当前常规期权合约难以覆盖实际采销周期，对于每月均有采销需求的企业，缺少对应月份的期权工具。即将上市的玉米和豆粕系列期 权与已上市的白糖系列期权类似，都是在现有常规期权基础上，对最近一个月的期货加挂早于期货两个月到期的期权合约，补足每月 到期的期权。 | 标的期货交割月份 3月 5月 7月 9月 11月 次年1月 | | --- | | 常规期权到期月份 2月 4月 6月 8月 10月 12月 | | 系列期权到期月份 1月 3月 5月 7月 9月 1月 | 表为玉米期货、常规期权及系列期权到期月份 什么是系列期权 目前已上市的商品期权多为常规期权，即一个标的期货合约对应一个期权，常规期权比期货早1个月到期。如果期货没有覆盖12个月 份，对应的常规期权也不会覆盖12个到期月份。系列期权的推出解决了这一痛点，在常规期权未覆盖的到期月份增挂以近月交割期货 为标的的期权合约，使期权合约覆盖12个到期月份。在全球商品期权市场中，系列期权合约广泛出现在农产品期权市场，这与其独特 的自然周期性和产业对成本的敏感性有关。系列期权满足了农产品企业在风险管理中对时间准确、成本低廉、月份灵活的需求。 玉米和豆粕系列期权 根据大连商 ...

Core Viewpoint - Dalian Commodity Exchange is seeking public opinions on the coal futures options contract, with a deadline set for September 24, 2023, to enhance risk management tools for the steel industry [1] Group 1: Market Context - China is the world's largest producer and consumer of coking coal, supporting an annual crude steel output exceeding 1 billion tons [1] - Recent fluctuations in coking coal prices have heightened the demand for refined risk management tools among industry players [1] Group 2: Contract Details - The proposed coking coal options will align with existing options contracts in terms of trading units, pricing units, price limits, contract months, and trading hours [2] - The options will feature an American exercise style, with strike prices covering a range corresponding to 1.5 times the price limit of the underlying futures contract [2] - Specific design elements include a tiered strike price interval and a minimum tick size set at 0.1 yuan/ton, which is one-fifth of the minimum tick size for the underlying futures [2] Group 3: Market Impact - The introduction of coking coal options will enhance the product offerings in China's commodity options market, complementing existing futures and options for coking coal, coke, and iron ore [3] - This development aims to create a more comprehensive risk management solution for enterprises within the steel industry [3]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - China's commodity options market regained growth momentum in H1 2025, with cumulative trading volume reaching 595 million lots as of June 15, a significant year-on-year increase of 49% [1][14]. - Macroeconomic and market sentiment elevated the volatility of commodities, with historical and implied volatility showing distinct changes in different sectors [2][37]. - In H2 2025, uncertainties remain in tariff policies and the number and timing of Fed rate cuts. Different option strategies are recommended for various types of commodities [3]. Summary by Directory 1. 2025H1 Commodity Options Market Transaction Overview - The pace of new product launches in the commodity options market slowed down. Only one new product was launched in H1 2025, and several other products are expected to be launched this year [11]. - The market regained growth momentum, with daily average trading volume in each month of 2025 exceeding that of the same period in 2024. Most option varieties saw an increase in trading volume [14][18]. - The over - the - counter (OTC) commodity options market remained at the same level as last year, with a decline in trading volume and a "growth rate gap" compared to the on - exchange market [22]. 2. Volatility: Macroeconomic and Market Sentiment Elevate Commodity Volatility 2.1 Historical Volatility - Among 51 underlying futures, 18 varieties rose and 33 fell. Gold, tin, and manganese silicon had the largest increases, while alumina, industrial silicon, and glass had the largest decreases [29]. - The resonance in the commodity market was mainly due to changes in US tariff policies. The 20 - day historical volatility of the commodity index rose sharply in April and then declined [35]. 2.2 Implied Volatility - Overall, the implied volatility of crude oil, chemicals, and non - ferrous metals increased, while that of agricultural products decreased. Crude oil, styrene, and LPG had the largest increases, while iron ore, apples, and rapeseed oil had the largest decreases [37]. - Different sectors showed different implied volatility characteristics. For example, precious metals were affected by geopolitical and trade factors, and energy and chemical products were influenced by geopolitical and policy factors [43][45]. 3. PCR Sentiment Indicator - PCR is an important indicator reflecting market sentiment. Different types of PCR have different relationships with the price of the underlying asset [53]. - The PCR of China's commodity options has a certain indicative effect on the price trend of the underlying futures, but investors should consider multiple factors [63]. 4. H2 2025 Outlook and Option Strategy Recommendations 4.1 International Macroeconomic Environment Outlook - In H2 2025, the impact mechanism of tariffs on the commodity market will change. Key factors to watch include tariff negotiations, US fiscal and monetary policies, and geopolitical situations [66]. - Trump's tariff policy aims to reduce the trade deficit, relieve fiscal pressure, and restrict the development of trading partners. The "Big Beautiful Act" may increase the US fiscal deficit [67][71]. - The Fed maintained the federal funds rate unchanged, adjusted its economic forecast, and the future policy path depends on economic data [74]. 4.2 Domestic Macroeconomic Environment Outlook - China's economy showed strong growth resilience in H1 2025, but price drivers were weak. CPI was weak, while core CPI was more resilient, and PPI continued to decline [81]. - Consumption showed resilience but its sustainability is uncertain. The "trade - in" policy boosted consumption in the short term but may lead to demand overdraft [87][88]. - Exports were strong in H1 but may face headwinds in H2 due to uncertainties in international trade [92][94]. - Real estate investment continued to adjust at the bottom, while infrastructure investment remained strong. New policy - based financial tools are expected to support infrastructure investment [96][97]. 4.3 Option Strategy Recommendations for Some Varieties - For gold and crude oil, investors should focus on opportunities in rising and falling volatility, using strategies such as buying straddles or strangles during policy - driven events and selling options after extreme market conditions [99][101]. - For oversupplied varieties such as black building materials and new energy metals, bear spread and synthetic short futures strategies are recommended [103][104]. - For varieties with potential unilateral upward trends such as copper and oils, buying call options for left - hand side layout is recommended, and a combination of selling wide straddles can be used initially to reduce costs [107][109].