][2] - The recommended strategy is to construct an option portfolio strategy mainly as a seller, as well as a spot hedging or covered strategy to enhance returns [2] Group 2: Underlying Futures Market Overview - The latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various option underlying futures contracts are provided [3] Group 3: Option Factor - Volume and Open Interest PCR - The trading volume, volume change, open interest, open interest change, trading volume PCR, volume PCR change, open interest PCR, and open interest PCR change of various options are presented [4] Group 4: Option Factor - Pressure and Support Levels - The at - the - money strike price, pressure point, pressure point offset, support point, support point offset, maximum call option open interest, and maximum put option open interest of various options are given [5] Group 5: Option Factor - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call option implied volatility, put option implied volatility, 20 - day historical volatility, and implied - historical volatility difference of various options are reported [6] Group 6: Option Strategy Analysis - Energy Options Crude Oil - Fundamental analysis shows that U.S. refinery demand has stabilized and rebounded, shale oil production has slightly increased, OPEC exports have increased, European refinery demand is about to enter the peak season, and diesel crack spreads remain high [7] - The market trend shows a short - term weak oscillation in August, a weak and bearish trend followed by a rebound in September, a sharp decline followed by a rebound in October, and a continuous oscillation followed by a rebound in November [7] - Option factor research indicates that the implied volatility fluctuates around the average, the open interest PCR is below 0.80, the pressure level is 470, and the support level is 450 [7] - Recommended strategies include constructing a short - biased call + put option combination strategy for the volatility strategy and a long collar strategy for the spot long - position hedging strategy [7] Liquefied Petroleum Gas (LPG) - Fundamental analysis shows that the cost - end crude oil is under pressure from oversupply and geopolitical issues, and OPEC maintains an increasing production state [9] - The market trend shows a rapid decline followed by a rebound and then a decline since August, a rise - fall - rise - fall pattern in September, a weak - strong - rebound - oscillation pattern in October, and a continuous slight oscillation in November [9] - Option factor research indicates that the implied volatility has dropped significantly to around the lower - than - average level, the open interest PCR is around 0.80, the pressure level is 4550, and the support level is 4200 [9] - Recommended strategies include constructing a neutral - biased call + put option combination strategy for the volatility strategy and a long collar strategy for the spot long - position hedging strategy [9] Group 7: Option Strategy Analysis - Alcohol Options Methanol - Fundamental analysis shows that port inventory is 151.71 million tons, a month - on - month increase of 1.06 million tons, and enterprise inventory is 38.64 million tons, a month - on - month increase of 1.04 million tons [9] - The market trend shows a weakening and bearish trend since August, a low - level consolidation followed by a rebound in September, and a continuous weak and bearish trend since October [9] - Option factor research indicates that the implied volatility fluctuates around the historical average, the open interest PCR is below 0.80, the pressure level is 2500, and the support level is 2000 [9] - Recommended strategies include constructing a bear spread combination strategy of put options for the directional strategy, a short - biased call + put option combination strategy for the volatility strategy, and a long collar strategy for the spot long - position hedging strategy [9] Ethylene Glycol - Fundamental analysis shows that port inventory is 56.2 million tons, a year - on - year increase of 15.3 million tons, and downstream factory inventory days are 13.2 days, a year - on - year increase of 0.7 days. It is expected that port inventory will continue the accumulation cycle [10] - The market trend shows a slight weak consolidation in August, a continuous weak and bearish trend since September, and a continuous weak trend in November [10] - Option factor research indicates that the implied volatility fluctuates around the lower - than - average level, the open interest PCR is around 0.70, the pressure level is 4500, and the support level is 4050 [10] - Recommended strategies include constructing a bear spread combination strategy of put options for the directional strategy, a short - volatility strategy for the volatility strategy, and a long collar strategy for the spot long - position hedging strategy [10] Group 8: Option Strategy Analysis - Polyolefin Options Polypropylene - Fundamental analysis shows that PE and PP production enterprise inventories, trade inventories, and port inventories have different trends of accumulation or de - accumulation [10] - The market trend shows a weak and slight fluctuation in August, a continuous weak and bearish trend since September, and a continuous weak and bearish decline in November [10] - Option factor research indicates that the implied volatility has dropped to around the average level, the open interest PCR is around 0.70, the pressure level is 7000, and the support level is 6300 [10] - Recommended strategies include constructing a bear spread combination strategy of put options for the directional strategy and a long collar strategy for the spot long - position hedging strategy [10] Group 9: Option Strategy Analysis - Rubber Options Rubber - Fundamental analysis shows that exchange rubber warehouse receipts are at a ten - year low, and there is an expectation of inventory accumulation in the later stage [11] - The market trend shows a warming and rising followed by a range - bound oscillation in August, a continuous weak and bearish trend since September, and a low - level weak oscillation in November [11] - Option factor research indicates that the implied volatility has decreased to around the lower - than - average level after a rapid increase, the open interest PCR is below 0.60, the pressure level has dropped significantly to 16000, and the support level is 14500 [11] - Recommended strategies include constructing a short - biased call + put option combination strategy for the volatility strategy [11] Group 10: Option Strategy Analysis - Polyester Options PTA - Fundamental analysis shows that the overall social inventory of PTA (excluding credit warehouse receipts) is 225.1 million tons, a month - on - year increase of 11.4 million tons, and it is expected that inventory will continue to accumulate [11] - The market trend shows a decline followed by a small consolidation and then a rapid rebound and then a decline in August, a continuous weak and bearish trend since September, and a rebound and rise in November [11] - Option factor research indicates that the implied volatility fluctuates at a higher - than - average level, the open interest PCR is around 0.70, the pressure level is 4700, and the support level is 4300 [11] - Recommended strategies include constructing a neutral - biased call + put option combination strategy for the volatility strategy [11] Group 11: Option Strategy Analysis - Alkali Chemical Options Caustic Soda - Fundamental analysis shows that the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 200,000 tons or more is 84.8%, a week - on - week increase of 0.5% [12] - The market trend shows a rapid decline followed by a rebound and then a high - level oscillation in August, a continuous decline since September, an accelerated decline in October, and a low - level weak oscillation in November [12] - Option factor research indicates that the implied volatility fluctuates at a relatively high level, the open interest PCR is below 0.80, the pressure level is 3000, and the support level is 2000 [12] - Recommended strategies include constructing a bear spread combination strategy for the directional strategy and a long collar strategy for the spot long - position hedging strategy [12] Soda Ash - Fundamental analysis shows that as of November 7, 2025, the in - plant inventory of soda ash is 171.42 million tons, a month - on - month increase of 1.22 million tons [12] - The market trend shows a continuous weak consolidation since August, a low - level weak fluctuation in September, a continuous weak trend in October, and a decline - rise pattern in November [12] - Option factor research indicates that the implied volatility fluctuates at a relatively high historical level, the open interest PCR is below 0.60, the pressure level is 1860, and the support level is 1100 [12] - Recommended strategies include constructing a bear spread combination strategy for the directional strategy, a short - volatility combination strategy for the volatility strategy, and a long collar strategy for the spot long - position hedging strategy [12] Group 12: Option Strategy Analysis - Urea Options - Fundamental analysis shows that enterprise inventory is 157.81 million tons, a month - on - month increase of 2.38 million tons, and port inventory is 7.9 million tons, a month - on - month decrease of 3.1 million tons [13] - The market trend shows a wide - range and large - amplitude fluctuation in August, a continuous weakening in September, a low - level weak oscillation in October, and a rebound and rise in November [13] - Option factor research indicates that the implied volatility fluctuates slightly around the historical average, the open interest PCR is below 0.60, the pressure level is 1800, and the support level is 1600 [13] - Recommended strategies include constructing a neutral - biased call + put option combination strategy for the volatility strategy and a long collar strategy for the spot long - position hedging strategy [13]

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Strategies are recommended for selected options in each sector [8]. - A seller - based options portfolio strategy and spot hedging or covered strategies are constructed to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1 Market Overview of Underlying Futures - Information on the latest price, price change, percentage change, trading volume, volume change, open interest, and open interest change of various energy - chemical option underlying futures is presented, including crude oil, LPG, methanol, etc [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of various energy - chemical options are provided, which can be used to analyze the strength of the underlying option market and the turning point of the market [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure points, pressure point offsets, support points, support point offsets, maximum call option open interest, and maximum put option open interest of various energy - chemical options are given, which can help analyze the pressure and support levels of the underlying options [5]. 3.4 Option Factors - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, change in weighted implied volatility, annual average implied volatility, call option implied volatility, put option implied volatility, 20 - day historical volatility, and difference between implied and historical volatility of various energy - chemical options are presented [6]. 3.5 Option Strategies and Recommendations 3.5.1 Crude Oil Options - Fundamental analysis shows that US refinery demand has stabilized and recovered, shale oil production has slightly increased, OPEC exports have increased, and European refinery demand is about to enter the peak season [7]. - The option implied volatility has decreased to near the average, the open interest PCR is below 0.80, indicating a weak market. The pressure level is 500 and the support level is 450 [7]. - Directional strategy: None. Volatility strategy: Construct a short - biased call + put option combination strategy. Spot long - hedging strategy: Construct a long collar strategy [7]. 3.5.2 LPG Options - The cost - end crude oil is under pressure from oversupply and geopolitical issues. LPG has shown a market trend of over - sold rebound and slight consolidation [9]. - The option implied volatility has dropped significantly to below the average, the open interest PCR is around 0.80, indicating a weak market. The pressure level is 4550 and the support level is 4200 [9]. - Directional strategy: None. Volatility strategy: Construct a neutral - biased call + put option combination strategy. Spot long - hedging strategy: Construct a long collar strategy [9]. 3.5.3 Methanol Options - Port and enterprise inventories are high and difficult to deplete significantly in the short term. Methanol has shown a weak downward trend [9]. - The option implied volatility fluctuates around the historical average, the open interest PCR is below 0.80, indicating a weak and volatile market. The pressure level is 2200 and the support level is 2050 [9]. - Directional strategy: Construct a bearish spread combination strategy of put options. Volatility strategy: Construct a short - biased call + put option combination strategy. Spot long - hedging strategy: Construct a long collar strategy [9]. 3.5.4 Ethylene Glycol Options - Port and downstream factory inventories are high, and the port inventory is expected to continue the accumulation cycle. Ethylene glycol has shown a weak market trend [10]. - The option implied volatility fluctuates below the average, the open interest PCR is around 0.70, indicating strong short - selling power. The pressure level is 4500 and the support level is 4050 [10]. - Directional strategy: Construct a bearish spread combination strategy of put options. Volatility strategy: Construct a short - volatility strategy. Spot long - hedging strategy: Hold a spot long position + buy a put option + sell an out - of - the - money call option [10]. 3.5.5 Polypropylene Options - PE and PP inventories have different trends. Polypropylene has shown a weak downward trend [10]. - The option implied volatility has decreased to near the average, the open interest PCR is around 0.70, indicating a weak market. The pressure level is 7000 and the support level is 6300 [10]. - Directional strategy: Construct a bearish spread combination strategy of put options. Volatility strategy: None. Spot long - hedging strategy: Hold a spot long position + buy an at - the - money put option + sell an out - of - the - money call option [10]. 3.5.6 Rubber Options - Exchange rubber warehouse receipts are at a ten - year low, and there is an expectation of inventory accumulation. Rubber has shown a weak consolidation trend [11]. - The option implied volatility has decreased to below the average after a sharp rise, the open interest PCR is below 0.60. The pressure level has dropped significantly to 16000 and the support level is 14500 [11]. - Directional strategy: None. Volatility strategy: Construct a short - biased call + put option combination strategy. Spot hedging strategy: None [11]. 3.5.7 PTA Options - PTA social inventory is accumulating, and although the polyester start - up will remain high, inventory accumulation is expected to continue. PTA has shown a rebound trend with pressure [11]. - The option implied volatility fluctuates at a relatively high level, the open interest PCR is around 0.70, indicating a volatile market. The pressure level is 4700 and the support level is 4300 [11]. - Directional strategy: None. Volatility strategy: Construct a neutral - biased call + put option combination strategy. Spot hedging strategy: None [11]. 3.5.8 Caustic Soda Options - The average utilization rate of caustic soda production capacity has increased. Caustic soda has shown a weak short - selling trend [12]. - The option implied volatility fluctuates at a relatively high level, the open interest PCR is below 0.80, indicating a weak and volatile market. The pressure level is 2600 and the support level is 2240 [12]. - Directional strategy: Construct a bearish spread combination strategy. Volatility strategy: None. Spot collar hedging strategy: Hold a spot long position + buy a put option + sell an out - of - the - money call option [12]. 3.5.9 Soda Ash Options - Soda ash factory inventory has increased. Soda ash has shown a low - level weak consolidation trend [1]. - The option implied volatility fluctuates at a relatively high historical level, the open interest PCR is below 0.60, indicating strong short - selling pressure. The pressure level is 1300 and the support level is 1100 [12]. - Directional strategy: Construct a bearish spread combination strategy. Volatility strategy: Construct a short - volatility combination strategy. Spot long - hedging strategy: Construct a long collar strategy [12]. 3.5.10 Urea Options - Enterprise inventory is at a high level, and port inventory has decreased. Urea has shown a low - level shock and rebound trend [13]. - The option implied volatility fluctuates around the historical average, the open interest PCR is below 0.60, indicating strong short - selling pressure. The pressure level is 1800 and the support level is 1600 [13]. - Directional strategy: None. Volatility strategy: Construct a neutral - biased call + put option combination strategy. Spot hedging strategy: Hold a spot long position + buy an at - the - money put option + sell an out - of - the - money call option [13].

Group 1: Report Overview - The report is an early morning strategy report on energy and chemical options dated November 5, 2025 [1] - It covers various energy and chemical options including energy (crude oil, LPG), polyolefins (PP, PVC, etc.), polyesters (PX, PTA, etc.), alkali chemicals (caustic soda, soda ash), and others like rubber [2] - The recommended strategy is to construct option combination strategies mainly as sellers, along with spot hedging or covered call strategies to enhance returns [2] Group 2: Underlying Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of multiple underlying futures contracts are presented, such as SC2512 for crude oil at 464 with a -0.19% change, and PG2512 for LPG at 4,239 with a -0.63% change [3] Group 3: Option Factor - Volume and Open Interest PCR - PCR indicators for various options are provided, including volume PCR and open interest PCR, which are used to describe the strength of the underlying option market and potential turning points [4] Group 4: Option Factor - Pressure and Support Levels - Pressure and support levels for each option are determined from the strike prices with the largest open interest of call and put options, such as 500 and 440 for crude oil [5] Group 5: Option Factor - Implied Volatility - Implied volatility data for different options are presented, including at - the - money implied volatility and volume - weighted implied volatility, with explanations on calculation methods [6] Group 6: Strategy and Recommendations for Specific Options Crude Oil Options - Fundamental analysis shows stable and rising refinery demand in the US, with OPEC exports mostly absorbed by China, and low refined product inventories in Europe [7] - Market analysis indicates a trend of weakening, consolidation, and then a rebound since July [7] - Option factor research reveals a decline in implied volatility to near the mean, a low open interest PCR indicating a weak market, and pressure and support levels at 500 and 450 [7] - Recommended strategies include a neutral call + put option selling combination for time value and directional gains, and a long collar strategy for spot hedging [7] LPG Options - Fundamental analysis points out pressure from oversupply and geopolitical issues on crude oil, and high propane inventories in the US [9] - Market analysis shows a pattern of decline, rebound, and then weakening since August [9] - Option factor research shows a significant decline in implied volatility to below the mean, an open interest PCR around 0.8 indicating a weak market, and pressure and support levels at 4500 and 4200 [9] - Recommended strategies are similar to crude oil options, including a neutral option selling combination and a long collar strategy [9] Methanol Options - Fundamental analysis shows high - level and hard - to - reduce port inventories and an increase in enterprise inventories [9] - Market analysis indicates a weakening trend since July [9] - Option factor research reveals implied volatility around the historical mean, an open interest PCR below 0.8 indicating a weak and volatile market, and pressure and support levels at 2300 and 2125 [9] - Recommended strategies include a bear spread strategy for directional gains, a bearish option selling combination, and a long collar strategy for spot hedging [9] Ethylene Glycol Options - Fundamental analysis shows a decrease in port inventories but an expected increase in the future due to high domestic production and incoming shipments [10] - Market analysis indicates a weakening trend since July [10] - Option factor research shows implied volatility below the mean, an open interest PCR around 0.7 indicating strong bearish power, and pressure and support levels at 4500 and 4050 [10] - Recommended strategies include a bear spread strategy, a volatility - selling strategy, and a long collar strategy for spot hedging [10] Polypropylene Options - Fundamental analysis shows inventory reduction in PE and PP production and trading enterprises, with higher inventory pressure on PP [10] - Market analysis indicates a weakening trend since July [10] - Option factor research reveals a decline in implied volatility to near the mean, an open interest PCR around 0.7 indicating a weak market, and pressure and support levels at 7000 and 6300 [10] - Recommended strategies include a long collar strategy for spot hedging [10] Rubber Options - Fundamental analysis shows a decline in natural rubber inventories in China [11] - Market analysis indicates a pattern of rise, fall, and then weak consolidation since July [11] - Option factor research shows a sharp rise and then a decline in implied volatility to below the mean, an open interest PCR below 0.6, and pressure and support levels at 17000 and 14000 [11] - Recommended strategies include a bearish option selling combination [11] PTA Options - Fundamental analysis shows a decline in PTA load and an expected increase in maintenance in November [11] - Market analysis indicates a weakening trend since August [11] - Option factor research shows implied volatility above the mean, an open interest PCR around 0.7 indicating a volatile market, and pressure and support levels at 4700 and 4300 [11] - Recommended strategies include a bearish option selling combination [11] Caustic Soda Options - Fundamental analysis shows an increase in the average utilization rate of caustic soda production capacity [12] - Market analysis indicates a weakening trend since September [12] - Option factor research shows high - level implied volatility, an open interest PCR below 0.8 indicating a weak and volatile market, and pressure and support levels at 2600 and 2240 [12] - Recommended strategies include a bear spread strategy and a long collar strategy for spot hedging [12] Soda Ash Options - Fundamental analysis shows stable soda ash inventories [12] - Market analysis indicates a weak and consolidating trend since August [12] - Option factor research shows high - level implied volatility, an open interest PCR below 0.6 indicating strong bearish pressure, and pressure and support levels at 1300 and 1100 [12] - Recommended strategies include a bear spread strategy, a volatility - selling combination, and a long collar strategy for spot hedging [12] Urea Options - Fundamental analysis shows a decline in enterprise and port inventories [13] - Market analysis indicates a weakening trend since September [13] - Option factor research shows implied volatility around the historical mean, an open interest PCR below 0.6 indicating strong bearish pressure, and pressure and support levels at 1800 and 1600 [13] - Recommended strategies include a neutral option selling combination and a long collar strategy for spot hedging [13]

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The energy and chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, options strategies and recommendations are provided for selected varieties. Options strategy reports are compiled based on the analysis of the underlying market, option factor research, and option strategy recommendations for each option variety. Strategies mainly involve constructing option combination strategies focused on sellers, as well as spot hedging or covered strategies to enhance returns [8]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various energy and chemical option underlying futures contracts are presented. For example, the latest price of crude oil (SC2512) is 464, with a price increase of 4 and a price change percentage of 0.91%, trading volume of 8.02 million lots, volume change of -2.85 million lots, open interest of 2.96 million lots, and open interest change of -0.19 million lots [3]. 3.2 Option Factors - Volume and Open Interest PCR - Volume and open interest PCR data for various energy and chemical options are provided. Volume PCR is used to describe whether the underlying market has a turning point, and open interest PCR is used to describe the strength of the option underlying market. For example, the volume PCR of crude oil options is 0.90, with a change of -0.03, and the open interest PCR is 0.66, with a change of -0.03 [4]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels for various energy and chemical option underlying contracts 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 crude oil (SC2512) is 500, and the support level is 440 [5]. 3.4 Option Factors - Implied Volatility - Implied volatility data for various energy and chemical options are presented, including at-the-money implied volatility, weighted implied volatility, weighted implied volatility changes, annual average implied volatility, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility. For example, the at-the-money implied volatility of crude oil options is 27.935%, the weighted implied volatility is 29.69%, with a change of -0.19% [6]. 3.5 Strategy and Recommendations 3.5.1 Energy Options - Crude Oil - Fundamental analysis: US refinery demand has stabilized and rebounded. During the recent oil price decline, shale oil production did not significantly decrease. OPEC exports have increased, but most are absorbed by China, so there is no obvious visible inventory in the market. In Europe, the overall refined oil inventory is in a low - level destocking state, and the crude oil inventory has increased, but refinery demand is about to enter the peak season, and the diesel crack spread remains high [7]. - Market analysis: Since July, crude oil prices have gradually weakened and then consolidated in a range. In August, prices first rose and then fell, showing short - term weak fluctuations. In September, the market continued to be weak and bearish before gradually rebounding. In October, prices fell sharply and then stopped falling and rebounded [7]. - Option factor research: The implied volatility of crude oil options has declined to near the average level. The open interest PCR of options is below 0.80, indicating that crude oil has been in a weak market recently. From the perspective of options, the pressure level of crude oil is 500, and the support level is 450 [7]. - Option strategy recommendations: Directional strategy: None. Volatility strategy: Construct a short - neutral call + put option combination strategy to obtain option time value and directional returns, and dynamically adjust the position to keep the position delta neutral. Spot long - hedging strategy: Construct a long collar strategy, holding a spot long position + buying a put option + selling an out - of - the - money call option [7]. 3.5.2 Energy Options - Liquefied Petroleum Gas (LPG) - Fundamental analysis: The cost - end crude oil is under pressure from oversupply on one hand and geopolitical issues on the other. Last week, the crude oil price fluctuated around the $65 mark, and OPEC maintained its production increase. US propane inventories continue to accumulate, and the inventory is at a historical high, waiting for an inventory inflection point [9]. - Market analysis: Since August, LPG prices have accelerated their decline, then rebounded and rose, but the upward movement was blocked and then declined. In September, prices first rose and then fell rapidly. In October, prices were first weak and then strong, gradually rebounding and rising, followed by slight fluctuations, showing an oversold rebound market with resistance above [9]. - Option factor research: The implied volatility of LPG options has significantly declined to near the lower - than - average level. The open interest PCR of LPG options is around 0.80, indicating that LPG has been in a weak market recently. From the perspective of options, the pressure level of LPG is 4500, and the support level is 4000 [9]. - Option strategy recommendations: Directional strategy: None. Volatility strategy: Construct a short - neutral call + put option combination strategy to obtain option time value and directional returns, and dynamically adjust the position to keep the position delta neutral. Spot long - hedging strategy: Construct a long collar strategy, holding a spot long position + buying a put option + selling an out - of - the - money call option [9]. 3.5.3 Alcohol Options - Methanol - Fundamental analysis: The port inventory of methanol is 150.65 million tons, with a month - on - month decrease of 0.57 million tons, remaining in a high - level shock state and difficult to effectively destock. The enterprise inventory is 37.61 million tons, with a month - on - month increase of 1.57 million tons, and the year - on - year level is low. The enterprise's pending orders are 21.56 million tons, with a month - on - month decrease of 0.01 million tons [9]. - Market analysis: In July, methanol prices rose and then fell, continuously declining and weakening, followed by significant fluctuations. Since August, prices have gradually weakened and trended downward. In September, prices consolidated at a low level and then rebounded. Since October, the market has continued to be weak and bearish, showing a weak market trend with resistance above [9]. - Option factor research: The implied volatility of methanol options fluctuates around the historical average level. The open interest PCR of methanol options is below 0.80, indicating that methanol has been in a weak and fluctuating market recently. From the perspective of options, the pressure level of methanol is 2300, and the support level is 2200 [9]. - Option strategy recommendations: Directional strategy: Construct a bear spread strategy of put options to obtain directional returns. Volatility strategy: Construct a short - bearish call + put option combination strategy to obtain option time value, and dynamically adjust the position to keep the position delta bearish. Spot long - hedging strategy: Construct a long collar strategy, holding a spot long position + buying a put option + selling an out - of - the - money call option. When the market rebounds to the high strike price, close the position in combination with spot sales [9]. 3.5.4 Alcohol Options - Ethylene Glycol - Fundamental analysis: The port inventory of ethylene glycol is 52.3 million tons, with a month - on - month destocking of 5.6 million tons; the downstream factory inventory days are 13.4 days, with a month - on - month decrease of 0.1 days. In the short term, the arrival volume was high last week, and the departure volume was moderately low. The port inventory is expected to accumulate. The domestic production load is at a high level, and the overseas arrival volume is increasing, so ethylene glycol has entered an inventory accumulation period [10]. - Market analysis: In July, ethylene glycol prices were in a low - level weak consolidation and gradually rose, then fell rapidly. In August, prices continued to show slight weak consolidation. Since September, the market has continued to be weak and bearish, showing a weak market trend with resistance above [10]. - Option factor research: The implied volatility of ethylene glycol options fluctuates around the lower - than - average level. The open interest PCR of options is around 0.70, indicating that the bearish force of ethylene glycol has been relatively strong recently. From the perspective of options, the pressure level of ethylene glycol is 4500, and the support level is 4050 [10]. - Option strategy recommendations: Directional strategy: Construct a bear spread strategy of put options to obtain directional returns. Volatility strategy: Construct a short - volatility strategy to obtain time value returns. Spot long - hedging strategy: Hold a spot long position + buy a put option + sell an out - of - the - money call option [10]. 3.5.5 Polyolefin Options - Polypropylene - Fundamental analysis: The inventory of PE production enterprises is 51.46 million tons, with a month - on - month destocking of - 2.81%, and a year - on - year inventory increase of 2.02%; the inventory of PE traders is 5.00 million tons, with a month - on - month destocking of - 0.70%. The inventory of PP production enterprises is 63.85 million tons, with a month - on - month destocking of - 5.92%, and a year - on - year inventory increase of 12.69%; the inventory of PP traders is 22.00 million tons, with a month - on - month destocking of - 7.80%; the port inventory of PP is 6.68 million tons, with a month - on - month destocking of - 1.62%. The overall inventory pressure of PP is higher than that of PE [10]. - Market analysis: Since July, the decline of polypropylene prices has narrowed, gradually stabilized, and slightly fluctuated upwards, then fell rapidly. In August, prices maintained slight weak fluctuations. Since September, the market has continued to be weak and bearish. In October, prices fell rapidly and then fluctuated at a low level, showing a weak market trend with bearish pressure above [10]. - Option factor research: The implied volatility of polypropylene options has declined to near the average level. The open interest PCR of options is around 0.70, indicating that polypropylene has been weak recently. From the perspective of options, the pressure level of polypropylene is 7000, and the support level is 6300 [10]. - Option strategy recommendations: Directional strategy: None. Volatility strategy: None. Spot long - hedging strategy: Hold a spot long position + buy an at - the - money put option + sell an out - of - the - money call option [10]. 3.5.6 Rubber Options - Rubber - Fundamental analysis: The social inventory of natural rubber in China is 103.89 million tons, with a month - on - month decrease of 1.1 million tons, a decline of 1%. The total inventory of natural rubber in bonded and general trade in Qingdao is 43.22 million tons, with a month - on - month decrease of 0.53 million tons, a decline of 1.2%. The bonded area inventory is 6.87 million tons, a decline of 1.29%; the general trade inventory is 36.35 million tons, a decline of 1.18% [11]. - Market analysis: Since July, rubber prices have continued to rise in the short term and then reached a peak and fell back. In August, prices gradually recovered and rose, then fluctuated in a range. Since September, the market has continued to be weak and bearish. In October, prices continued to be weak and fluctuated at a low level, showing a weak consolidation market trend with support below and resistance above [11]. - Option factor research: The implied volatility of rubber options has rapidly increased and then declined to near the lower - than - average level. The open interest PCR of rubber options is below 0.60. From the perspective of options, the pressure level of rubber has significantly moved down to 17000, and the support level is 14000 [11]. - Option strategy recommendations: Directional strategy: None. Volatility strategy: Construct a short - bearish call + put option combination strategy to obtain option time value and directional returns, and dynamically adjust the position to keep the position delta bearish. Spot hedging strategy: None [11]. 3.5.7 Polyester Options - PTA - Fundamental analysis: The operating load of PTA is 78%, with a month - on - month decrease of 0.8%. In terms of equipment, Yisheng Dalian and Weilian Chemical slightly reduced their loads, Zhongtai is restarting, and the new plant of Shanshan Energy has been put into production. The expected maintenance volume of PTA in November will increase significantly, and the overall load is under great pressure under low processing fees [11]. - Market analysis: In August, PTA prices fell back, then slightly consolidated, and then rebounded rapidly, but the upward movement was blocked and then declined. Since September, the market has continued to be weak and bearish. In October, prices first fell and then rose, followed by slight fluctuations, showing a weak and bearish market trend with resistance above [11]. - Option factor research: The implied volatility of PTA options fluctuates at a relatively high level compared to the average. The open interest PCR of PTA options is around 0.70, indicating that PTA has been in a fluctuating market recently. From the perspective of options, the pressure level of PTA is 4600, and the support level is 4300 [11]. - Option strategy recommendations: Directional strategy: None. Volatility strategy: Construct a short - bearish call + put option combination strategy to obtain option time value, and dynamically adjust the position to keep the position delta bearish. Spot hedging strategy: None [11]. 3.5.8 Energy and Chemical Options - Caustic Soda - Fundamental analysis: The average utilization rate of the production capacity of Chinese caustic soda sample enterprises with a capacity of 200,000 tons and above is 84.3%, a month - on - month increase of 3.5%. By region, the production loads in the northwest, north, east, northeast, and south have all increased [12]. - Market analysis: In July, caustic soda prices first rose and then fell. In August, prices fell rapidly and then gradually rebounded, showing short - term bullish upward movement and then high - level fluctuations. Since September, prices have continuously closed with negative candles and gradually weakened. In October, prices fell rapidly, showing a weak and bearish market trend with resistance above recently [12]. - Option factor research: The implied volatility of caustic soda options fluctuates at a relatively high level. The open interest PCR of caustic soda options is below 0.8, indicating that caustic soda has been in a weak and fluctuating market recently. From the perspective of options, the pressure level of caustic soda is 2600, and the support level is 2240 [12]. - Option strategy recommendations: Directional strategy: Construct a bear spread strategy to obtain directional returns. Volatility strategy: None. Spot collar hedging strategy: Hold a spot long position + buy a put option + sell an out - of - the - money call option [12]. 3.5.9 Energy and Chemical Options - Soda Ash - Fundamental analysis: As of October 31, 2025, the in - plant inventory of soda ash is 170.2 million tons, with a month - on - month decrease of 0.01 million tons; the inventory available days are 14.11 days, remaining unchanged month - on - month. The in - plant inventory of heavy soda ash is 88.64 yuan/ton, with a month - on - month decrease of 4.81 yuan/ton; the in - plant inventory of light soda ash is 81.56 yuan/ton, with a month - on - month increase of 4.80 yuan/ton [12]. - Market analysis: Since August, soda ash prices have continued to show weak consolidation. In September, prices fluctuated slightly at a low level and were weak. In October, the market continued to be weak, recently showing a low - level weak fluctuating market trend with support below [12]. - Option factor research: The implied volatility of soda ash options fluctuates at a relatively high historical level. The open interest PCR of soda ash options is below 0.60, indicating strong bearish pressure. From the perspective of options, the pressure level of soda ash is 1300, and the support level is 1100 [12]. - Option strategy recommendations: Directional strategy: Construct a bear spread strategy to obtain directional returns. Volatility strategy: Construct a short - volatility combination strategy to obtain volatility returns. Spot long - hedging strategy: Construct a long collar strategy, holding a spot long position + buying a put option + selling an out - of - the - money call option [12]. 3.5.10 Energy and Chemical Options - Urea - Fundamental analysis: The enterprise inventory of urea is 155.43 million tons, with a month - on - month decrease of 7.59 million tons. Some reserve demands have followed up, and the enterprise inventory has decreased from a high level. The port inventory is 11 million tons, with a month - on - month decrease of 10 million tons, and ports in many places have loaded and cleared the inventory [13]. - Market analysis: In July, urea prices fluctuated widely in a large range under the bearish pressure line and then rose rapidly. In August, prices continued to fluctuate widely

Group 1: Report Overview - Report Title: Energy and Chemical Options Strategy Morning Report [2] - Date: October 31, 2025 [2] - Covered Option Types: Energy (crude oil, LPG), polyolefins (PP, PVC, L, EB), polyester (PX, PTA, PF, PR), alkali chemicals (SH, SA, UR), and others (rubber) [3] - General Strategy: Construct option portfolio strategies mainly as sellers, and enhance returns through spot hedging or covered strategies [3] Group 2: Underlying Futures Market Overview - Multiple underlying futures are presented, including crude oil, LPG, methanol, etc., with details on the latest price, change, change rate, trading volume, volume change, open interest, and open interest change [4] Group 3: Option Factor - Volume and Open Interest PCR - PCR indicators (volume PCR and open interest PCR) are provided for various options, which are used to describe the strength of the option underlying market and the turning point of the underlying market [5] Group 4: Option Factor - Pressure and Support Levels - Pressure and support levels for each option are determined based on the strike prices with the largest open interest of call and put options [6] Group 5: Option Factor - Implied Volatility - Implied volatility data, including at - the - money implied volatility, weighted implied volatility, and its change, are presented for different options [7] Group 6: Strategy and Recommendations for Each Option Type Crude Oil Options - Fundamental Analysis: US refinery demand is stabilizing and rising, shale oil production cut is small, OPEC exports are increasing but mostly absorbed by China, and European refined product inventory is decreasing while crude oil inventory is rising [8] - Market Analysis: The crude oil market has shown a pattern of weakening, consolidation, and then a rebound since July [8] - Option Factor Analysis: Implied volatility has declined to near the average, open interest PCR indicates a weak market, and the pressure and support levels are 500 and 450 respectively [8] - Strategy Recommendations: For volatility, construct a neutral short call + put option combination; for spot hedging, use a long collar strategy [8] LPG Options - Fundamental Analysis: High production and inventory in the US, potential extreme weather in winter and Sino - US trade trends may affect prices, and OPEC + policies will impact future exports [10] - Market Analysis: The LPG market has experienced a decline, followed by a rebound and then a resistance to further increase [10] - Option Factor Analysis: Implied volatility has significantly declined to below the average, open interest PCR indicates a weak market, and the pressure and support levels are 4500 and 4000 respectively [10] - Strategy Recommendations: Similar to crude oil, construct a neutral short call + put option combination for volatility and a long collar strategy for spot hedging [10] Methanol Options - Fundamental Analysis: Port inventory is increasing at a slower rate, and enterprise inventory is at a relatively low level year - on - year [10] - Market Analysis: The methanol market has shown a weak trend with some rebounds [10] - Option Factor Analysis: Implied volatility fluctuates around the historical average, open interest PCR indicates a weak and volatile market, and the pressure and support levels are 2300 and 2200 respectively [10] - Strategy Recommendations: Construct a short - biased call + put option combination for volatility and a long collar strategy for spot hedging [10] Ethylene Glycol Options - Fundamental Analysis: EG load has decreased, port inventory is increasing, and it has entered a inventory accumulation cycle [11] - Market Analysis: The ethylene glycol market has been in a weak trend [11] - Option Factor Analysis: Implied volatility fluctuates below the average, open interest PCR indicates strong short - side power, and the pressure and support levels are 4500 and 4050 respectively [11] - Strategy Recommendations: Construct a bear spread strategy for direction, a short - volatility strategy for volatility, and a long collar strategy for spot hedging [11] Polypropylene Options - Fundamental Analysis: PP inventory pressure is higher than PE [11] - Market Analysis: The polypropylene market has shown a weak trend [11] - Option Factor Analysis: Implied volatility has declined to near the average, open interest PCR indicates a weak market, and the pressure and support levels are 7000 and 6300 respectively [11] - Strategy Recommendations: Use a long collar strategy for spot hedging [11] Rubber Options - Fundamental Analysis: Imported rubber prices are rising, but downstream procurement is weak [12] - Market Analysis: The rubber market has been in a weak consolidation pattern [12] - Option Factor Analysis: Implied volatility has decreased to below the average, open interest PCR is below 0.6, and the pressure and support levels are 17000 and 14000 respectively [12] - Strategy Recommendations: Construct a short - biased call + put option combination for volatility [12] PTA Options - Fundamental Analysis: PTA load is increasing slightly, and maintenance volume in October has decreased [12] - Market Analysis: The PTA market has shown a weak trend [12] - Option Factor Analysis: Implied volatility fluctuates at a relatively high level, open interest PCR indicates a volatile market, and the pressure and support levels are 4600 and 4300 respectively [12] - Strategy Recommendations: Construct a short - biased call + put option combination for volatility [12] Caustic Soda Options - Fundamental Analysis: Non - aluminum demand for caustic soda has not shown significant restocking, and cost support has weakened [13] - Market Analysis: The caustic soda market has been in a weak downward trend [13] - Option Factor Analysis: Implied volatility is at a high level, open interest PCR indicates a weak and volatile market, and the pressure and support levels are 2600 and 2240 respectively [13] - Strategy Recommendations: Construct a bear spread strategy for direction and a long collar strategy for spot hedging [13] Soda Ash Options - Fundamental Analysis: Soda ash inventory has increased slightly [13] - Market Analysis: The soda ash market has been in a weak consolidation pattern [13] - Option Factor Analysis: Implied volatility is at a relatively high historical level, open interest PCR indicates strong short - side pressure, and the pressure and support levels are 1300 and 1100 respectively [13] - Strategy Recommendations: Construct a short - volatility combination strategy for volatility and a long collar strategy for spot hedging [13] Urea Options - Fundamental Analysis: Enterprise inventory is at a high level year - on - year, and port inventory is decreasing [14] - Market Analysis: The urea market has been in a weak and volatile pattern [14] - Option Factor Analysis: Implied volatility fluctuates around the historical average, open interest PCR indicates strong short - side pressure, and the pressure and support levels are 1800 and 1600 respectively [14] - Strategy Recommendations: Construct a neutral short call + put option combination for volatility and a long collar strategy for spot hedging [14] Group 7: Charts - Charts for each option type are provided, including price trends, volume and open interest, PCR indicators, implied volatility, historical volatility cones, and pressure and support levels [15][36][54]