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 trading volume of the commodity options market rebounded slightly this week. The average daily trading volume was 7.75 million lots, and the average daily open interest was 10.26 million lots, with a week - on - week change of +6.85% and +2.72% respectively. Investors are advised to focus on potential market opportunities in actively traded varieties [1][6]. - Most of the underlying futures of commodity options rose this week. The varieties with higher weekly increases include silver (+7.54%), lithium carbonate (+6.15%), and apple (+5.86%); the varieties with higher weekly decreases include glass (-5.41%), eggs (-4.60%), and red dates (-4.17%) [2][14]. - This week, the implied volatility of most commodity options in each sector increased on a weekly basis. For varieties with implied volatility at a high level in the past year, investors should be vigilant against unilateral risks and consider short - selling volatility opportunities; for varieties with implied volatility at a low level, the cost - performance of buying options is relatively high [2][14]. - Different varieties show different market sentiment in terms of trading volume PCR and open interest PCR, reflecting the market's expectations of rising or falling [2][14]. 3. Summary by Relevant Catalogs 3.1 Commodity Option Market Activity - This week, the average daily trading volume of actively traded varieties mainly includes silver (700,000 lots), glass (680,000 lots), and soda ash (520,000 lots). The varieties with significant trading volume growth are tin (+268%), LPG (+126%), and alumina (+122%); the varieties with obvious trading volume decline are polysilicon (-61%), industrial silicon (-61%), and lithium carbonate (-40%) [1][6]. - The varieties with high average daily open interest this week are glass (1 million lots), soybean meal (870,000 lots), and soda ash (810,000 lots). The varieties with rapid week - on - week growth in average daily open interest are p - xylene (+54%), styrene (+42%), and asphalt (+41%) [1][6]. 3.2 This Week's Main Data Review of Commodity Options - **Underlying price changes**: The underlying futures of commodity options mainly rose this week. The varieties with high weekly increases include silver (+7.54%), lithium carbonate (+6.15%), and apple (+5.86%); the varieties with high weekly decreases include glass (-5.41%), eggs (-4.60%), and red dates (-4.17%) [2][14]. - **Market volatility**: Most sectors' commodity options' implied volatility increased this week. 21 varieties' current implied volatility is above the 50% quantile of the past year. Varieties with implied volatility at a high level in the past year include silver, methanol, asphalt, apple, and gold; varieties with implied volatility at a low level include ferromanganese, alumina, rubber, and corn [2][14]. - **Option market sentiment**: The trading volume PCR of pulp, ferrosilicon, and cotton is at a historical high, indicating a short - term concentrated bet on a decline; the trading volume PCR of gold, aluminum, lead, and PTA is at a low level in the past year, indicating a concentrated bet on an increase. The open interest PCR of silver, p - xylene, lithium carbonate, and soybean meal is at a historical high, showing a high level of bearish sentiment; the open interest PCR of methanol, plastic, urea, and palm oil is at a low level in the past year, showing a bullish sentiment [2][14]. 3.3 Key Data Overview of Main Varieties This chapter mainly shows the key data of main varieties, including trading volume, volatility, and option market sentiment indicators. More detailed data of other varieties can be found on the Dongzheng Fanci website (https://www.finoview.com.cn/) [19]. - **Energy**: Data on option total turnover, volatility, open interest PCR, and trading volume PCR of crude oil, LPG, asphalt, fuel oil, etc. are presented [15][20]. - **Chemicals**: - **PTA**: Data on option total turnover, volatility, open interest PCR, and trading volume PCR are provided [15][27]. - **Caustic soda**: Similar data for caustic soda are shown [15][36]. - **Glass**: Data related to glass options are presented [15][42]. - **Soda ash**: Key data of soda ash options are provided [15][48]. - **Precious metals**: Data on option total turnover, volatility, open interest PCR, and trading volume PCR of silver are shown [15][54]. - **Ferrous metals**: - **Iron ore**: Data related to iron ore options are presented [15][61]. - **Ferromanganese**: Similar data for ferromanganese are provided [15][69]. - **Non - ferrous metals**: - **Copper**: Data on copper options are shown [15][75]. - **Aluminum**: Key data of aluminum options are provided [15][84]. - **Agricultural products**: - **Soybean meal**: Data related to soybean meal options are presented [15][90]. - **Palm oil**: Similar data for palm oil are provided [15][97]. - **Cotton**: Key data of cotton options are shown [15][105].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The commodity options market showed increased activity this week, with significant growth in both trading volume and open interest. Traders are advised to focus on actively - traded varieties for potential market opportunities [1][7]. - This week, most underlying futures of commodity options rose. Some commodities saw a significant increase in implied volatility, and different strategies are recommended based on high - and low - volatility varieties. The PCR indicators reflect different market sentiment for various commodities, and investors should pay attention to the corresponding risks [2][15]. 3. Summary by Directory 3.1 Commodity Options Market Activity - From June 28 to July 4, 2025, the average daily trading volume of the commodity options market was 6.82 million lots, and the average daily open interest was 9.86 million lots, with a week - on - week increase of 31.43% and 14.86% respectively [1][7]. - Actively - traded varieties in terms of daily average trading volume included industrial silicon (780,000 lots), glass (770,000 lots), and soda ash (750,000 lots). There were 8 varieties with a trading volume increase of over 100%, such as polysilicon (+332%), industrial silicon (+227%), and glass (+116%). The varieties with a significant decline in trading volume were p - xylene (-96%), synthetic rubber (-70%), and tin (-61%) [1][7]. - In terms of open interest, the varieties with high average daily open interest were soda ash (1.1 million lots), glass (930,000 lots), and soybean meal (890,000 lots). The variety with a rapid week - on - week increase in average daily open interest was polysilicon (+121%) [1][7]. 3.2 This Week's Commodity Options Main Data Review - **Underlying Price Movements**: Most underlying futures of commodity options rose this week. The varieties with high weekly increases were industrial silicon (+6.59%), caustic soda (+2.63%), and rebar (+2.57%), while the variety with a high decline was red dates (-2.34%) [2][15]. - **Market Volatility**: Affected by the "anti - involution", the implied volatility of some commodities increased significantly this week, but 39 varieties still had their current implied volatility below the historical 50th percentile. High - volatility varieties included industrial silicon, eggs, and red dates, and investors were advised to beware of one - sided risks and consider short - volatility opportunities. Low - volatility varieties included iron ore, rebar, and vegetable oils, and industrial customers could consider insurance strategies due to the low option - buying prices [2][15]. - **Options Market Sentiment**: The trading volume PCR of varieties such as red dates was at a historical high, indicating a strong short - term bearish sentiment and the need to pay attention to the risk of underlying price corrections. The trading volume PCR of nickel, methanol, ethylene glycol, and styrene was at a historical low, showing a concentrated short - term bullish sentiment. The open interest PCR of lithium carbonate, industrial silicon, and cotton was at a historical high, indicating a high - level accumulated bearish sentiment, while the open interest PCR of copper, nickel, styrene, LPG, and soda ash was at a historical low, indicating an accumulated bullish sentiment [2][15]. 3.3 Main Varieties Key Data Overview This chapter mainly presents the key data of main varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data for more varieties can be accessed on the Dongzheng Fancy Micro official website (https://www.finoview.com.cn/) [19]. 3.3.1 Energy No specific data analysis is provided in the text, only chart references are given, including the total trading volume, volatility, open interest PCR, and trading volume PCR of crude oil [20][22][23]. 3.3.2 Chemicals - **PTA**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of PTA [27][28][35]. - **Caustic Soda**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of caustic soda [37][38][39]. - **Glass**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of glass [43][44][45]. - **Soda Ash**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of soda ash [51][52][53]. 3.3.3 Precious Metals The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of silver [57][61][58]. 3.3.4 Ferrous Metals - **Iron Ore**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of iron ore [64][65][70]. - **Silicomanganese**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of silicomanganese [72][73][74]. 3.3.5 Non - Ferrous Metals - **Copper**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of copper [80][81][85]. - **Alumina**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of alumina [88][89][91]. 3.3.6 Agricultural Products - **Soybean Meal**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of soybean meal [97][99]. - **Palm Oil**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of palm oil [103][104][105]. - **Cotton**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of cotton [111][112][113].