11月21日，由大商所、徽商期货联合主办，安徽证券期货业协会支持的"DCE·产业行"——商品期权赋 能安徽实体经济高质量发展活动在安徽合肥成功举行。本次活动聚焦商品期权服务实体经济的实践与创 新，吸引了50余名产业企业代表和期货从业人员参与。 据期货日报记者了解，大商所自2017年3月31日推出国内首个商品期权——豆粕期权以来，持续丰富品 种体系、优化合约规则。 期权策略实现精准风险管理 活动中，厦门建发股份农产品集团期货部总经理刘涛进行了题为"商品期权在农产品风险管理中的运 用"的经验分享，详细阐述了企业在期权策略应用方面的具体案例。 刘涛介绍，贸易商可以通过单腿买入看跌期权保护库存。2020年6月1日，某玉米贸易商持有库存且已有 150元/吨浮盈，担心未来价格回调，但又不愿错过上涨机会。企业以30元/吨的权利金买入执行价为 2050元/吨、期限为2个月的看跌期权。到期时，若玉米期货价格跌至1800元/吨，期权端盈利220元/吨， 有效对冲现货损失；若价格上涨，仅损失权利金，仍可享受现货价格上涨收益。 "含权贸易是期权利用方面的一个创新。"上海徽丰实业衍生品部负责人卢仕峰介绍，在塑化产业链中， 上游企业可以 ...

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - In the past week, the trading volume of commodity options increased slightly, with only the trading volume of the precious metals sector decreasing. Most varieties are in a volatility - reduction cycle, and it is advisable to move short - option positions to far - month contracts in advance to avoid end - of - contract risks [4]. - The options of the black sector showed increased volatility and trading volume. Affected by the decline in iron ore futures prices, the implied volatility of black options has risen. The previous policy - driven boost has basically been realized, and the market trading logic has returned to fundamentals. There is a lack of new macro - drivers, and the upward momentum of prices has been weakened. The implied volatility still has room to rise, and it is advisable to buy a bearish put spread portfolio to hedge against the downward market [4]. 3. Summary According to the Directory 3.1 Market Overview - The trading volume of commodity options increased slightly last week, with the precious metals sector being the only one with a decline in trading volume. Energy and chemical products such as short - fiber, PTA, methanol, glass, crude oil, caustic soda, soda ash, and bottle chips are about to expire on Wednesday. Most varieties are in a volatility - reduction cycle [4]. - The options of the black sector showed increased volatility and trading volume. The implied volatility of black options has risen due to the decline in iron ore futures prices. The previous policy - driven boost has basically been realized, and the market trading logic has returned to fundamentals [4]. 3.2 Market Data 3.2.1 Market Overview - The table shows the quantitative data of commodity options, including the flat - value volatility, 60 - day quantile, Skew, and 60 - day quantile of various varieties such as corn, soybean meal, and crude oil [12]. 3.2.2 - 3.2.54 Option Data of Each Variety - For each variety (such as corn, soybean meal, etc.), the data includes the closing price, trading volume, open interest, trading volume PCR, open interest PCR, flat - value volatility, HV - 10 days, HV - 20 days, and Skew of the main contract, secondary - main contract, and all contracts [13][14][15] etc.

Report Overview - The report is a daily data report on commodity options provided by ITC Guomao Futures, covering information on historical volatility, implied volatility, and price changes of various commodities [4][5]. Key Information 1. Price and Volatility of Commodities - **Metals**: For example, the price of Shanghai Aluminum was 21,630 with a 0.31% change and a daily volatility of 27.00%, and its historical volatilities (HV20, HV40, HV60, HV120) were 10%, 9%, 8%, 9% respectively; Shanghai Copper had a price of 86,320, a 0.04% change, a daily volatility of 21.55%, and historical volatilities of 18%, 19%, 16%, 13% [5]. - **Energy and Chemicals**: Methanol had a price of 2,125, a 0.24% change, a daily volatility of 31.30%, and historical volatilities of 21%, 17%, 17%, 21%; Crude Oil had a price of 460.4, a -0.37% change, a daily volatility of 34.39%, and historical volatilities of 23%, 25%, 23%, 32% [5]. - **Agricultural Products**: Corn had a price of 2,154, a 0.75% change, a daily volatility of 21.05%, and historical volatilities of 10%, 10%, 13%, 11%; Soybean Meal had a price of 3,068, a 0.95% change, a daily volatility of 18.87%, and historical volatilities of 14%, 15%, 15%, 13% [5]. 2. Implied Volatility and Related Data - Different commodities have different implied volatilities and主力平值IV分位值. For example, the主力平值IV of Eggs was 30% with a 1.46%主力平值IV分位值; that of Polysilicon was 51% with a 13%主力平值IV分位值 [6]. 3. Historical Trends - The report presents the historical trends of some commodities such as Industrial Silicon, Iron Ore, Soybean Oil, Rapeseed Oil, Rubber, and Crude Oil, including the relationship between the closing price, HV60, and主力平值隐波 [8].

Report Summary 1. Report Industry Investment Rating - No information provided in the content. 2. Core View of the Report - No information provided in the content. 3. Summary by Related Catalog Historical Volatility - This section presents the historical volatility data of various commodity options, including the main contract price, price change, daily volatility, and historical volatility for different time - periods (HV20, HV40, HV60, HV120) of multiple commodities such as metals (e.g.,沪铝,沪铜,沪锌), energy (e.g.,原油), agricultural products (e.g.,白糖,玉米), and chemical products (e.g., PVC,甲醇). For example,沪铝's main contract price is 21360 with a 0.61% increase, and its daily volatility is 19.32%, HV20 is 9%, HV40 is 8%, HV60 is 7%, and HV120 is 9% [5]. Implied Volatility - It shows the implied volatility of the main contract at - the - money options (主力平值IV) for different commodities like多晶硅,丙烯,尿素, etc. For instance, the主力平值IV of多晶硅 is 33% and 61% [8]. - There are also historical trend charts for some commodities such as工业硅,铁矿,豆油,菜油,原油, and橡胶, which display the relationship between the main contract closing price, main contract at - the - money implied volatility, and HV60 over time [10][11]. Main Contract At - the - Money IV Quantile - Information about the main contract at - the - money IV quantile value is presented, but the specific data is incomplete as only "120%" is given without clear context [12].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - After the holiday until the daytime closing on Friday, the trading volume of commodity options decreased, and implied volatility (IV) almost declined across the board. On Friday night, macro - information increased market panic, and it is expected that IV will rise significantly in the short term. There are many end - of - life game opportunities for option buyers of expiring options on Monday (bottle chips, rapeseed meal, PTA, caustic soda, rapeseed oil, cotton, short - fiber, soda ash, methanol, glass, and sugar near - month contracts) and Wednesday (crude oil near - month contract). Attention should be paid to the risks of rising volatility and being exercised [4]. - Agricultural products are relatively less affected. Beans may have price - rising opportunities due to import constraints, and the IV of corresponding bean options is relatively low, which can be observed as long - term option - buying layout varieties, and call options can be bought at an appropriate time [4]. - Under the weak fundamental and macro - environment of some non - ferrous and new - energy varieties, more call options can be sold to obtain income, and put options can be bought for directional trading or hedging [4]. - For varieties with strong fundamentals, volatility can be observed, and out - of - the - money put options can be sold at low prices and high volatility to gradually build long positions [4]. 3. Summary According to the Directory 3.1 Market Overview - The overall trading volume of the commodity option market this week was 6,438,734, a decrease of 0.11% from last week, and the open interest was 9,557,880, an increase of 0.17% from last week. Among them, the trading volume of agricultural products was 1,599,862.75, an increase of 0.39% from last week; the trading volume of energy and chemical products was 2,661,095.25, a decrease of 0.01% from last week; the trading volume of black metals was 401,971.5, a decrease of 0.46% from last week; the trading volume of precious metals was 604,400.75, a decrease of 1.48% from last week; the trading volume of non - ferrous and new - energy varieties was 1,171,403.75, an increase of 0.3% from last week [7]. 3.2 Corn Options - The closing price of the main contract c2511 was 2125, down 53, with 10 trading days remaining. The total trading volume this week was 124,100, an increase of 13,703 from last week, and the open interest was 383,371, an increase of 15,154 from last week. The IV of at - the - money options decreased from 10.62 to 9.82 [15]. 3.3 Soybean Meal Options - The closing price of the main contract m2511 was 2900, down 5, with 10 trading days remaining. The total trading volume this week was 294,614, a decrease of 78,523 from last week, and the open interest was 1,033,413, an increase of 29,869 from last week. The IV of at - the - money options decreased from 15.24 to 11.67 [16]. 3.4 Rapeseed Meal Options - The closing price of the main contract rm2511 was 2458, up 2, with 1 trading day remaining. The total trading volume this week was 125,135, an increase of 11,621 from last week, and the open interest was 188,419, an increase of 14,047 from last week. The IV of at - the - money options decreased from 29.68 to 23.0 [17]. 3.5 Palm Oil Options - The closing price of the main contract p2511 was 9320, up 146, with 10 trading days remaining. The total trading volume this week was 137,584, a decrease of 13,943 from last week, and the open interest was 159,813, an increase of 22,108 from last week. The IV of at - the - money options decreased from 20.56 to 16.64 [18]. 3.6 Soybean Oil Options - The closing price of the main contract y2511 was 8308, up 138, with 10 trading days remaining. The total trading volume this week was 50,526, a decrease of 2,659 from last week, and the open interest was 110,669, a decrease of 6,590 from last week. The IV of at - the - money options decreased from 14.57 to 11.76 [20]. 3.7 Rapeseed Oil Options - The closing price of the main contract oi2511 was 10232, down 99, with 1 trading day remaining. The total trading volume this week was 78,760, an increase of 1,466 from last week, and the open interest was 117,792, an increase of 6,435 from last week. The IV of at - the - money options decreased from 24.53 to 14.4 [21]. 3.8 Peanut Options - The closing price of the main contract pk2511 was 7786, down 12. The total trading volume this week was 143,362, an increase of 111,981 from last week, and the open interest was 126,256, an increase of 47,710 from last week. The IV of at - the - money options decreased slightly from 14.53 to 14.38 [22]. 3.9 Yellow Soybean No. 1 Options - The closing price of the main contract a2511 was 3953, up 18, with 10 trading days remaining. The total trading volume this week was 40,498, a decrease of 6,520 from last week, and the open interest was 95,611, a decrease of 2,971 from last week. The IV of at - the - money options decreased from 11.43 to 9.58 [23]. 3.10 Yellow Soybean No. 2 Options - The closing price of the main contract b2511 was 3617, up 8, with 10 trading days remaining. The total trading volume this week was 37,607, a decrease of 4,560 from last week, and the open interest was 49,036, an increase of 12,990 from last week. The IV of at - the - money options decreased from 16.0 to 10.45 [24]. 3.11 Ethylene Glycol Options - The closing price of the main contract eg2511 was 4127, down 82, with 10 trading days remaining. The total trading volume this week was 18,246, an increase of 9,615 from last week, and the open interest was 38,874, an increase of 10,430 from last week. The IV of at - the - money options decreased from 14.22 to 11.61 [25]. 3.12 Styrene Options - The closing price of the main contract eb2511 was 6743, down 206, with 10 trading days remaining. The total trading volume this week was 104,692, an increase of 25,779 from last week, and the open interest was 99,287, an increase of 25,520 from last week. The IV of at - the - money options decreased from 17.99 to 16.16 [26]. 3.13 Sugar Options - The closing price of the main contract sr2511 was 5518, up 11, with 1 trading day remaining. The total trading volume this week was 91,045, a decrease of 6,956 from last week, and the open interest was 300,087, an increase of 6,975 from last week. The IV of at - the - money options decreased from 12.39 to 10.39 [27]. 3.14 Cotton Options - The closing price of the main contract cf2601 was 13325, down 80, with 44 trading days remaining. The total trading volume this week was 214,938, an increase of 78,620 from last week, and the open interest was 490,224, an increase of 77,596 from last week. The IV of at - the - money options decreased from 11.62 to 9.57 [28]. 3.15 PTA Options - The closing price of the main contract ta2511 was 4510, down 114, with 1 trading day remaining. The total trading volume this week was 385,737, an increase of 144,364 from last week, and the open interest was 335,302, an increase of 74,644 from last week. The IV of at - the - money options decreased from 23.02 to 16.2 [29]. 3.16 PX Options - The closing price of the main contract px2512 was 6490, down 150, with 13 trading days remaining. The total trading volume this week was 16,658, a significant decrease from last week, and the open interest was 23,469, an increase of 15,242 from last week. The IV of at - the - money options decreased from 18.02 to 16.26 [30]. 3.17 Caustic Soda Options - The closing price of the main contract sh2511 was 2420, down 63. The total trading volume this week was 143,556, an increase of 50,630 from last week, and the open interest was 106,911, an increase of 21,096 from last week. The IV of at - the - money options decreased from 31.88 to 21.11 [31]. 3.18 Rubber Options - The closing price of the main contract ru2601 was 15315, down 155, with 54 trading days remaining. The total trading volume this week was 12,402, a decrease of 22,076 from last week, and the open interest was 42,424, an increase of 4,193 from last week. The IV of at - the - money options decreased from 19.89 to 18.73 [32]. 3.19 BR Rubber Options - The closing price of the main contract br2511 was 11220, down 210, with 11 trading days remaining. The total trading volume this week was 22,220, a significant decrease from last week, and the open interest was 17,469, an increase of 3,604 from last week. The IV of at - the - money options decreased from 25.7 to 21.92 [33]. 3.20 Polyethylene Options - The closing price of the main contract (assumed) was 7019, down 80, with 10 trading days remaining. The total trading volume this week was 24,028, an increase of 1,486 from last week, and the open interest was 56,346, an increase of 7,430 from last week. The IV of at - the - money options decreased from 9.89 to 8.74 [34]. 3.21 Polypropylene Options - The closing price of the main contract pp2511 was 6651, down 166, with 10 trading days remaining. The total trading volume this week was 37,271, an increase of 2,961 from last week, and the open interest was 98,340, an increase of 20,257 from last week. The IV of at - the - money options decreased from 9.64 to 9.42 [35]. 3.22 Methanol Options - The closing price of the main contract ma2511 was 2255, down 39. The total trading volume this week was 208,323, an increase of 68,535 from last week, and the open interest was 285,762, an increase of 48,102 from last week. The IV of at - the - money options decreased from 21.19 to 13.4 [36]. 3.23 Liquefied Petroleum Gas Options - The closing price of the main contract pg2511 was 4070, down 220, with 10 trading days remaining. The total trading volume this week was 42,903, a slight decrease from last week, and the open interest was 42,637, an increase of 18,342 from last week. The IV of at - the - money options decreased from 21.43 to 16.38 [37]. 3.24 PVC Options - The closing price of the main contract v2511 was 4652, down 160, with 10 trading days remaining. The total trading volume this week was 102,281, an increase of 18,834 from last week, and the open interest was 253,204, an increase of 55,006 from last week. The IV of at - the - money options decreased from 15.1 to 12.75 [38]. 3.25 Crude Oil Options - The closing price of the main contract sc2511 was 461.9, down 29.4, with 3 trading days remaining. The total trading volume this week was 72,598, an increase of 32,140 from last week, and the open interest was 45,021, an increase of 18,972 from last week. The IV of at - the - money options decreased from 41.12 to 29.34 [39]. 3.26 Iron Ore Options - The closing price of the main contract i2511 was 811.5, up 7.0, with 10 trading days remaining. The total trading volume this week was 130,400, an increase of 7,948 from last week, and the open interest was 267,334, an increase of 36,386 from last week. The IV of at - the - money options decreased from 22.03 to 17.36 [40].

Report Industry Investment Rating - Not provided in the given content Report's Core View - For LPG, with increasing put - option trading volume and decreasing volatility skew, buy put options and sell out - of - the - money call options for directional trading in a weak and volatile market [1] - For cotton, with increasing call - option holding volume and significantly increasing put - option trading volume, and decreasing volatility skew from a high level, sell at - the - money call options and buy out - of - the - money call options for protection [1] Summary by Related Catalogs Agricultural Products Futures Market - Corn (c2511) closed at 2191 with a 6 - point increase, trading volume decreased by 193,655 to 505,054, and holding volume decreased by 9,015 to 983,279 [2] - Other agricultural products like bean meal, rapeseed meal, etc., also have their respective closing prices, price changes, trading volume changes, and holding volume changes [2] Option Market - Corn option: The trading volume of the main contract decreased by 84,638 to 58,755, the PCR of trading volume was 0.4983, and the PCR of holding volume was 0.408 [3] - Other agricultural product options also have their corresponding trading volume, PCR, and holding volume data [3] Option Quantification Indicators - Corn: The remaining trading days of the main contract are 34, the at - the - money volatility is 10.73% (down 0.09%), and the ROE quantile is 88.33% [4] - Other agricultural products also have their own option quantification indicators [4] Energy and Chemicals Futures Market - PTA (ta2601) closed at 4784 with an 8 - point decrease, trading volume decreased by 28,869 to 602,595, and holding volume decreased by 37,473 to 905,041 [5] - Other energy and chemical products also have their futures market data [5] Option Market - PTA option: The trading volume of the main contract decreased by 55,100 to 210,432, the PCR of trading volume was 0.8751, and the PCR of holding volume was 0.6143 [6] - Other energy and chemical product options also have their option market data [6] Option Quantification Indicators - PTA: The remaining trading days of the main contract are 9, the at - the - money volatility is 14.41% (down 1.11%), and the 60 - day quantile is 1.67% [7] - Other energy and chemical products also have their option quantification indicators [7] Ferrous Metals Futures Market - Iron ore (i2601) closed at 787.5 with a 3 - point decrease, trading volume decreased by 78,013 to 215,248, and holding volume increased by 11,180 to 473,608 [8] - Other ferrous metals also have their futures market data [8] Option Market - Iron ore option: The trading volume of the main contract increased by 3,455 to 123,929, the PCR of trading volume was 0.666, and the PCR of holding volume was 1.123 [9] - Other ferrous metal options also have their option market data [9] Option Quantification Indicators - Iron ore: The remaining trading days of the main contract are 12, the at - the - money volatility is 18.58% (down 0.18%), and the 60 - day quantile is 50.0% [10] - Other ferrous metals also have their option quantification indicators [10] Non - Ferrous Metals Futures Market - Gold (au2510) closed at 785.12 with a 1.9 - point increase, trading volume decreased by 2,446 to 145,863, and holding volume decreased by 7,778 to 136,691 [11] - Other non - ferrous metals also have their futures market data [11] Option Market - Gold option: The trading volume of the main contract increased by 12,674 to 58,442, the PCR of trading volume was 0.5299, and the PCR of holding volume was 0.8226 [12] - Other non - ferrous metal options also have their option market data [12] Option Quantification Indicators - Gold: The remaining trading days of the main contract are 18, the at - the - money volatility is 12.08% (up 0.19%), and the 60 - day quantile is 21.67% [13] - Other non - ferrous metals also have their option quantification indicators [13]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - In the past week, trading volume and implied volatility of commodity options decreased in almost all sectors. In the energy and chemical sector, the trading volume of p-xylene at the end of its option cycle significantly boosted the trading enthusiasm of the entire sector. The option trading volume of glass and soda ash returned to a high level. Given the pressure in the futures market, using options to capture trading opportunities is relatively safe. [5] - Due to the impact of interest rate cuts, the implied volatility of precious metal options rose in direct proportion to the futures price, and the skewness was at a relatively high level. Attention could be paid to the signal of volatility decline for right-side trading. [5] - In the agricultural products sector, the long position of cotton call options increased, and the trading volume of put options increased significantly. The volatility skewness declined from a high level. Consider selling at-the-money call options and buying out-of-the-money call options for protection. [5] Summary by Directory 1. Market Overview - The trading volume and implied volatility of commodity options decreased in almost all sectors last week. The end-of-cycle trading volume of p-xylene in the energy and chemical sector boosted the trading enthusiasm of the entire sector. The option trading volume of glass and soda ash returned to a high level. The futures market still faced pressure, and using options to capture trading opportunities was relatively safe. [5] - Affected by interest rate cuts, the implied volatility of precious metal options rose in direct proportion to the futures price, and the skewness was at a relatively high level. Attention could be paid to the signal of volatility decline for right-side trading. [5] - In agricultural products, the long position of cotton call options increased, and the trading volume of put options increased significantly. The volatility skewness declined from a high level. Consider selling at-the-money call options and buying out-of-the-money call options for protection. [5] 2. Market Data 2.1 Market Overview - Provided the quantitative data of commodity options, including the volatility, 60-day quantile, skewness, and 60-day quantile of various commodities such as corn, soybean meal, and palm oil [13]. 2.2 - 2.55 Individual Option Market Data - Detailed market data for various options were presented, including contract information, trading volume, open interest, volume PCR, open interest PCR, implied volatility, historical volatility, and skewness. For example, in the corn option market, the trading volume and open interest of call and put options, as well as their changes compared to the previous week, were provided [14][15][16].

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - The report presents data on commodity options, including historical volatility, implied volatility, and provides strategy recommendations for different commodities based on their current volatility levels [3][9]. 3. Summary by Relevant Content Commodity Historical Volatility - Various commodities' historical volatility data (HV20, HV40, HV60, HV120) and daily price changes are presented, such as for沪铝 (20590, 49%, 10.13%, 6%, 8%, 9%, 11%),沪铜 (78540, -0.05%, 6.52%, 7%, 10%, 9%, 16%), etc. [3] Commodity Implied Volatility - Data on implied volatility, including主力平值IV and主力平值IV分位值, are provided for different commodities like氧化铝 (62%, 20%, 55%),二烯橡胶 (41%, 88%), etc. [5] Strategy Recommendations - For碳酸锂, recommend selling a wide - straddle (卖出LC2509C80000 + 卖HLC2509P75000) on 2025.7.24 as its volatility is relatively high [9]. - For铁矿石,豆油, and菜油, recommend buying wide - straddles on 2025.6.3 as their volatilities are relatively low. For example, for铁矿石, buy 头入I2509C690 + 头入12509P700 [9].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the past week, the trading volume of commodity options increased slightly, mainly due to the increment brought by the rising volatility of the agricultural products sector. Meanwhile, the trading volume of the non - ferrous and new energy sectors decreased along with the decline of implied volatility. The implied volatility of non - ferrous sector options is at a relatively low level recently, and buying options for price reversal trading can be considered [5]. - The options of contracts such as soybean meal, corn, starch, iron ore, liquefied gas, polypropylene, PVC, plastic, palm oil, soybean No.1, soybean No.2, soybean oil, styrene, ethylene glycol, eggs, live pigs, and log 509 are about to expire. Attention should be paid to the end - of - month risks when changing contracts [5]. 3. Summary According to the Table of Contents 3.1 Market Overview - The trading volume of commodity options increased slightly last week, mainly due to the increment from the agricultural products sector. The trading volume of non - ferrous and new energy sectors decreased, and their implied volatility also declined. The implied volatility of non - ferrous sector options is at a recent low [5]. - The options of certain contracts are about to expire, and attention should be paid to the end - of - month risks [5]. 3.2 Market Data 3.2.1 Market Overview - The trading volume of the overall market this week was 8,808,344.8, with a week - on - week increase of 0.17%. The open interest was 8,996,228, with a week - on - week decrease of 0.27%. Among them, the trading volume of the agricultural products sector increased by 2.45%, that of the energy and chemical sector increased by 0.17%, that of the black sector increased by 0.4%, and that of the precious metals sector increased by 1.26%. The trading volume of the non - ferrous and new energy sectors decreased by 1.82%. The open interest of the agricultural products sector decreased by 0.1%, that of the energy and chemical sector decreased by 0.55%, that of the black sector decreased by 0.19%, and that of the non - ferrous and new energy sectors increased by 0.41% [6]. 3.2.2 - 3.2.55 Various Option Market Data - For each type of option (such as corn, soybean meal, etc.), detailed data on trading volume, open interest, volume PCR, open interest PCR, at - the - money volatility, HV - 10 days, HV - 20 days, and Skew are provided, including data for this week, last week, and their changes [12 - 44]. 3.3 Chart Analysis No relevant content provided.

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - On June 16, 2025, the trading volume of commodity options reached 6.75 million contracts. The trading volume of some varieties was relatively large, such as styrene options with 1.24 million contracts, PTA options with 480,000 contracts, and silver options with 430,000 contracts. In terms of open interest, soybean meal options exceeded 1.03 million contracts, and soda ash options exceeded 760,000 contracts. In terms of trading volume PCR, some varieties deviated significantly, such as zinc options with a PCR of 1.59 and urea options with a PCR of 0.39, presenting trading opportunities but also requiring caution regarding liquidity risks [1][3]. - In the agricultural products sector, the IV of hog options increased by 8.74%, and the IV of corn starch decreased by 2.48%. In the energy and chemical sector, the IV of styrene options increased by 9.24%, and the IV of manganese silicon options decreased by 1.18%. In the metal sector, the IV of each variety fluctuated, with the IV of iron ore options decreasing by 5.33% [3]. Group 3: Summary by Directory 1. Market Quick View 1.1 Trading Volume and Open Interest - Provided detailed trading volume, open - interest, and other data for various option varieties, including soybean meal, corn, palm oil, etc. The trading volume and open - interest of different varieties showed significant differences, and the trading volume PCR and open - interest PCR also varied widely [6]. 1.2 Volatility - Presented the flat - strike IV, IV change (absolute value), historical volatility (30 - day, 60 - day, 90 - day), and implied - historical volatility difference for various option varieties. Different varieties had different trends in IV changes, such as an 8.74% increase in the IV of hog options and a 5.33% decrease in the IV of iron ore options [12]. 2. Variety Research - For each option variety (soybean meal options, rapeseed meal options, PTA options, etc.), it provided charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference [15][19][23].