Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report analyzes the market data, option factors, and provides trading strategies for various olefin - related options, including BZ (pure benzene), EB (styrene), L (plastic), PL (propylene), and PP (polypropylene) options. Due to geopolitical risks, it is not recommended to use seller - based volatility strategies [7][20][32][44][57] Summary by Related Catalogs 1. BZ (Pure Benzene) Option - **Market Data**: The bz2605 contract closed at 8790 yuan yesterday, down 254 yuan (-2.80%) from the previous day. The trading volume was 36024 lots, a decrease of 2455 lots, and the open interest was 24404 lots, a decrease of 1488 lots [3][6] - **Option Factors**: The implied volatility of BZ (pure benzene option) fluctuates above the mean of 0.2160. The option's open - interest PCR is 0.9096, at the 76.61% level in the past year. The pressure level is 10200, and the support level is 4900 [5][6] - **Trading Strategies**: Build a bull - spread combination strategy of call options to obtain directional returns, such as B BZ2605C8400, S BZ2605C10000. Do not recommend seller - based volatility strategies [7] 2. EB (Styrene) Option - **Market Data**: The eb2605 contract closed at 10597 yuan yesterday, down 235 yuan (-2.16%) from the previous day. The trading volume was 791380 lots, a decrease of 98765 lots, and the open interest was 223609 lots, a decrease of 11872 lots [16][19] - **Option Factors**: The implied volatility of EB (styrene option) fluctuates above the mean of 0.2892. The option's open - interest PCR is 1.5338, at the 97.96% level in the past year. The pressure level is 11800, and the support level is 8000 [18][19] - **Trading Strategies**: Build a bull - spread combination strategy of call options to obtain directional returns, such as B EB2605C10000, S EB2605C11200. Do not recommend seller - based volatility strategies [20] 3. L (Plastic) Option - **Market Data**: The l2605 contract closed at 8614 yuan yesterday, down 404 yuan (-4.47%) from the previous day. The trading volume was 830040 lots, a decrease of 60698 lots, and the open interest was 299225 lots, a decrease of 24962 lots [28][31] - **Option Factors**: The implied volatility of L (plastic option) fluctuates above the mean of 0.1838. The option's open - interest PCR is 0.979, at the 93.47% level in the past year. The pressure level is 9000, and the support level is 7000 [31] - **Trading Strategies**: No directional strategy is provided. Do not recommend seller - based volatility strategies [32] 4. PL (Propylene) Option - **Market Data**: The PL605 contract closed at 8795 yuan yesterday, down 353 yuan (-3.85%) from the previous day. The trading volume was 11847 lots, a decrease of 3618 lots, and the open interest was 6170 lots, a decrease of 2083 lots [40][43] - **Option Factors**: The implied volatility of PL (propylene option) fluctuates above the mean of 0.1647. The option's open - interest PCR is 1.3352, at the 95.78% level in the past year. The pressure level is 6900, and the support level is 5700 [42][43] - **Trading Strategies**: Build a bull - spread combination strategy of call options to obtain directional returns. Do not recommend seller - based volatility strategies [44] 5. PP (Polypropylene) Option - **Market Data**: The pp2605 contract closed at 9103 yuan yesterday, down 391 yuan (-4.11%) from the previous day. The trading volume was 912841 lots, a decrease of 119622 lots, and the open interest was 319551 lots, a decrease of 18026 lots [53][56] - **Option Factors**: The implied volatility of PP (polypropylene option) fluctuates above the mean of 0.1721. The option's open - interest PCR is 1.2555, at the 99.59% level in the past year. The pressure level and support level are both 8000 [55][56] - **Trading Strategies**: Build a bull - spread combination strategy of call options to obtain directional returns. Do not recommend seller - based volatility strategies [57]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The report provides an in - depth analysis of the futures and options markets of four types of oils (rapeseed oil, palm oil, peanut oil, and soybean oil), including market data, option factors, and offers corresponding option strategy suggestions [7][20][32][44] 3. Summary by Related Catalogs Rapeseed Oil (OI) - **Futures Market Data**: The closing price of the OI605 contract was 9877 yuan, up 1.19% from the previous day. The trading volume was 147,326 lots, a decrease of 14,319 lots, and the open interest was 213,002 lots, a decrease of 5,414 lots [7] - **Option Factor - Volume and Position PCR**: The trading volume of call options was 20,518, with a change of 10,326; the open interest was 21,545, with a change of 1,262. The trading volume of put options was 14,106, with a change of 7,343; the open interest was 19,595, with a change of 370. The trading volume PCR was 0.69, with a change of 0.02; the open interest PCR was 0.91, with a change of - 0.04 [5] - **Option Factor - Pressure and Support**: The pressure level was 11,200, and the support level was 9,200. The weighted implied volatility was 18.76% [6] - **Option Strategy Suggestions**: For directional strategies, construct a condor spread strategy, such as S Ol2605C9900 + B Ol2605C10000 + S Ol2605P9500 + B Ol2605P9400. For volatility strategies, strategies dominated by sellers (such as single - selling and double - selling) are not recommended [8] Palm Oil (P) - **Futures Market Data**: The closing price of the p2605 contract was 9768 yuan, up 2.13% from the previous day. The trading volume was 348,165 lots, an increase of 26,169 lots, and the open interest was 288,414 lots, an increase of 8,470 lots [20] - **Option Factor - Volume and Position PCR**: The trading volume of call options was 123,212, with a change of 43,244; the open interest was 85,212, with a change of 2,236. The trading volume of put options was 47,909, with a change of 15,620; the open interest was 80,534, with a change of 1,652. The trading volume PCR was 0.39, with a change of - 0.01; the open interest PCR was 0.95, with a change of - 0.01 [18] - **Option Factor - Pressure and Support**: The pressure level was 10,000, and the support level was 9,000. The weighted implied volatility was 39.05% [19] - **Option Strategy Suggestions**: For directional strategies, construct a bull call spread strategy, such as B P2605C9000 and S P2605C9800. For volatility strategies, strategies dominated by sellers (such as single - selling and double - selling) are not recommended [21] Peanut Oil (PK) - **Futures Market Data**: The closing price of the PK605 contract was 8122 yuan, down 1.71% from the previous day. The trading volume was 97,480 lots, a decrease of 22,594 lots, and the open interest was 159,715 lots, a decrease of 28,779 lots [32] - **Option Factor - Volume and Position PCR**: The trading volume of call options was 45,526, with a change of 19,176; the open interest was 70,130, with a change of - 462. The trading volume of put options was 20,438, with a change of - 8,463; the open interest was 35,341, with a change of - 194. The trading volume PCR was 0.45, and the open interest PCR was 0.5 [30] - **Option Factor - Pressure and Support**: The pressure level was 8,500, and the support level was 7,900. The weighted implied volatility was 15.97% [31] - **Option Strategy Suggestions**: For directional strategies, construct a bull call spread strategy, such as B_PK2605P8100, S_PK2605P8500. There is no suggestion for volatility strategies [33] Soybean Oil (Y) - **Futures Market Data**: The closing price of the y2605 contract was 8688 yuan, up 0.99% from the previous day. The trading volume was 201,453 lots, an increase of 15,480 lots, and the open interest was 537,668 lots, a decrease of 7,724 lots [44] - **Option Factor - Volume and Position PCR**: The trading volume of call options was 82,469, with a change of 43,338; the open interest was 80,373, with a change of - 524. The trading volume of put options was 27,032, with a change of 11,941; the open interest was 54,771, with a change of 1,220. The trading volume PCR was 0.33, with a change of - 0.06; the open interest PCR was 0.68, with a change of 0.02 [42] - **Option Factor - Pressure and Support**: The pressure level was 9,000, and the support level was 8,200. The weighted implied volatility was 24.65% [43] - **Option Strategy Suggestions**: For directional strategies, construct a bull call spread strategy, such as B Y2605C8400 + S Y2605C8800. For volatility strategies, strategies dominated by sellers (such as single - selling and double - selling) are not recommended [45]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - For synthetic rubber (BR) options, the br2605 contract closed at 17,720 yuan yesterday, up 725 yuan or 4.26% from the previous day. The implied volatility of BR options fluctuates above the mean level of 0.0000. The PCR of BR option positions is at 0.7746, at the 64.90% level in the past year. The pressure level of the BR option underlying is 18,600, and the support level is 15,000. Directional strategy: Construct a bull spread combination strategy of call options. Volatility strategy: Due to high geopolitical risks, strategies mainly based on sellers are not recommended [6][7]. - For rubber (RU) options, the ru2605 contract closed at 16,430 yuan yesterday, up 230 yuan or 1.41% from the previous day. The implied volatility of RU options fluctuates above the mean level of 0.0000. The PCR of RU option positions is at 0.4557, at the 64.49% level in the past year. The pressure level of the RU option underlying is 17,000, and the support level is 15,000. Directional strategy: None. Volatility strategy: Construct a combination strategy of selling relatively neutral call + put options to obtain option time value and directional returns, and dynamically adjust positions to keep the position delta neutral [18][19]. 3. Summary by Relevant Catalogs 3.1 Synthetic Rubber (BR) 3.1.1 Futures Market Data - The closing price of the br2605 contract is 17,975 yuan, up 740 yuan or 4.29% [3]. 3.1.2 Option Factor - Volume and Position PCR - The trading volume of BR (synthetic rubber call options) is 95,107, with a change of -201,988; the position is 14,787, with a change of 6,175; the trading volume PCR is 0.27, with a change of -0.4; the position PCR is 0.79, with a change of 0.01. The trading volume of BR (synthetic rubber put options) is 25,224, with a change of -173,106; the position is 11,673, with a change of 5,002 [4]. 3.1.3 Option Factor - Pressure and Support - The pressure level of the BR (synthetic rubber option) br2605 contract is 20,600, and the support level is 5,000. The weighted implied volatility rate is 67.88%, and the change in the weighted implied volatility rate is 94%. The annual average implied volatility rate is 33.49%, and HISV20 is 57.70% [5]. 3.1.4 Market Interpretation and Strategy Recommendations - The br2605 contract closed at 17,720 yuan yesterday, up 725 yuan or 4.26% from the previous day. The trading volume is 890,104 lots, an increase of 292,353 lots from the previous day; the position is 115,005 lots, an increase of 40,340 lots from the previous day. Directional strategy: Construct a bull spread combination strategy of call options, such as B BR2605C16000 and S BR2605C18600. Volatility strategy: Due to high geopolitical risks, strategies mainly based on sellers are not recommended [6][7]. 3.2 Rubber (RU) 3.2.1 Futures Market Data - The closing price of the ru2605 contract is 6,460 yuan, up 90 yuan or 0.54%. The trading volume is 205,890 lots, a decrease of 37,968 lots from the previous day; the position is 102,159 lots, a decrease of 5,068 lots from the previous day [15]. 3.2.2 Option Factor - Volume and Position PCR - The trading volume of RU (rubber call options) is 25,818, with a change of -7,998; the position is 50,328, with a change of -340; the trading volume PCR is 0.32, with a change of 0.07; the position PCR is 0.47, with a change of 0.01. The trading volume of RU (rubber put options) is 8,306, with a change of -168; the position is 23,677, with a change of 289 [16]. 3.2.3 Option Factor - Pressure and Support - The at - the - money strike price of the RU (rubber option) ru2605 contract is 16,500. The pressure level is 17,000, and the support level is 15,000. The weighted implied volatility rate is 29.64%, with a change of -0.93%. The annual average implied volatility rate is 24.86%, and HISV20 is 18.66% [17]. 3.2.4 Market Interpretation and Strategy Recommendations - The ru2605 contract closed at 16,430 yuan yesterday, up 230 yuan or 1.41% from the previous day. The trading volume is 243,858 lots, a decrease of 55,550 lots from the previous day; the position is 107,227 lots, a decrease of 4,547 lots from the previous day. Directional strategy: None. Volatility strategy: Construct a combination strategy of selling relatively neutral call + put options, such as S_RU2605P15250, S_RU2605P15750 and S_RU2605C16750, S_RU2605C17000 [18][19].

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report provides an early morning analysis of oil and fat options, including market data, option factors, and trading strategies for rapeseed oil, palm oil, peanut, and soybean oil options. It analyzes the price trends, volatility, and support/resistance levels of each option and offers corresponding trading strategy suggestions [6][17][28][40]. 3. Summary by Directory 3.1 Rapeseed Oil Options - **Market Data**: The OI605 contract closed at 9854 yuan yesterday, up 50 yuan (0.50%) from the previous day. The trading volume was 192,755 lots, a decrease of 5,077 lots, and the open interest was 234,514 lots, an increase of 5,030 lots [3][6]. - **Option Factors - Volume and Open Interest PCR**: The trading volume of call options was 13,191 lots, an increase of 5,073 lots, and the open interest was 17,131 lots, an increase of 969 lots. The trading volume of put options was 6,609 lots, a decrease of 709 lots, and the open interest was 18,032 lots, a decrease of 192 lots. The trading volume PCR was 0.5, a decrease of 0.4, and the open interest PCR was 1.05, a decrease of 0.07 [4]. - **Option Factors - Pressure and Support**: The pressure level was 10,000, and the support level was 9,200. The weighted implied volatility was 25.37%, and the change in weighted implied volatility was 3.95% [5]. - **Trading Strategies**: Construct an eagle spread combination strategy to obtain directional returns, such as S_OI2605C9900 + B_OI2605C10000 + S_OI2605P9500 + B_OI2605P9400 [7]. 3.2 Palm Oil Options - **Market Data**: The p2605 contract closed at 9,796 yuan yesterday, down 42 yuan (0.42%) from the previous day. The trading volume was 491,200 lots, a decrease of 90,211 lots, and the open interest was 331,096 lots, a decrease of 1,763 lots [14][17]. - **Option Factors - Volume and Open Interest PCR**: The trading volume of call options was 79,598 lots, an increase of 18,383 lots, and the open interest was 71,937 lots, a decrease of 3,616 lots. The trading volume of put options was 44,521 lots, a decrease of 14,199 lots, and the open interest was 73,172 lots, an increase of 1,821 lots. The trading volume PCR was 0.56, a decrease of 0.4, and the open interest PCR was 1.02, an increase of 0.07 [15]. - **Option Factors - Pressure and Support**: The pressure level was 10,400, and the support level was 9,000. The weighted implied volatility was 31.20%, and the change in weighted implied volatility was 1.95% [16]. - **Trading Strategies**: Construct a bull call spread combination strategy to obtain directional returns, such as B_P2605C9600 and S_P2605C10200. Do not recommend strategies based on selling options (such as single selling or double selling) [18]. 3.3 Peanut Options - **Market Data**: The PK605 contract closed at 8,188 yuan yesterday, down 12 yuan (0.14%) from the previous day. The trading volume was 38,857 lots, a decrease of 10,820 lots, and the open interest was 189,754 lots, a decrease of 1,271 lots [25][28]. - **Option Factors - Volume and Open Interest PCR**: The trading volume of call options was 23,902 lots, a decrease of 10,752 lots, and the open interest was 59,435 lots, a decrease of 782 lots. The trading volume of put options was 10,521 lots, a decrease of 3,511 lots, and the open interest was 32,728 lots, an increase of 729 lots. The trading volume PCR was 0.44, an increase of 0.04, and the open interest PCR was 0.55, an increase of 0.02 [26]. - **Option Factors - Pressure and Support**: The pressure level was 8,500, and the support level was 7,400. The weighted implied volatility was 14.18%, and the change in weighted implied volatility was 0.01% [27]. - **Trading Strategies**: Construct a bull call spread combination strategy to obtain directional returns [29]. 3.4 Soybean Oil Options - **Market Data**: The y2605 contract closed at 8,616 yuan yesterday, up 10 yuan (0.11%) from the previous day. The trading volume was 251,021 lots, a decrease of 29,647 lots, and the open interest was 594,494 lots, an increase of 9,710 lots [37][40]. - **Option Factors - Volume and Open Interest PCR**: The trading volume of call options was 68,803 lots, a decrease of 155 lots, and the open interest was 69,544 lots, an increase of 3,404 lots. The trading volume of put options was 19,516 lots, a decrease of 5,619 lots, and the open interest was 49,341 lots, a decrease of 519 lots. The trading volume PCR was 0.28, a decrease of 0.08, and the open interest PCR was 0.71, a decrease of 0.04 [38]. - **Option Factors - Pressure and Support**: The pressure level was 9,000, and the support level was 8,200. The weighted implied volatility was 22.46%, and the change in weighted implied volatility was 2.14% [39]. - **Trading Strategies**: Construct a bull call spread combination strategy to obtain directional returns, such as B_Y2605C8400 + S_Y2605C8800. Do not recommend strategies based on selling options (such as single selling or double selling) [41].

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report The report provides a comprehensive analysis of various bean and staple grain options, including market data, option factors, and trading strategies. It suggests different strategies for each option type based on market trends and option factors [6][7][18]. 3. Summary by Related Catalogs A (Soybean No. 1 Options) - **Market Data**: The a2605 contract closed at 4935 yuan, up 1 yuan (0.02%) from the previous day. The trading volume was 198,017 lots, down 45,982 lots, and the open interest was 245,906 lots, down 901 lots [3][6]. - **Option Factors**: The implied volatility remained above the average of 0.1445. The option's open interest PCR was 1.0429, at the 86.12% level in the past year. The pressure level was 4900, and the support level was 4300 [5][6]. - **Strategies**: Construct a bull spread strategy for call options to obtain directional returns. Do not recommend strategies dominated by sellers [7]. B (Soybean No. 2 Options) - **Market Data**: The b2605 contract closed at 3858 yuan, down 27 yuan (0.69%) from the previous day. The trading volume was 194,316 lots, down 18,075 lots, and the open interest was 238,272 lots, down 2078 lots [15][18]. - **Option Factors**: The implied volatility remained above the average of 0.1621. The option's open interest PCR was 1.0559, at the 89.39% level in the past year. The pressure level was 4000, and the support level was 3400 [17][18]. - **Strategies**: Construct a bull spread strategy for call options to obtain directional returns. Do not recommend strategies dominated by sellers [19]. C (Corn Options) - **Market Data**: The c2605 contract closed at 2386 yuan, up 5 yuan (0.20%) from the previous day. The trading volume was 705,952 lots, up 39,133 lots, and the open interest was 1,384,600 lots, up 5709 lots [27][30]. - **Option Factors**: The implied volatility remained above the average of 0.1138. The option's open interest PCR was 0.5563, at the 41.63% level in the past year. The pressure level was 2400, and the support level was 2300 [29][30]. - **Strategies**: No directional strategy. Construct a strategy of selling call + put options to obtain option time - value, and dynamically adjust positions to keep the delta neutral [31]. CS (Starch Options) - **Market Data**: The cs2605 contract closed at 2730 yuan, unchanged from the previous day. The trading volume was 93,487 lots, down 33,308 lots, and the open interest was 242,866 lots, down 546 lots [39][42]. - **Option Factors**: The implied volatility remained above the average of 0.1201. The option's open interest PCR was 0.7781, at the 57.55% level in the past year. The pressure level was 3000, and the support level was 2600 [41][42]. - **Strategies**: Construct a bull spread strategy for call options to obtain directional returns. Construct a strategy of selling call + put options to obtain option time - value, and dynamically adjust positions to keep the delta neutral [43]. M (Soybean Meal Options) - **Market Data**: The m2605 contract closed at 3070 yuan, down 13 yuan (0.42%) from the previous day. The trading volume was 1,803,780 lots, down 327,905 lots, and the open interest was 1,977,430 lots, down 968 lots [51][54]. - **Option Factors**: The implied volatility remained above the average of 0.1715. The option's open interest PCR was 0.9134, at the 98.78% level in the past year. The pressure level was 3200, and the support level was 2800 [53][54]. - **Strategies**: Construct a bull spread strategy for call options to obtain directional returns. Do not recommend strategies dominated by sellers [55]. RM (Rapeseed Meal Options) - **Market Data**: The RM605 contract closed at 2485 yuan, down 31 yuan (1.23%) from the previous day. The trading volume was 769,982 lots, down 412,340 lots, and the open interest was 621,064 lots, up 1213 lots [64][67]. - **Option Factors**: The implied volatility remained above the average of 0.2406. The option's open interest PCR was 0.8646, at the 4.08% level in the past year. The pressure level was 2800, and the support level was 2200 [66][67]. - **Strategies**: Construct a bull spread strategy for call options to obtain directional returns. Do not recommend strategies dominated by sellers [68].

Group 1: Report Information - Report title: Oil Options Morning Report [1] - Report date: March 18, 2026 [1] - Authors: Li Liqin (Senior Manager of Investment Research), Huang Kehan (Options Researcher) [2] - Contact information: Email: lilq@wkqh.cn, huangkh@wkqh.cn; Phone: 0755 - 23375252 [2] Group 2: Liquefied Petroleum Gas (PG) Options Market Data - Contract: pa2604 - Closing price: 5849 yuan, up 10 yuan (0.17%) from the previous day - Volume: 107,679 lots, down 1,149 lots from the previous day - Open interest: 37,698 lots, down 5,912 lots from the previous day [3][6] Option Factors - Volume and Open Interest PCR - Call option volume: 60,181, up 6,538 - Call option open interest: 3,148, down 18,786 - Put option volume: 32,664, up 4,218 - Put option open interest: 2,616, down 25,826 - Volume PCR: 0.54, up 0.01 - Open interest PCR: 0.83, down 0.47 [4] Option Factors - Pressure and Support - Contract: pa2605 - Pressure level: 5150 - Support level: 3400 - Weighted implied volatility: 26.60% [5][6] Market Analysis and Strategy Recommendations - Implied volatility of PG options fluctuates above the mean of 0.2660 - Open interest PCR of PG options is 0.831, at the 73.88% level in the past year - Directional strategy: Construct a bull call spread strategy to obtain directional returns - Volatility strategy: Due to high geopolitical risks, strategies based on selling (such as single selling and double selling) are not recommended [6][7] Group 3: Crude Oil (SC) Options Market Data - Contract: sc2605 - Closing price: 761.2 yuan, down 9.2 yuan (1.19%) from the previous day - Volume: 172,491 lots, up 172,491 lots from the previous day - Open interest: 56,587 lots, up 8,849 lots from the previous day [15][18] Option Factors - Volume and Open Interest PCR - Call option volume: 155,254, down 12,892 - Call option open interest: 47,464, up 6,200 - Put option volume: 134,978, up 57,086 - Put option open interest: 66,732, up 6,444 - Volume PCR: 0.87, up 0.41 - Open interest PCR: 1.41, down 0.06 [16] Option Factors - Pressure and Support - Contract: sc2605 - Pressure level: 940 - Support level: 500 - Weighted implied volatility: 102.37%, down 7.11% - Annual average implied volatility: 42.24% - HISV20: 90.69% [17] Market Analysis and Strategy Recommendations - Implied volatility of SC options fluctuates above the mean of 0.4224 - Open interest PCR of SC options is 1.4059, at the 93.88% level in the past year - Directional strategy: Construct a bull call spread strategy to obtain directional returns - Volatility strategy: Due to high geopolitical risks, strategies based on selling (such as single selling and double selling) are not recommended [18][19]

Report Industry Investment Rating No relevant content provided. Core Views The report provides a comprehensive analysis of multiple有色金属 (non-ferrous metals) option markets, including aluminum alloy, aluminum, alumina, copper, nickel, lead, tin, and zinc. It presents market data, option factors, and offers corresponding trading strategies for each option type. Summary by Category 1. Aluminum Alloy (AD) - **标的期货市场数据**: The ad2604 contract closed at 23,725 yuan yesterday, up 10 yuan (0.04%) from the previous day. Trading volume was 6,246 lots, down 278 lots, and open interest was 5,298 lots, down 85 lots [4][7]. - **Option Factors - Volume and Open Interest PCR**: Call option volume was 459, with open interest of 979 (up 84). Put option volume was 407 (up 176), with open interest of 968. Volume PCR was 0.89 (up 0.29), and open interest PCR was 0.99 (down 0.04) [5]. - **Option Factors - Pressure and Support**: The pressure level was 22,000, and the support level was 23,400. The weighted implied volatility was 27.73% (down 4.80%), and the annual average implied volatility was 12.85% [6]. - **Option Strategies**: No directional strategy. For volatility strategy, construct a short call + put option combination to gain time - value income and keep the delta of the position neutral, e.g., S_AD2604P22800, S_AD2604C24400 [8]. 2. Aluminum (AL) - **标的期货市场数据**: The al2605 contract closed at 24,990 yuan yesterday, down 100 yuan (0.39%) from the previous day. Trading volume was 285,347 lots, down 75,755 lots, and open interest was 310,902 lots, up 1,072 lots [16][19]. - **Option Factors - Volume and Open Interest PCR**: Call option volume was 108,154 (down 2,398), with open interest of 114,065 (up 1,398). Put option volume was 43,401 (down 12,902), with open interest of 68,052 (down 170). Volume PCR was 0.4 (down 0.11), and open interest PCR was 0.6 (down 0.01) [17]. - **Option Factors - Pressure and Support**: The pressure level was 26,000, and the support level was 23,000. The weighted implied volatility was 28.48% (down 1.65%), and the annual average implied volatility was 16.30% [18]. - **Option Strategies**: Directional strategy: Construct a bull call spread to gain directional income, e.g., B_AL2604C25000, S_AL2604C26000. Volatility strategy: Construct a short call + put option combination to gain time - value income and keep the delta of the position neutral, e.g., S_AL2604P23600, S_AL2604P24000, S_AL2604C25600, S_AL2604C26000 [20]. 3. Alumina (AO) - **标的期货市场数据**: The ao2605 contract closed at 3,073 yuan yesterday, up 101 yuan (3.39%) from the previous day. Trading volume was 1,392,390 lots, up 583,864 lots, and open interest was 280,554 lots, up 13,284 lots [28][31]. - **Option Factors - Volume and Open Interest PCR**: Call option volume was 356,298 (up 145,978), with open interest of 107,282 (up 2,760). Put option volume was 75,628 (up 33,171), with open interest of 48,231 (up 5,766). Volume PCR was 0.21 (up 0.01), and open interest PCR was 0.45 (up 0.04) [29]. - **Option Factors - Pressure and Support**: The pressure level was 3,400, and the support level was 2,600. The weighted implied volatility was 32.30% (up 3.36%), and the annual average implied volatility was 23.76% [30]. - **Option Strategies**: Directional strategy: Construct a bull call spread to gain directional income. Volatility strategy: Construct a short call + put option combination to gain time - value income and keep the delta of the position neutral, e.g., S_AO2605P2800, S_AO2605C3200 [32]. 4. Copper (CU) - **标的期货市场数据**: The cu2604 contract closed at 99,340 yuan yesterday, down 270 yuan (0.27%) from the previous day. Trading volume was 87,084 lots, down 41,562 lots, and open interest was 178,968 lots, down 14,371 lots [41][44]. - **Option Factors - Volume and Open Interest PCR**: Call option volume was 73,004 (down 1,728), with open interest of 82,363 (up 1,826). Put option volume was 69,170 (down 30,305), with open interest of 65,444 (up 557). Volume PCR was 0.95 (down 0.38), and open interest PCR was 0.79 (down 0.01) [42]. - **Option Factors - Pressure and Support**: The pressure level was 116,000, and the support level was 100,000. The weighted implied volatility was 30.49% (down 0.99%), and the annual average implied volatility was 14.69% [43]. - **Option Strategies**: Directional strategy: Construct a bull call spread to gain directional income, e.g., B_CU2604C98000, S_CU2604C106000. Volatility strategy: Construct a short volatility option combination to gain time - value income, e.g., S_CU2604P96000, S_CU2604P98000, S_CU2604C108000, S_CU2604C112000 [45]. 5. Nickel (NI) - **标的期货市场数据**: The ni2605 contract closed at 135,940 yuan yesterday, down 460 yuan (0.33%) from the previous day. Trading volume was 342,807 lots, down 8,109 lots, and open interest was 207,749 lots, down 438 lots [53][56]. - **Option Factors - Volume and Open Interest PCR**: Call option volume was 94,926 (up 18,183), with open interest of 22,222 (up 2,222). Put option volume was 22,843 (down 5,500), with open interest of 28,269 (down 594). Volume PCR was 0.24 (down 0.13), and open interest PCR was 0.51 (down 0.03) [54]. - **Option Factors - Pressure and Support**: The pressure level was 150,000, and the support level was 130,000. The weighted implied volatility was 46.67% (down 0.69%), and the annual average implied volatility was 30.65% [55]. - **Option Strategies**: No directional strategy. Volatility strategy: Construct a short call + put option combination to gain time - value income and keep the delta of the position neutral, e.g., S_NI2604P126000, S_NI2604P130000, S_NI2604C146000, S_NI2604C150000 [57]. 6. Lead (PB) - **标的期货市场数据**: The pb2604 contract closed at 16,600 yuan yesterday, up 235 yuan (1.43%) from the previous day. Trading volume was 67,847 lots, down 6,165 lots, and open interest was 51,162 lots, down 14,887 lots [65][68]. - **Option Factors - Volume and Open Interest PCR**: Call option volume was 17,820 (up 4,725), with open interest of 12,353 (up 998). Put option volume was 8,215 (down 2,656), with open interest of 7,469 (up 216). Volume PCR was 0.46 (down 0.37), and open interest PCR was 0.6 (down 0.03) [66]. - **Option Factors - Pressure and Support**: The pressure level was 17,000, and the support level was 16,000. The weighted implied volatility was 24.53% (down 1.35%), and the annual average implied volatility was 18.10% [67]. - **Option Strategies**: No directional strategy. Volatility strategy: Construct a short call + put option combination to gain time - value income and keep the delta of the position neutral, e.g., S_PB2604P15800, S_PB2604C16200, S_PB2604C17200, S_PB2604C17600 [69]. 7. Tin (SN) - **标的期货市场数据**: The sn2604 contract closed at 375,110 yuan yesterday, up 2,340 yuan (0.62%) from the previous day. Trading volume was 222,329 lots, down 16,816 lots, and open interest was 31,700 lots, down 1,355 lots [77][80]. - **Option Factors - Volume and Open Interest PCR**: Call option volume was 63,796 (up 15,503), with open interest of 24,823 (up 1,428). Put option volume was 27,011 (down 22,613), with open interest of 15,720 (up 862). Volume PCR was 0.42 (down 0.6), and open interest PCR was 0.63 [78]. - **Option Factors - Pressure and Support**: The pressure level was 525,000, and the support level was 350,000. The weighted implied volatility was 67.98% (down 0.29%), and the annual average implied volatility was 37.28% [79]. - **Option Strategies**: No directional strategy. Volatility strategy: Construct a short call + put option combination to gain time - value income and keep the delta of the position neutral, e.g., S_SN2604P375000, S_SN2604C410000 [81]. 8. Zinc (ZN) - **标的期货市场数据**: The zn2604 contract closed at 23,700 yuan yesterday, down 315 yuan (1.31%) from the previous day. Trading volume was 81,736 lots, down 27,250 lots, and open interest was 73,741 lots, down 3,576 lots [89][92]. - **Option Factors - Volume and Open Interest PCR**: Call option volume was 20,841 (down 5,389), with open interest of 25,405 (up 1,206). Put option volume was 24,220 (down 4,320), with open interest of 21,721 (up 2,365). Volume PCR was 1.16 (up 0.07), and open interest PCR was 0.85 (up 0.06) [90]. - **Option Factors - Pressure and Support**: The pressure level was 25,000, and the support level was 23,000. The weighted implied volatility was 24.69% (up 0.01%), and the annual average implied volatility was 17.62% [91]. - **Option Strategies**: No directional strategy. Volatility strategy: Construct a short call + put option combination to gain time - value income and keep the delta of the position neutral, e.g., S_ZN2604P23400, S_ZN2604P23800, S_ZN2604C24800, S_ZN2604C25000 [93].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report provides a comprehensive analysis of various non - ferrous metal options, including aluminum alloy, aluminum, alumina, copper, nickel, lead, tin, and zinc options. It presents market data, option factors, and offers corresponding trading strategies based on the analysis of each option's market conditions [6][18][30][42][54][66][78][90]. 3. Summary by Related Catalogs 3.1 Aluminum Alloy (AD) - **Market Data**: The ad2604 contract closed at 23,830 yuan yesterday, down 40 yuan or 0.16% from the previous day. The trading volume was 6,524 lots, an increase of 682 lots, and the open interest was 5,383 lots, a decrease of 296 lots [3][6]. - **Option Factors**: The implied volatility of AD (aluminum alloy options) fluctuated above the average of 0.1274. The open interest PCR of AD options was reported at 1.0279, at the 20.56% level in the past year. The pressure level was 22,000, and the support level was 23,400 [5][6]. - **Strategy Suggestions**: For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and dynamically adjust positions to keep the delta neutral, such as S_AD2604P22800, S_AD2604C24400 [7]. 3.2 Aluminum (AL) - **Market Data**: The al2605 contract closed at 25,170 yuan yesterday, down 115 yuan or 0.45% from the previous day. The trading volume was 361,102 lots, an increase of 361,102 lots, and the open interest was 309,830 lots, an increase of 4,233 lots [15][18]. - **Option Factors**: The implied volatility of AL (aluminum options) fluctuated above the average of 0.1623. The open interest PCR of AL options was reported at 0.6055, at the 20.00% level in the past year. The pressure level was 26,000, and the support level was 23,000 [17][18]. - **Strategy Suggestions**: For the directional strategy, construct a bull call spread strategy to obtain directional income, such as B_AL2604C25000, S_AL2604C26000. For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and dynamically adjust positions to keep the delta neutral, such as S_AL2604P23600, S_AL2604P24000, S_AL2604C25600, S_AL2604C26000 [19]. 3.3 Alumina (AO) - **Market Data**: The ao2605 contract closed at 2,965 yuan yesterday, up 32 yuan or 1.09% from the previous day. The trading volume was 808,529 lots, an increase of 82,141 lots, and the open interest was 267,270 lots, a decrease of 12,490 lots [27][30]. - **Option Factors**: The implied volatility of AO (alumina options) fluctuated above the average of 0.3219. The open interest PCR of AO options was reported at 0.4063, at the 65.71% level in the past year. The pressure level was 3,500, and the support level was 2,700 [29][30]. - **Strategy Suggestions**: For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and dynamically adjust positions to keep the delta neutral, such as S_AO2605P2700, S_AO2605C3000 [31]. 3.4 Copper (CU) - **Market Data**: The cu2604 contract closed at 99,720 yuan yesterday, down 880 yuan or 0.87% from the previous day. The trading volume was 128,646 lots, an increase of 43,497 lots, and the open interest was 19,339 lots, an increase of 2,428 lots [39][42]. - **Option Factors**: The implied volatility of CU (copper options) fluctuated above the average of 0.2268. The open interest PCR of CU options was reported at 0.8057, at the 55.92% level in the past year. The pressure level was 116,000, and the support level was 100,000 [41][42]. - **Strategy Suggestions**: For the directional strategy, construct a bull call spread strategy to obtain directional income, such as B_CU2604C98000, S_CU2604C106000. For the volatility strategy, construct a short volatility option combination strategy to obtain time - value income, such as S_CU2604P96000, S_CU2604P98000, S_CU2604C108000, S_CU2604C112000 [43]. 3.5 Nickel (NI) - **Market Data**: The ni2605 contract closed at 136,400 yuan yesterday, down 2,130 yuan or 1.53% from the previous day. The trading volume was 350,916 lots, a decrease of 52,020 lots, and the open interest was 208,187 lots, a decrease of 3,420 lots [51][54]. - **Option Factors**: The implied volatility of NI (nickel options) fluctuated above the average of 0.3057. The open interest PCR of NI options was reported at 0.5431, at the 43.67% level in the past year. The pressure level was 150,000, and the support level was 130,000 [53][54]. - **Strategy Suggestions**: For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and dynamically adjust positions to keep the delta neutral, such as S_NI2604P126000, S_NI2604P130000, S_NI2604C146000, S_NI2604C150000 [55]. 3.6 Lead (PB) - **Market Data**: The pb2604 contract closed at 16,315 yuan yesterday, down 270 yuan or 1.62% from the previous day. The trading volume was 74,012 lots, an increase of 28,081 lots, and the open interest was 66,049 lots, an increase of 2,368 lots [63][66]. - **Option Factors**: The implied volatility of PB (lead options) fluctuated above the average of 0.1806. The open interest PCR of PB options was reported at 0.6387, at the 47.76% level in the past year. The pressure level was 17,000, and the support level was 16,000 [65][66]. - **Strategy Suggestions**: For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and dynamically adjust positions to keep the delta neutral, such as S_PB2604P15800, S_PB2604C16200, S_PB2604C17200, S_PB2604C17600 [67]. 3.7 Tin (SN) - **Market Data**: The sn2604 contract closed at 373,360 yuan yesterday, down 12,270 yuan or 3.18% from the previous day. The trading volume was 239,145 lots, an increase of 11,405 lots, and the open interest was 33,035 lots, a decrease of 2,351 lots [75][78]. - **Option Factors**: The implied volatility of SN (tin options) fluctuated above the average of 0.3709. The open interest PCR of SN options was reported at 0.635, at the 31.84% level in the past year. The pressure level was 525,000, and the support level was 350,000 [77][78]. - **Strategy Suggestions**: For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and dynamically adjust positions to keep the delta neutral, such as S_SN2604P375000, S_SN2604C410000 [79]. 3.8 Zinc (ZN) - **Market Data**: The zn2604 contract closed at 23,905 yuan yesterday, down 315 yuan or 1.30% from the previous day. The trading volume was 108,986 lots, an increase of 23,045 lots, and the open interest was 77,317 lots, an increase of 2,126 lots [87][90]. - **Option Factors**: The implied volatility of ZN (zinc options) fluctuated above the average of 0.1758. The open interest PCR of ZN options was reported at 0.7999, at the 47.76% level in the past year. The pressure level was 25,000, and the support level was 23,000 [89][90]. - **Strategy Suggestions**: For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and dynamically adjust positions to keep the delta neutral, such as S_ZN2604P23400, S_ZN2604P23800, S_ZN2604C24800, S_ZN2604C25000 [91].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The report provides an early morning analysis of oil and fat options, including market data, option factors, and trading strategies for rapeseed oil, palm oil, peanut, and soybean oil options [7][19][32][44] - The implied volatility of these options maintains a level above the mean of 0.0000 [7][19][32][44] - Different directional and volatility strategies are recommended based on the market conditions of each option [8][20][33][45] 3. Summary by Relevant Catalog 3.1 Rapeseed Oil Options (OI) - **Market Data**: The Ol605 contract closed at 9778 yuan yesterday, down 0.26% from the previous day. The trading volume was 227,366 lots, a decrease of 60,687 lots, and the transfer position volume was 253,670 lots, a decrease of 4,128 lots [7] - **Option Factors - Volume and Position PCR**: The trading volume of call options was 10,783 lots with an increase of 2,861 lots, and the position was 16,089 lots with an increase of 1,205 lots. The trading volume of put options was 6,008 lots with a decrease of 2,549 lots, and the position was 15,335 lots with an increase of 184 lots. The trading volume PCR was 0.56 with a decrease of 0.52, and the position PCR was 0.95 with a decrease of 0.06 [5] - **Option Factors - Pressure and Support**: The pressure level was 10,800, and the support level was 9,200 [7] - **Trading Strategies**: For directional strategies, construct an eagle spread combination strategy. For volatility strategies, do not recommend seller - based strategies [8] 3.2 Palm Oil Options (P) - **Market Data**: The p2605 contract closed at 9526 yuan yesterday, up 0.50% from the previous day. The trading volume was 507,766 lots, a decrease of 374,636 lots, and the position was 339,375 lots, an increase of 1,068 lots [19] - **Option Factors - Volume and Position PCR**: The trading volume of call options was 113,500 lots with a decrease of 33,281 lots, and the position was 100,667 lots with an increase of 9,191 lots. The trading volume of put options was 48,271 lots with a decrease of 22,446 lots, and the position was 78,235 lots with an increase of 3,250 lots. The trading volume PCR was 0.43 with a decrease of 0.06, and the position PCR was 0.78 with a decrease of 0.04 [17] - **Option Factors - Pressure and Support**: The pressure level was 9,500, and the support level was 8,800 [19] - **Trading Strategies**: For directional strategies, construct a bull spread combination strategy of call options. For volatility strategies, do not recommend seller - based strategies [20] 3.3 Peanut Options (PK) - **Market Data**: The PK605 contract closed at 8034 yuan yesterday, up 0.77% from the previous day. The trading volume was 59,377 lots, a decrease of 33,345 lots, and the position was 171,713 lots, an increase of 3,935 lots [32] - **Option Factors - Volume and Position PCR**: The trading volume of call options was 43,330 lots with an increase of 4,745 lots, and the position was 54,511 lots with a decrease of 18,909 lots. The trading volume of put options was 10,595 lots with an increase of 926 lots, and the position was 25,077 lots with a decrease of 16,129 lots. The trading volume PCR was 0.24 with a decrease of 0.01, and the position PCR was 0.46 with a decrease of 0.1 [30] - **Option Factors - Pressure and Support**: The pressure level was 8,500, and the support level was 7,400 [32] - **Trading Strategies**: For directional strategies, no specific strategy is recommended. For volatility strategies, construct a combination strategy of selling call and put options to obtain the time value of options, and dynamically adjust the position to keep the position delta neutral [33] 3.4 Soybean Oil Options (Y) - **Market Data**: The y2605 contract closed at 8570 yuan yesterday, up 0.68% from the previous day. The trading volume was 396,105 lots, a decrease of 108,399 lots, and the position was 617,170 lots, an increase of 5,771 lots [44] - **Option Factors - Volume and Position PCR**: The trading volume of call options was 49,453 lots with a decrease of 9,695 lots, and the position was 61,560 lots with an increase of 4,937 lots. The trading volume of put options was 15,104 lots with a decrease of 11,054 lots, and the position was 41,250 lots with an increase of 878 lots. The trading volume PCR was 0.31 with a decrease of 0.14, and the position PCR was 0.67 with a decrease of 0.04 [42] - **Option Factors - Pressure and Support**: The pressure level was 9,000, and the support level was 7,900 [44] - **Trading Strategies**: For directional strategies, construct an eagle spread combination strategy. For volatility strategies, do not recommend seller - based strategies [45]