Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - The trading activity in the commodity options market continued to decline this week. The average daily trading volume was 5.47 million contracts, and the average daily open interest was 7.12 million contracts, with环比 decreases of 17.45% and 13.28% respectively. Investors are advised to focus on potential market opportunities in actively traded varieties [1][8]. - In the first week after the holiday, most underlying assets of commodity options rose. Tin, silver, and lithium carbonate had relatively high weekly increases, while polysilicon, caustic soda, and alumina had relatively high weekly decreases [2][15]. - Market volatility decreased, with 45 varieties having current implied volatility above the 50th percentile of the past year. Some varieties had significant increases or decreases in implied volatility. Cotton, tin, crude oil, natural rubber, and lithium carbonate are at historical highs in implied volatility, while eggs and iron ore are at historical lows [2][15]. - The PCR of trading volume for lithium carbonate, polysilicon, and plastic is at a historical high, indicating a short - term concentrated bet on a decline. The PCR of trading volume for soybean oil, soybean meal, sugar, and palm oil is at a one - year low, indicating a concentrated bet on an increase. The PCR of open interest for asphalt, synthetic rubber, and lithium carbonate is at a historical high, while that for iron ore, sugar, methanol, copper, and aluminum is at a one - year low [3][16]. Summary by Directory 1. Commodity Options Market Activity - The average daily trading volume of the commodity options market this week was 5.47 million contracts, and the average daily open interest was 7.12 million contracts, with环比 decreases of 17.45% and 13.28% respectively [1][8]. - Actively traded varieties included PTA (380,000 contracts), lithium carbonate (360,000 contracts), and soybean meal (300,000 contracts). Varieties with significant trading volume growth were p - xylene (+324%), ferromanganese (+238%), and lithium carbonate (+212%). Varieties with significant trading volume decline were asphalt (-82%), synthetic rubber (-81%), and nickel (-73%) [1][8]. - Varieties with high average daily open interest were soybean meal (560,000 contracts), glass (530,000 contracts), and soda ash (490,000 contracts). Varieties with rapid growth in average daily open interest were fuel oil (+52%) and industrial silicon (+44%) [1][8]. 2. This Week's Main Data Review of Commodity Options Underlying Asset Price Changes - After the holiday, most underlying assets of commodity options rose. Tin (+23.27%), silver (+16.36%), and lithium carbonate (+15.33%) had high weekly increases, while polysilicon (-5.70%), caustic soda (-5.26%), and alumina (-3.41%) had high weekly decreases [2][15]. Market Volatility - Market volatility decreased, with 45 varieties having current implied volatility above the 50th percentile of the past year. Tin (+18.23pct), ferromanganese (+7.12pct), and ferrosilicon (+5.44) had significant increases in implied volatility, while silver (-14.82pct), styrene (-11.60pct), and LPG (-10.67pct) had significant decreases [2][15]. - Cotton, tin, crude oil, natural rubber, and lithium carbonate are at historical highs in implied volatility, and investors should be wary of one - sided risks and consider shorting volatility. Eggs and iron ore are at historical lows in implied volatility, and buying options has relatively high cost - effectiveness [2][15]. Options Market Sentiment - The PCR of trading volume for lithium carbonate, polysilicon, and plastic is at a historical high, indicating a short - term concentrated bet on a decline. The PCR of trading volume for soybean oil, soybean meal, sugar, and palm oil is at a one - year low, indicating a concentrated bet on an increase [3][16]. - The PCR of open interest for asphalt, synthetic rubber, and lithium carbonate is at a historical high, indicating a high level of bearish sentiment. The PCR of open interest for iron ore, sugar, methanol, copper, and aluminum is at a one - year low, indicating a high level of bullish sentiment [3][16]. 3. Key Data Overview of Main Varieties - This chapter presents key data of main varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data can be found on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [22]. 3.1 Energy - Relevant charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of crude oil [24][27]. 3.2 Chemicals - **PTA**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of PTA [31][35]. - **Caustic Soda**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of caustic soda [39][40]. - **Glass**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of glass [44][45]. - **Soda Ash**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of soda ash [48][49]. 3.3 Precious Metals - Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of silver [52][53]. 3.4 Ferrous Metals - **Iron Ore**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of iron ore [56][57]. - **Ferromanganese**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of ferromanganese [60][61]. 3.5 Non - Ferrous Metals - **Copper**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of copper [65][66]. - **Aluminum**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of aluminum [70][71]. 3.6 Agricultural Products - **Soybean Meal**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of soybean meal [75][76]. - **Palm Oil**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of palm oil [80][81]. - **Cotton**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of cotton [87][88].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - This week (February 2 - 6, 2026), the trading activity in the commodity options market declined slightly, with the average daily trading volume at 8.54 million lots and the average daily open interest at 9.31 million lots, showing a -4.75% and +5.24% change respectively compared to the previous period. Traders are advised to focus on potential market opportunities in actively traded varieties [1][8]. - This week, most underlying assets of commodity options declined. Polysilicon had a relatively high weekly increase of +4.55%, while silver, tin, and lithium carbonate had relatively high weekly decreases of -32.72%, -12.71%, and -10.31% respectively. The market volatility remained high, with the implied volatility of 55 varieties currently above the 50th percentile of the past year. It is recommended to be vigilant about unilateral risks and consider short - volatility opportunities [2][16]. - Currently, the trading volume PCR of synthetic rubber, lithium carbonate, and iron ore is at historical highs, indicating a short - term concentrated bet on price declines. The trading volume PCR of ethylene glycol, crude oil, palm oil, and styrene is at a one - year low, indicating a concentrated bet on price increases. The open interest PCR of PVC and synthetic rubber is at historical highs, while that of soybean meal, caustic soda, rapeseed meal, and rapeseed oil is at a one - year low [2][16]. 3. Summary by Directory 3.1 Commodity Options Market Activity - This week, the trading activity in the commodity options market declined slightly. The average daily trading volume was 8.54 million lots, and the average daily open interest was 9.31 million lots, with a -4.75% and +5.24% change respectively compared to the previous period [1][8]. - The actively traded varieties this week included lithium carbonate (830,000 lots), silver (810,000 lots), and PTA (640,000 lots). The varieties with significant trading volume growth were polysilicon (+95%) and lithium carbonate (+85%), while those with significant declines were p - xylene (-95%) and apples (-87%) [1][8]. - The varieties with high average daily open interest this week were glass (670,000 lots), soybean meal (620,000 lots), and soda ash (600,000 lots). The varieties with rapid open - interest growth were silver (+39%) and gold (+38%) [1][8]. 3.2 This Week's Main Data Review of Commodity Options - **Underlying Asset Price Movements**: This week, most underlying assets of commodity options declined. Polysilicon had a relatively high weekly increase of +4.55%, while silver, tin, and lithium carbonate had relatively high weekly decreases of -32.72%, -12.71%, and -10.31% respectively [2][16]. - **Market Volatility**: The market volatility remained high, with the implied volatility of 55 varieties currently above the 50th percentile of the past year. The varieties with significant week - on - week increases in implied volatility included silver (+15.19 pct) and caustic soda (+8.62 pct). It is recommended to be vigilant about unilateral risks and consider short - volatility opportunities [2][16]. - **Options Market Sentiment**: The trading volume PCR of synthetic rubber, lithium carbonate, and iron ore is at historical highs, indicating a short - term concentrated bet on price declines. The trading volume PCR of ethylene glycol, crude oil, palm oil, and styrene is at a one - year low, indicating a concentrated bet on price increases. The open interest PCR of PVC and synthetic rubber is at historical highs, while that of soybean meal, caustic soda, rapeseed meal, and rapeseed oil is at a one - year low [2][16]. 3.3 Key Data Overview of Main Varieties This chapter mainly presents 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 Finoview official website (https://www.finoview.com.cn/) [22]. - **Energy**: Relevant charts show data on the total trading volume, volatility, open interest PCR, and trading volume PCR of crude oil [23][24][25]. - **Chemicals** - **PTA**: Charts display data on the total trading volume, volatility, open interest PCR, and trading volume PCR of PTA [29][30][36]. - **Caustic Soda**: Charts show data on the total trading volume, volatility, open interest PCR, and trading volume PCR of caustic soda [38][39][40]. - **Glass**: Charts present data on the total trading volume, volatility, open interest PCR, and trading volume PCR of glass [44][45][46]. - **Soda Ash**: Charts show data on the total trading volume, volatility, open interest PCR, and trading volume PCR of soda ash [50][51][52]. - **Precious Metals**: Charts show data on the total trading volume, volatility, open interest PCR, and trading volume PCR of silver [59][60][61]. - **Ferrous Metals** - **Iron Ore**: Charts display data on the total trading volume, volatility, open interest PCR, and trading volume PCR of iron ore [68][70][74]. - **Silicomanganese**: Charts show data on the total trading volume, volatility, open interest PCR, and trading volume PCR of silicomanganese [75][76][77]. - **Non - Ferrous Metals** - **Copper**: Charts present data on the total trading volume, volatility, open interest PCR, and trading volume PCR of copper [82][84][88]. - **Aluminum**: Charts show data on the total trading volume, volatility, open interest PCR, and trading volume PCR of aluminum [90][91][92]. - **Agricultural Products** - **Soybean Meal**: Charts display data on the total trading volume, volatility, open interest PCR, and trading volume PCR of soybean meal [95][97][98]. - **Palm Oil**: Charts show data on the total trading volume, volatility, open interest PCR, and trading volume PCR of palm oil [102][103][104]. - **Cotton**: Charts present data on the total trading volume, volatility, open interest PCR, and trading volume PCR of cotton [108][109][111].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - This week (January 19 - 23, 2026), the trading activity in the commodity options market slightly declined, with the average daily trading volume at 8.15 million lots and the average daily open interest at 8.62 million lots, showing a week - on - week change of - 8.60% and - 0.35% respectively. Investors are recommended to focus on potential market opportunities in actively traded varieties. [1][7] - The underlying assets of commodity options mainly rose this week. Some commodity options' implied volatility increased on a weekly basis. There were different expectations of market trends in different varieties based on volume PCR and open - interest PCR data. [2][17][18] Summary According to the Table of Contents 1. Commodity Options Market Activity - The trading activity in the commodity options market slightly declined this week. The average daily trading volume was 8.15 million lots, and the average daily open interest was 8.62 million lots, with a week - on - week change of - 8.60% and - 0.35% respectively. - Actively traded varieties included silver (810,000 lots), styrene (660,000 lots), and PTA (440,000 lots). Five varieties had a trading volume increase of over 100%, with significant growth in p - xylene (+165%), log (+163%), and synthetic rubber (+154%). The varieties with a significant decline in trading volume were crude oil (-66%), soybean No. 2 (-51%), and staple fiber (-51%). - The varieties with high average daily open interest were soybean meal (600,000 lots), cotton (560,000 lots), and glass (500,000 lots). The varieties with a rapid week - on - week increase in open interest were tin (+65%), industrial silicon (+46%), and caustic soda (+43%). [1][7] 2. This Week's Main Data Review of Commodity Options 2.1. Underlying Asset Price Movements - The underlying assets of commodity options mainly rose this week. The varieties with high weekly increases included lithium carbonate (+24.16%), silver (+11.04%), and synthetic rubber (+9.44%); the varieties with high weekly declines included glass (-3.54%), live pigs (-3.46%), and caustic soda (-3.04%). [2][17] 2.2. Market Volatility - Some commodity options' implied volatility increased on a weekly basis. 49 varieties' current implied volatility was above the 50th percentile of the past year. The varieties with a large week - on - week increase in implied volatility included synthetic rubber (+22.91pct), gold (+8.63pct), and ethylene glycol (+8.34pct). The varieties with implied volatility at a historical high included synthetic rubber, styrene, nickel, and plastic, and investors were advised to beware of unilateral risks and focus on short - volatility opportunities. The varieties with implied volatility at a historical low included peanuts and rapeseed meal, where buying options were more cost - effective. [2][17] 2.3. Options Market Sentiment - Currently, the volume PCR of lithium carbonate and propylene is at a historical high, indicating a short - term concentrated bearish expectation in the market. The volume PCR of cotton, manganese silicon, ferrosilicon, and iron ore is at a one - year low, indicating a concentrated bullish expectation in the market. The open - interest PCR of silver and lithium carbonate is at a historical high, indicating a high level of bearish sentiment in the market. The open - interest PCR of ethylene glycol, soybean meal, caustic soda, and palm oil is at a one - year low, indicating an accumulation of bullish sentiment in the market. [2][18] 3. Key Data Overview of Major Varieties This chapter mainly presents the key data of major varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data on various varieties can be found on the Dongzheng Finoview official website (https://www.finoview.com.cn/). [22] 3.1. Energy No specific data summary provided, but relevant charts and data sources are mentioned, including those related to trading volume, volatility, open - interest PCR, and volume PCR of crude oil. [23][25][27] 3.2. Chemicals - **PTA**: Relevant charts and data sources are provided for trading volume, volatility, open - interest PCR, and volume PCR. [28][29][35] - **Caustic Soda**: Similar to PTA, relevant charts and data sources for trading volume, volatility, open - interest PCR, and volume PCR are presented. [37][38][39] - **Glass**: The same as above, with relevant charts and data sources for various indicators. [43][44][45] - **Soda Ash**: Relevant information on trading volume, volatility, open - interest PCR, and volume PCR is provided. [49][50][52] 3.3. Precious Metals Relevant information on trading volume, volatility, open - interest PCR, and volume PCR of silver is presented, along with data sources. [58][59][61] 3.4. Ferrous Metals - **Iron Ore**: Information on trading volume, volatility, open - interest PCR, and volume PCR, as well as data sources, is provided. [66][68][70] - **Manganese Silicon**: Similar to iron ore, relevant information and data sources are given. [73][74][75] 3.5. Non - Ferrous Metals - **Copper**: Information on trading volume, volatility, open - interest PCR, and volume PCR, along with data sources, is presented. [81][84][85] - **Aluminum**: Similar to copper, relevant information and data sources are provided. [87][88][90] 3.6. Agricultural Products - **Soybean Meal**: Information on trading volume, volatility, open - interest PCR, and volume PCR, along with data sources, is provided. [93][95][98] - **Palm Oil**: Similar to soybean meal, relevant information and data sources are given. [100][101][102] - **Cotton**: Information on trading volume, volatility, open - interest PCR, and volume PCR, along with data sources, is presented. [108][109][111]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The trading activity in the commodity options market slightly declined this week, with an average daily trading volume of 8.91 million contracts and an average daily open interest of 8.65 million contracts, showing a week-on-week change of -5.28% and +0.30% respectively. Investors are advised to focus on potential market opportunities in actively traded varieties [1][7]. - The underlying assets of commodity options showed mixed performance, with non-ferrous metals and precious metals mostly rising. The varieties with higher weekly gains include silver (+20.03%), Shanghai tin (+14.78%), and styrene (+4.10%); those with higher weekly losses include caustic soda (-9.80%), glass (-3.58%), and rapeseed meal (-3.55%) [2][16]. - Most commodity options' implied volatility increased this week, with 51 varieties having their current implied volatility above the 50th percentile of the past year. For varieties with high implied volatility, pay attention to unilateral risks and consider short - volatility opportunities; for those with low implied volatility, buying options has a relatively high cost - performance [2][16]. - The PCR values of certain varieties indicate that the market has concentrated expectations for both upward and downward movements. For example, the trading volume PCR of lithium carbonate, LPG, and propylene is at a historical high, indicating a short - term concentrated expectation of a decline; while the trading volume PCR of crude oil, polysilicon, and rebar is at a one - year low, indicating a concentrated expectation of an increase [3][17]. 3. Summary by Relevant Catalogs 3.1 Commodity Options Market Activity - The average daily trading volume of the commodity options market this week was 8.91 million contracts, and the average daily open interest was 8.65 million contracts, with a week - on - week change of -5.28% and +0.30% respectively [1][7]. - The actively traded varieties this week include silver (690,000 contracts), PTA (620,000 contracts), and glass (580,000 contracts) [1][7]. - Five varieties had a trading volume increase of over 100%, with significant growth in styrene (+192%), fuel oil (+182%), and Shanghai zinc (+164%); while industrial silicon (-85%), polysilicon (-77%), and lithium carbonate (-71%) had significant trading volume declines [1][7]. - The varieties with relatively high average daily open interest this week were cotton (530,000 contracts), soybean meal (500,000 contracts), and glass (470,000 contracts), and fuel oil had a relatively rapid week - on - week increase in open interest (+71%) [1][7]. 3.2 This Week's Main Data Review of Commodity Options 3.2.1 Underlying Asset Price Movements - Non - ferrous metals and precious metals generally rose. High - gain varieties were silver (+20.03%), Shanghai tin (+14.78%), and styrene (+4.10%); high - loss varieties were caustic soda (-9.80%), glass (-3.58%), and rapeseed meal (-3.55%) [2][16]. 3.2.2 Market Volatility - Most commodity options' implied volatility increased this week. Varieties with a large week - on - week increase in implied volatility include silver (+18.611 pct), tin (+15.11 pct), and lithium carbonate (+8.86 pct) [2][16]. - Varieties with implied volatility at a historical high include non - ferrous metals, caustic soda, pure benzene, and PVC; those at a historical low include urea and manganese silicon [2][16]. 3.2.3 Options Market Sentiment - The trading volume PCR of lithium carbonate, LPG, and propylene is at a historical high, indicating a short - term concentrated bet on a decline; the trading volume PCR of crude oil, polysilicon, and rebar is at a one - year low, indicating a concentrated bet on an increase [3][17]. - The open interest PCR of propylene, Shanghai tin, and synthetic rubber is at a historical high, indicating a high level of bearish sentiment; the open interest PCR of log, polysilicon, and live hogs is at a one - year low, indicating a build - up of bullish sentiment [3][17]. 3.3 Key Data Overview of Main Varieties This chapter mainly presents key data of main varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data can be found on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [21]. 3.3.1 Energy - Relevant charts show data on trading volume, volatility, open interest PCR, and trading volume PCR of crude oil [22][24]. 3.3.2 Chemicals - **PTA**: Charts display data on trading volume, volatility, open interest PCR, and trading volume PCR [30][36]. - **Caustic Soda**: Similar data is presented through relevant charts [39][40]. - **Glass**: Key data is shown in corresponding charts [46][47]. - **Soda Ash**: Charts provide data on trading volume, volatility, open interest PCR, and trading volume PCR [54][59]. 3.3.3 Precious Metals - Charts show data on trading volume, volatility, open interest PCR, and trading volume PCR of silver [62][66]. 3.3.4 Ferrous Metals - **Iron Ore**: Relevant charts present data on trading volume, volatility, open interest PCR, and trading volume PCR [69][70]. - **Manganese Silicon**: Key data is shown in corresponding charts [76][77]. 3.3.5 Non - ferrous Metals - **Copper**: Charts display data on trading volume, volatility, open interest PCR, and trading volume PCR [84][89]. - **Aluminum**: Similar data is presented through relevant charts [92][94]. 3.3.6 Agricultural Products - **Soybean Meal**: Charts show data on trading volume, volatility, open interest PCR, and trading volume PCR [98][99]. - **Palm Oil**: Key data is presented in corresponding charts [104][105]. - **Cotton**: Relevant charts provide data on trading volume, volatility, open interest PCR, and trading volume PCR [112][117].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The trading activity in the commodity options market continued to increase this week, with daily average trading volume reaching 9.41 million lots and daily average open interest at 8.63 million lots, showing week - on - week changes of +15.16% and +20.23% respectively. Investors are advised to focus on potential market opportunities in actively traded varieties [1][7]. - Most commodity option underlying assets rose this week. High - gain varieties included lithium carbonate (+17.96%), silver (+9.70%), tin (+9.17%); high - loss varieties included polysilicon (-11.43%) and industrial silicon (-1.64%) [2][14]. - Most commodity options' implied volatility increased this week. Varieties with high implied volatility are at historical highs, suggesting caution against unilateral risks and attention to short - volatility opportunities; urea, with low implied volatility, has high cost - effectiveness for buying options [2][14]. - Different varieties show different market sentiment. Some have high PCR values, indicating a concentrated short - term or long - term bearish sentiment, while others have low PCR values, indicating a concentrated bullish sentiment [3][15]. 3. Summary by Directory 3.1 Commodity Options Market Activity - This week (2026.01.05 - 2026.01.09), the daily average trading volume was 9.41 million lots, and the daily average open interest was 8.63 million lots, with week - on - week changes of +15.16% and +20.23% respectively [1][7]. - Actively traded varieties included lithium carbonate (930,000 lots), glass (820,000 lots), and PTA (690,000 lots). Varieties with significant trading volume growth were aluminum alloy (+198%), industrial silicon (+171%), and crude oil (+161%); those with significant decline were p - xylene (-93%) and silver (-52%) [1][7]. - High - open - interest varieties were glass (680,000 lots), soda ash (570,000 lots), and PTA (460,000 lots). Asphalt had a rapid week - on - week increase in open interest (+142%) [1][7]. 3.2 This Week's Key Data Review of Commodity Options 3.2.1 Underlying Asset Price Movements - Most underlying assets of commodity options rose this week. High - gain varieties were lithium carbonate (+17.96%), silver (+9.70%), tin (+9.17%); high - loss varieties were polysilicon (-11.43%) and industrial silicon (-1.64%) [2][14]. 3.2.2 Market Volatility - Most commodity options' implied volatility increased this week. 52 varieties' current implied volatility was above the 50th percentile of the past year. Varieties with significant increases in implied volatility included nickel (+13.51pct), aluminum (+12.05pct), silver (+10.64pct), lithium carbonate (+10.44pct), and tin (+10.36pct) [2][14]. - Varieties with high implied volatility at historical highs included non - ferrous metals, corn, plastics, PTA, etc.; those with low implied volatility at historical lows included urea [2][14]. 3.2.3 Options Market Sentiment - Varieties such as lithium carbonate, staple fiber, rapeseed meal, and tin had high trading volume PCR values, indicating a concentrated short - term bearish sentiment; varieties like live pigs, crude oil, iron ore, and rebar had low trading volume PCR values, indicating a concentrated bullish sentiment [3][15]. - Varieties such as lithium carbonate, silver, p - xylene, and rapeseed meal had high open - interest PCR values, indicating a high - level bearish sentiment; varieties like palm oil, ethylene glycol, live pigs, and crude oil had low open - interest PCR values, indicating a bullish sentiment [3][15]. 3.3 Key Data Overview of Major Varieties - This chapter presents key data of major varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data can be found on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [19]. 3.3.1 Energy - Data on trading volume, volatility, open - interest PCR, and trading volume PCR of energy varieties such as crude oil, LPG, asphalt, fuel oil, etc., are presented in the report [16]. 3.3.2 Chemicals - For PTA,烧碱, glass, soda ash and other chemical varieties, data on trading volume, volatility, open - interest PCR, and trading volume PCR are provided [16][18]. 3.3.3 Precious Metals - Data on trading volume, volatility, open - interest PCR, and trading volume PCR of precious metals such as silver and gold are presented [16][18]. 3.3.4 Ferrous Metals - For iron ore, manganese silicon and other ferrous metal varieties, data on trading volume, volatility, open - interest PCR, and trading volume PCR are provided [16][18]. 3.3.5 Non - Ferrous Metals - For copper, aluminum and other non - ferrous metal varieties, data on trading volume, volatility, open - interest PCR, and trading volume PCR are presented [16][18]. 3.3.6 Agricultural Products - For soybean meal, palm oil, cotton and other agricultural products, data on trading volume, volatility, open - interest PCR, and trading volume PCR are provided [16][18].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The trading volume of the commodity options market increased slightly this week, with an average daily trading volume of 8.17 million lots and an average daily open interest of 7.17 million lots, showing week - on - week changes of +10.16% and +5.30% respectively. Investors are advised to focus on potential market opportunities in actively traded varieties [1][7]. - The underlying futures of commodity options showed mixed price movements. Some varieties with high weekly increases include nickel (+4.81%), glass (+2.84%), and soybeans No. 1 (+2.74%); those with high weekly decreases include lithium carbonate (-6.85%), silver (-6.74%), and tin (-4.62%) [2][14]. - Most commodity options' implied volatility increased weekly. For varieties with implied volatility at a historical high, investors should be wary of one - sided risks and consider short - volatility opportunities; for those at a historical low, buying options has a higher cost - performance ratio [2][14]. - The PCR of trading volume and open interest of different varieties reflects different market sentiment. Some varieties have a concentrated short - term bearish or bullish sentiment [2][14]. Summary by Relevant Catalogs 1. Commodity Options Market Activity - The average daily trading volume of the commodity options market this week was 8.17 million lots, and the average daily open interest was 7.17 million lots, with week - on - week changes of +10.16% and +5.30% respectively [1][7]. - The actively traded varieties in terms of daily average trading volume this week included silver (1.11 million lots), PTA (0.64 million lots), and p - xylene (0.64 million lots) [1][7]. - Five varieties had a trading volume increase of over 100%, with significant growth in p - xylene (+292%), pure benzene (+122%), and cotton (+107%) [1][7]. - Varieties with a significant decline in trading volume were pulp (-74%), rebar (-59%), and bitumen (-57%) [1][7]. - The varieties with high average daily open interest this week were glass (0.54 million lots), soda ash (0.48 million lots), and cotton (0.38 million lots). Ethylene glycol had a rapid week - on - week increase in open interest (+118%) [1][7]. 2. This Week's Main Data Review of Commodity Options 2.1 Underlying Price Movements - Varieties with high weekly increases included nickel (+4.81%), glass (+2.84%), and soybeans No. 1 (+2.74%) [2][14]. - Varieties with high weekly decreases included lithium carbonate (-6.85%), silver (-6.74%), and tin (-4.62%) [2][14]. 2.2 Market Volatility - Most commodity options' implied volatility increased weekly, and 45 varieties' current implied volatility was above the 50th percentile of the past year [2][14]. - Varieties with implied volatility at a historical high included silver, nickel, aluminum, copper, pulp, cotton, and plastic. Those at a historical low included iron ore and soybean oil [2][14]. 2.3 Options Market Sentiment - The trading volume PCR of lithium carbonate, tin, and apple was at a historical high, indicating a concentrated short - term bearish sentiment. The trading volume PCR of zinc, polypropylene, live pigs, cotton, and methanol was at a one - year low, indicating a concentrated bullish sentiment [2][14]. - The open interest PCR of lithium carbonate, silver, and p - xylene was at a historical high, while that of alumina, plastic, ethylene glycol, zinc, and aluminum was at a one - year low, reflecting different levels of bullish and bearish sentiment [2][14]. 3. Key Data Overview of Main Varieties - This chapter presents key data of main varieties, including trading volume, volatility, and options market sentiment indicators. Detailed data of more varieties can be found on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [19]. 3.1 Energy - Relevant data charts such as total trading volume, volatility, open interest PCR, and trading volume PCR of crude oil are provided [21][22]. 3.2 Chemicals - **PTA**: Data charts of total trading volume, volatility, open interest PCR, and trading volume PCR are provided [27][33]. - **Caustic Soda**: Data charts of total trading volume, volatility, open interest PCR, and trading volume PCR are provided [36][38]. - **Glass**: Data charts of total trading volume, volatility, open interest PCR, and trading volume PCR are provided [43][44]. - **Soda Ash**: Data charts of total trading volume, volatility, open interest PCR, and trading volume PCR are provided [49][51]. 3.3 Precious Metals - Data charts of total trading volume, volatility, open interest PCR, and trading volume PCR of silver are provided [58][59]. 3.4 Ferrous Metals - **Iron Ore**: Data charts of total trading volume, volatility, open interest PCR, and trading volume PCR are provided [72][68]. - **Manganese Silicide**: Data charts of total trading volume, volatility, open interest PCR, and trading volume PCR are provided [74][75]. 3.5 Non - Ferrous Metals - **Copper**: Data charts of total trading volume, volatility, open interest PCR, and trading volume PCR are provided [81][87]. - **Aluminum**: Data charts of total trading volume, volatility, open interest PCR, and trading volume PCR are provided [90][93]. 3.6 Agricultural Products - **Soybean Meal**: Data charts of total trading volume, volatility, open interest PCR, and trading volume PCR are provided [97][100]. - **Palm Oil**: Data charts of total trading volume, volatility, open interest PCR, and trading volume PCR are provided [103][104]. - **Cotton**: Data charts of total trading volume, volatility, open interest PCR, and trading volume PCR are provided [109][110].

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - This week (2025.12.21 - 2025.12.26), the trading volume of the commodity options market increased slightly, with an average daily trading volume of 8.43 million lots and an average daily open interest of 7.03 million lots, showing a week-on-week change of +22.16% and +8.84% respectively. Investors are advised to focus on potential market opportunities in actively traded varieties [1][7]. - The underlying futures of commodity options showed mixed price movements this week. Most commodity options' implied volatility increased on a weekly basis. The market sentiment for different varieties also varied, with some showing a concentrated expectation of price decline and others showing an expectation of price increase [2][16][17]. 3. Summary by Relevant Catalogs 3.1 Commodity Options Market Activity - The average daily trading volume of actively - traded varieties this week included silver (1.52 million lots), PTA (0.69 million lots), and nickel (0.43 million lots). Five varieties had a trading - volume increase of over 100%, with significant growth in paraxylene (+461%), nickel (+196%), and rapeseed meal (+171%). Meanwhile, LPG (-79%), fuel oil (-79%), and soybeans No.1 (-71%) had obvious trading - volume declines. The varieties with high average daily open interest were glass (0.47 million lots), silver (0.45 million lots), and soda ash (0.45 million lots). Paraxylene (+282%) and PTA (+119%) had a relatively rapid week - on - week increase in open interest [1][7]. 3.2 This Week's Main Data Review of Commodity Options 3.2.1 Underlying Price Movements - The varieties with high weekly increases included silver (+14%), lithium carbonate (+5.34%), and PTA (+4.62%); the varieties with high weekly decreases included polysilicon (-2.14%) and Shanghai tin (-1.58%) [2][16]. 3.2.2 Market Volatility - Most commodity options' implied volatility increased on a weekly basis, with the current implied volatility of 42 varieties above the 50% percentile of the past year. The implied volatility of silver, nickel, lithium carbonate, paraxylene, and staple fiber increased by 22.06, 18.17, 11.59, 10.22, and 10.17 percentage points respectively. Varieties with implied volatility at a one - year high included silver, tin, nickel, aluminum, copper, and paraxylene; those with implied volatility at a one - year low included soybean oil [2][16]. 3.2.3 Options Market Sentiment - Currently, the trading - volume PCR of lithium carbonate and apples is at a historical high, indicating a short - term concentrated expectation of price decline in the market; the trading - volume PCR of live pigs, aluminum, rapeseed oil, corn, gold, and rubber is at a one - year low, indicating a concentrated expectation of price increase. The open - interest PCR of lithium carbonate, silver, paraxylene, and PTA is at a historical high, showing a high level of market sentiment for betting on price decline; the open - interest PCR of aluminum, ethylene glycol, zinc, and styrene is at a one - year low, indicating an accumulation of market sentiment for betting on price increase [2][17]. 3.3 Key Data Overview of Main Varieties - This chapter presents key data of main varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data for more varieties can be found on the official website of Dongzheng Fanwei (https://www.finoview.com.cn/) [22]. 3.3.1 Energy - Relevant charts show the total trading volume, volatility, open - interest PCR, and trading - volume PCR of crude oil, but no specific data analysis in the text [23][24][27]. 3.3.2 Chemicals - **PTA**: Charts display the total trading volume, volatility, open - interest PCR, and trading - volume PCR, but no specific data analysis in the text [30][31][37]. - **Caustic Soda**: Similar to PTA, relevant data are presented in charts without specific text analysis [39][40][41]. - **Glass**: Charts show related data, and there is no specific text analysis [45][46][47]. - **Soda Ash**: Charts present relevant information, and no detailed text analysis [53][54][56]. 3.3.3 Precious Metals - Charts show the total trading volume, volatility, open - interest PCR, and trading - volume PCR of silver, with no specific text analysis [62][63][64]. 3.3.4 Ferrous Metals - **Iron Ore**: The total trading volume, volatility, open - interest PCR, and trading - volume PCR are presented in charts, and no detailed text analysis [70][71][72]. - **Silicomanganese**: Similar to iron ore, relevant data are shown in charts without specific text analysis [77][78][79]. 3.3.5 Non - ferrous Metals - **Copper**: Charts display the total trading volume, volatility, open - interest PCR, and trading - volume PCR, with no specific text analysis [85][86][90]. - **Aluminum**: Similar to copper, relevant data are presented in charts without detailed text analysis [92][93][95]. 3.3.6 Agricultural Products - **Soybean Meal**: The total trading volume, volatility, open - interest PCR, and trading - volume PCR are shown in charts, and no detailed text analysis [98][100][103]. - **Palm Oil**: Relevant data are presented in charts without specific text analysis [106][107][108]. - **Cotton**: Similar to the above, relevant data are shown in charts without detailed text analysis [114][115][117].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The trading volume of the commodity options market decreased slightly this week, with an average daily trading volume of 6.91 million lots and an average daily open interest of 6.46 million lots, showing a week - on - week change of -16.35% and -35.33% respectively. Investors are advised to focus on potential market opportunities of actively traded varieties [1][7]. - The underlying futures of commodity options showed mixed price movements this week. The varieties with higher weekly increases included lithium carbonate (+14%), polysilicon (+5.34%), and p - xylene (+4.62%); those with higher weekly decreases included rapeseed oil (-6.45%), soybean oil (-3.53%), and apple (-3.36%) [2][17]. - Most commodity options' implied volatility increased this week. 32 varieties' current implied volatility was above the 50% quantile of the past year. For varieties with high implied volatility, investors should beware of unilateral risks and consider short - selling volatility opportunities; for those with low implied volatility, buying options has a higher cost - performance [2][17]. - Different varieties showed different sentiment in the options market. For example, the trading volume PCR of palm oil and PVC was at a historical high, indicating a short - term concentrated bet on price declines; while that of cotton, gold, and others was at a one - year low, indicating a concentrated bet on price increases [2][18]. 3. Summary According to Relevant Catalogs 3.1. Commodity Options Market Activity - This week (2025.12.15 - 2025.12.19), the trading volume of the commodity options market decreased slightly. The average daily trading volume was 6.91 million lots, and the average daily open interest was 6.46 million lots, with week - on - week changes of -16.35% and -35.33% respectively [1][7]. - The actively traded varieties in terms of average daily trading volume this week included silver (1.08 million lots), PVC (0.34 million lots), and glass (0.33 million lots) [1][7]. - There were 4 varieties with a trading volume increase of over 100% this week, with significant growth in p - xylene (+256%), asphalt (+143%), and nickel (+125%). The varieties with obvious trading volume decreases were rapeseed oil (-84%), rapeseed meal (-79%), and corn starch (-64%) [1][7]. - The varieties with high average daily open interest this week were silver (0.5 million lots), glass (0.36 million lots), and soda ash (0.36 million lots). The varieties with a rapid week - on - week increase in average daily open interest were p - xylene (+91%) and tin (+49%) [1][7]. 3.2. This Week's Main Data Review of Commodity Options 3.2.1. Underlying Price Movements - The underlying futures of commodity options showed mixed price movements this week. The varieties with higher weekly increases included lithium carbonate (+14%), polysilicon (+5.34%), and p - xylene (+4.62%); those with higher weekly decreases included rapeseed oil (-6.45%), soybean oil (-3.53%), and apple (-3.36%) [2][17]. 3.2.2. Market Volatility - Most commodity options' implied volatility increased this week. 32 varieties' current implied volatility was above the 50% quantile of the past year. The implied volatility of lithium carbonate, nickel, and polysilicon increased by 4.81, 4.71, and 4.25 percentage points respectively [2][17]. - Varieties with implied volatility at a one - year high included silver, polypropylene, plastic, tin, aluminum, copper, and ethylene glycol. Investors should beware of unilateral risks and consider short - selling volatility opportunities. Varieties with implied volatility at a one - year low included rapeseed meal, soybean oil, and urea, where buying options has a higher cost - performance [2][17]. 3.2.3. Options Market Sentiment - The trading volume PCR of palm oil and PVC was at a historical high, indicating a short - term concentrated bet on price declines; the trading volume PCR of cotton, gold, pure benzene, PTA, zinc, aluminum, etc. was at a one - year low, indicating a concentrated bet on price increases [2][18]. - The open interest PCR of lithium carbonate, silver, iron ore, tin, PTA, etc. was at a historical high, indicating a high - level accumulation of sentiment for betting on price declines; the open interest PCR of rapeseed oil, gold, aluminum, palm oil, etc. was at a one - year low, indicating an accumulation of sentiment for betting on price increases [2][18]. 3.3. Key Data Overview of Main Varieties - This chapter mainly presents key data of main varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data of other varieties can be found on the Dongzheng Finoview official website (https://www.finoview.com.cn/) [23]. 3.3.1. Energy - The report provides charts on the total trading volume, volatility, open interest PCR, and trading volume PCR of crude oil, but no specific data analysis is provided [26][27]. 3.3.2. Chemicals - **PTA**: Charts on total trading volume, volatility, open interest PCR, and trading volume PCR are provided, but no specific data analysis [32][38]. - **Caustic Soda**: Charts on total trading volume, volatility, open interest PCR, and trading volume PCR are provided, but no specific data analysis [41][42]. - **Glass**: Charts on total trading volume, volatility, open interest PCR, and trading volume PCR are provided, but no specific data analysis [47][48]. - **Soda Ash**: Charts on total trading volume, volatility, open interest PCR, and trading volume PCR are provided, but no specific data analysis [55][56]. 3.3.3. Precious Metals - For silver, charts on total trading volume, volatility, open interest PCR, and trading volume PCR are provided, but no specific data analysis [63][64]. 3.3.4. Ferrous Metals - **Iron Ore**: Charts on total trading volume, volatility, open interest PCR, and trading volume PCR are provided, but no specific data analysis [73][74]. - **Manganese Silicide**: Charts on total trading volume, volatility, open interest PCR, and trading volume PCR are provided, but no specific data analysis [79][80]. 3.3.5. Non - ferrous Metals - **Copper**: Charts on total trading volume, volatility, open interest PCR, and trading volume PCR are provided, but no specific data analysis [86][88]. - **Aluminum**: Charts on total trading volume, volatility, open interest PCR, and trading volume PCR are provided, but no specific data analysis [95][97]. 3.3.6. Agricultural Products - **Soybean Meal**: Charts on total trading volume, volatility, open interest PCR, and trading volume PCR are provided, but no specific data analysis [103][104]. - **Palm Oil**: Charts on total trading volume, volatility, open interest PCR, and trading volume PCR are provided, but no specific data analysis [109][110]. - **Cotton**: Charts on total trading volume, volatility, open interest PCR, and trading volume PCR are provided, but no specific data analysis [117][118].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The trading volume of the commodity options market increased slightly this week, with an average daily trading volume of 8.25 million lots and an average daily open interest of 9.98 million lots, showing a week-on-week change of +3.95% and -11.29% respectively. Attention should be paid to potential market opportunities in actively traded varieties [1][9]. - This week, most commodity options' implied volatility increased on a weekly basis. For varieties with high implied volatility, single - sided risks should be guarded against, and opportunities to short volatility can be considered; for those with low implied volatility, buying options is more cost - effective [2][18]. - Different varieties show different market sentiment in terms of trading volume PCR and open interest PCR, indicating concentrated expectations of either rising or falling [3][19]. Summary by Directory 1. Commodity Options Market Activity - The average daily trading volume of the commodity options market this week was 8.25 million lots, and the average daily open interest was 9.98 million lots, with week - on - week changes of +3.95% and -11.29% respectively [1][9]. - The most actively traded varieties this week included glass (830,000 lots), silver (790,000 lots), and methanol (470,000 lots). The varieties with significant trading volume growth were soybeans No. 2 (+256%), LPG (+191%), and ethylene glycol (+123%); those with significant decline were polysilicon (-72%) and lithium carbonate (-70%) [1][9]. - The varieties with high average daily open interest this week were glass (920,000 lots), soybean meal (850,000 lots), and soda ash (770,000 lots). The varieties with rapid week - on - week growth in open interest were lead (+56%) and p - xylene (+53%) [1][9]. 2. This Week's Commodity Options Main Data Review 2.1. Underlying Price Changes - This week, most underlying futures of commodity options declined. The varieties with high weekly gains were silver (+8.80%), polysilicon (+7.60%), and lithium carbonate (+6.03%); those with high losses were glass (-5.94%), industrial silicon (-5.20%), and LPG (-4.85%) [2][18]. 2.2. Market Volatility - Most commodity options' implied volatility increased this week. 27 varieties' current implied volatility was above the 50th percentile of the past year. The implied volatility of PVC, LPG, and silver increased by 8.46, 6.24, and 4.01 percentage points respectively. Varieties with high implied volatility included silver, PVC, polypropylene, etc.; those with low implied volatility included urea, rapeseed meal, etc. [2][18]. 2.3. Options Market Sentiment - The trading volume PCR of cotton, plastic, LPG, etc. was at a historical high, indicating a short - term concentrated expectation of price decline; the trading volume PCR of aluminum, zinc, gold, etc. was at a one - year low, showing a concentrated expectation of price increase. The open interest PCR of iron ore, soybean meal, etc. was at a historical high, indicating a high - level accumulation of bearish sentiment; the open interest PCR of rapeseed oil, plastic, etc. was at a one - year low, suggesting an accumulation of bullish sentiment [3][19]. 3. Key Data Overview of Main Varieties This chapter presents key data of main varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data can be found on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [23]. 3.1. Energy No specific data and analysis content provided other than chart references. 3.2. Chemical Industry - **PTA**: No specific data and analysis content provided other than chart references. - **Caustic Soda**: No specific data and analysis content provided other than chart references. - **Glass**: No specific data and analysis content provided other than chart references. - **Soda Ash**: No specific data and analysis content provided other than chart references. 3.3. Precious Metals No specific data and analysis content provided other than chart references. 3.4. Ferrous Metals - **Iron Ore**: No specific data and analysis content provided other than chart references. - **Silicomanganese**: No specific data and analysis content provided other than chart references. 3.5. Non - ferrous Metals - **Copper**: No specific data and analysis content provided other than chart references. - **Aluminum**: No specific data and analysis content provided other than chart references. 3.6. Agricultural Products - **Soybean Meal**: No specific data and analysis content provided other than chart references. - **Palm Oil**: No specific data and analysis content provided other than chart references. - **Cotton**: No specific data and analysis content provided other than chart references.

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week (from November 24 to November 28, 2025), the trading volume of the commodity options market declined slightly. The average daily trading volume was 7.71 million lots, and the average daily open interest was 10.47 million lots, with环比 changes of -9.63% and +2.79% respectively. Investors are advised to focus on potential market opportunities in actively traded varieties [1][8]. - This week, most of the underlying futures of commodity options rose, with 47 varieties closing lower on a weekly basis. The varieties with relatively high weekly increases included silver (+8.96%), glass (+6.69%), and methanol (+6.54%); the variety with a relatively high weekly decline was ferrosilicon (-1.50%) [2][16]. - This week, the implied volatility of 37 commodity options increased on a weekly basis, and 21 varieties' current implied volatility was above the 50th percentile of the past year's history. For varieties with implied volatility at a historical high, investors should be wary of unilateral risks and consider short - selling volatility opportunities; for those at a historical low, buying options has a higher cost - performance ratio [2][16]. - Currently, the trading volume PCR of iron ore and asphalt is at a historical high, indicating a short - term concentrated bet on a decline; the trading volume PCR of aluminum, cotton, rubber, soda ash, etc. is at a one - year low, indicating a concentrated bet on an increase. The open interest PCR of paraxylene, lithium carbonate, and iron ore is at a historical high, while that of gold, aluminum, palm oil, ethylene glycol, etc. is at a one - year low [2][16]. 3. Summary According to Relevant Catalogs 3.1 Commodity Options Market Activity - This week, the average daily trading volume of actively traded varieties mainly included glass (730,000 lots), lithium carbonate (700,000 lots), and silver (640,000 lots). There were 3 varieties with a trading volume increase of over 100%, namely peanuts (+222%), corn starch (+154%), and corn (+116%). The varieties with a significant decline in trading volume were silver (-67%), soybean No. 2 (-62%), and aluminum alloy (-59%) [1][8]. - The varieties with relatively high average daily open interest this week were glass (1.13 million lots), soda ash (910,000 lots), and soybean meal (830,000 lots). The varieties with a relatively rapid increase in average daily open interest were bottle chips (+48%), industrial silicon (+38%), and corn starch (+35%) [1][8]. 3.2 This Week's Main Data Review of Commodity Options 3.2.1 Underlying Price Movements - Most of the underlying futures of commodity options rose this week, with 47 varieties closing lower on a weekly basis. The varieties with relatively high weekly increases included silver (+8.96%), glass (+6.69%), and methanol (+6.54%); the variety with a relatively high weekly decline was ferrosilicon (-1.50%) [2][16]. 3.2.2 Market Volatility - This week, the implied volatility of 37 commodity options increased on a weekly basis, and 21 varieties' current implied volatility was above the 50th percentile of the past year's history. The implied volatility of silver and Shanghai tin increased by 5.06 and 4.50 percentage points respectively. Varieties with implied volatility at a historical high included silver, plastic, polypropylene, methanol, and live pigs; those at a historical low included zinc, manganese silicon, urea, and rebar [2][16]. 3.2.3 Options Market Sentiment - Currently, the trading volume PCR of iron ore and asphalt is at a historical high, indicating a short - term concentrated bet on a decline; the trading volume PCR of aluminum, cotton, rubber, soda ash, etc. is at a one - year low, indicating a concentrated bet on an increase. The open interest PCR of paraxylene, lithium carbonate, and iron ore is at a historical high, while that of gold, aluminum, palm oil, ethylene glycol, etc. is at a one - year low [2][16]. 3.3 Key Data Overview of Main Varieties This chapter mainly presents the key data of main varieties, including trading situations, volatility, and options market sentiment indicators. More detailed data of varieties can be accessed on the official website of Dongzheng Fanwei (https://www.finoview.com.cn/) [20].