商 品 研 究 2025 年 12 月 26 日 商品期权日报 | | | 对二甲苯期权即将到期，可考虑买入期权进行方向性交易。 资料来源：RQData，国泰君安期货研究 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 国 泰 君 2. 农产品数据 表 1：期货市场统计 | 品种 | 主力合约 | 收盘价 | 涨跌幅 | 主力成交量 | 变化 | 主力持仓量 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | 玉米 | c2603 | 2222 | 33 | 729771 | 468659 | 1014722 | 17278 | | 豆粕 | m2605 | 2790 | 30 | 1229145 | 266432 | 2086665 | -6453 | | 菜粕 | rm2605 | 2391 | 39 | 432299 | -2622 | 650686 | 12677 | | 棕榈油 | p2605 | 8568 | 26 | 374136 | 74193 | 422604 | -11614 | | 豆油 | y26 ...

Report Overview - The report is a commodity options daily report dated December 25, 2025, covering agricultural products, energy chemicals, black metals, and metals [1]. 1. Agricultural Products Futures Market - Corn (c2603) closed at 2189, down 7, with a trading volume of 261,112 (down 91,811) and an open interest of 997,444 (up 10,708) [1]. - Other products like bean meal, rapeseed meal, etc., also had their respective price movements, trading volumes, and open interest changes [1]. Option Market - Corn's option volume was 54,315 (down 3,441) for the main contract, with a PCR of 0.3358 (down 0.0305) [3]. - Similar data was provided for other agricultural products' options [3]. Option Quantification Indicators - Corn's main contract (c2603) had a remaining trading days of 38, a flat - volatility of 9.66% (up 0.39%), and a 60 - day quantile of 46.67% [4]. - Other products also had their specific option quantification data [4]. 2. Energy Chemicals Futures Market - PTA (ta2605) closed at 5152, up 58, with a trading volume of 1,612,553 (down 120,477) and an open interest of 1,409,564 (up 88,099) [5]. - Other energy chemical products had different price, volume, and open - interest changes [5]. Option Market - PTA's option volume for the main contract was 514,719 (down 30,260), with a PCR of 0.4282 (down 0.075) [6]. - Other products' option data was also presented [6][7]. Option Quantification Indicators - PTA's main contract (ta2602) had 11 remaining trading days, a flat - volatility of 27.55% (up 1.54%), and a 60 - day quantile of 98.33% [8]. - Other energy chemical products had their own option quantification indicators [8]. 3. Black Metals Futures Market - Iron ore (i2605) closed at 778.5, down 1.0, with a trading volume of 145,809 (down 70,468) and an open interest of 567,104 (up 13,387) [9]. - Other black metal products had their price, volume, and open - interest changes [9]. Option Market - Iron ore's option volume for the main contract was 40,033 (down 20,001), with a PCR of 1.517 (up 0.0749) [9]. - Other products' option data was provided [9]. Option Quantification Indicators - Iron ore's main contract (i2602) had 16 remaining trading days, a flat - volatility of 14.9% (up 0.2%), and a 60 - day quantile of 5.0% [10]. - Other black metal products had their option quantification data [10]. 4. Metals Futures Market - Gold (au2602) closed at 1008.76, down 5.92, with a trading volume of 220,136 (down 131,165) and an open interest of 182,179 (down 4,619) [11]. - Other metal products had different price, volume, and open - interest changes [11]. Option Market - Gold's option volume for the main contract was 56,343 (down 71,581), with a PCR of 0.3379 (down 0.3789) [12]. - Other products' option data was also included [12]. Option Quantification Indicators - Gold's main contract (au2602) had 20 remaining trading days, a flat - volatility of 22.53% (down 2.78%), and a 60 - day quantile of 63.33% [13]. - Other metal products had their specific option quantification indicators [13].

1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - The report presents the daily statistics of futures and options markets for various commodities, including agricultural products, energy chemicals, black commodities, and metals, on December 23, 2025, covering data such as closing prices, price changes, trading volumes, and open interests [1][5][9][11] 3. Summary by Relevant Catalogs 3.1 Agricultural Products Data 3.1.1 Futures Market Statistics - The closing prices of various agricultural products showed different trends, with cotton, apple, and palm oil rising by 70, 81, and 72 respectively, while peanut, egg, and红枣 fell by 12, 12, and 70 respectively [1] - The trading volumes and open interests of most varieties also changed, with corn starch and soybean meal showing significant changes in trading volume and open interest [1] 3.1.2 Options Market Statistics - The trading volumes and open interests of options for different agricultural products had different degrees of change, and the Put - Call Ratios (PCR) also showed different trends [3] 3.1.3 Options Quantitative Indicators - The implied volatilities, historical volatilities, and skewness of different agricultural products' options were presented, with the implied volatilities of some varieties such as palm oil and soybean meal having certain changes [4] 3.2 Energy Chemical Data 3.2.1 Futures Market Statistics - Among energy chemical products, PVC, short - fiber, and urea rose by 147, 20, and 23 respectively, while LPG, BR rubber, and asphalt fell by 94, 55, and 18 respectively [5] - The trading volumes and open interests of different varieties also changed, with PVC and methanol showing relatively large changes in trading volume [5] 3.2.2 Options Market Statistics - The trading volumes and open interests of energy chemical options changed, and the PCR values also showed different trends, such as the PCR of PTA options having a certain increase [6][7] 3.2.3 Options Quantitative Indicators - The implied volatilities, historical volatilities, and skewness of energy chemical options were provided, with the implied volatilities of some varieties like PTA and PVC being relatively high [8] 3.3 Black Data 3.3.1 Futures Market Statistics - In the black commodity market, silicon iron and rebar rose by 4 and 2 respectively, while manganese silicon and iron ore fell by 18 and 3 respectively [9] - The trading volumes and open interests of different varieties changed, with the trading volume of iron ore decreasing significantly [9] 3.3.2 Options Market Statistics - The trading volumes and open interests of black commodity options changed, and the PCR values also showed different trends, such as the PCR of iron ore options increasing [9] 3.3.3 Options Quantitative Indicators - The implied volatilities, historical volatilities, and skewness of black commodity options were presented, with the implied volatility of rebar options having a relatively large change [10] 3.4 Metal Data 3.4.1 Futures Market Statistics - Among metals, silver, nickel, and tin rose by 231, 1740, and 3490 respectively, while copper, zinc, and aluminum fell by 390, 25, and 25 respectively [11] - The trading volumes and open interests of different varieties changed, with the trading volume of silver decreasing significantly [11] 3.4.2 Options Market Statistics - The trading volumes and open interests of metal options changed, and the PCR values also showed different trends, such as the PCR of silver options increasing [12] 3.4.3 Options Quantitative Indicators - The implied volatilities, historical volatilities, and skewness of metal options were provided, with the implied volatility of silver being relatively high [13]

Core Insights - The event "DCE·Industry Action" focused on the role of commodity options in empowering the high-quality development of the real economy in Anhui, attracting over 50 representatives from industry enterprises and futures professionals [1] Group 1: Commodity Options Development - Since the launch of the first domestic commodity option, soybean meal options, on March 31, 2017, the Dalian Commodity Exchange (DCE) has continuously enriched its variety system and optimized contract rules [1] - As of October 2025, DCE has listed 18 option varieties, with 12 of them open to external trading [1] - In the first ten months of 2025, the average daily trading volume of DCE options reached 1.73 million contracts, and the average daily open interest was 3.02 million contracts, representing year-on-year increases of 51% and 28% respectively [1] - Among the various sectors, agricultural product options showed remarkable performance, with an average daily trading volume of 980,000 contracts, accounting for 57% of the total trading volume of DCE options [1] Group 2: Market Quality Improvement - To better serve the real economy, DCE has implemented a series of rule optimization measures in the past two years, including the "near dense, far sparse" listing rule, which has led to a 25% reduction in the number of option contracts while improving the quality of far-month contracts [2] - Starting from December 2024, DCE will extend the last trading day for options from the 5th trading day before the delivery month to the 12th trading day, allowing options to cover the futures contract cycle for a longer period [2] - This measure has resulted in an average daily increase of about 2% in open interest during the extended trading period [2] Group 3: Risk Management Strategies - The application of option strategies for precise risk management was highlighted, with examples shared by industry professionals on how to utilize options to protect inventory and manage price risks effectively [3][4] - The concept of "含权贸易" (option-inclusive trade) was introduced, allowing upstream companies to lock in minimum sales prices while managing risks associated with price fluctuations [3] - Downstream companies can also use option-inclusive contracts to cap procurement costs, demonstrating the versatility of options in managing price risks across the supply chain [4] Group 4: Future Developments - DCE plans to continue enriching its option varieties and tools, with a focus on the upcoming launch of coking coal options and preparations for the listing of soybean meal and corn series options [5] - The exchange will also keep optimizing option contract rules and enhancing market cultivation and promotion to better fulfill the functions of the options market [5]

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].