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].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week (June 9 - June 13, 2025), the trading volume of the commodity options market was relatively stable, with the average daily trading volume at 6.04 million lots and the average daily open interest at 8.67 million lots, showing a month - on - month change of -3% and -10% respectively. Investors are advised to focus on potential market opportunities in actively traded varieties [2][7]. - This week, most underlying futures of commodity options rose, with 33 varieties closing up for the week. For market volatility, most commodity implied volatilities increased slightly. High - volatility varieties suggest attention to short - volatility opportunities, while low - volatility varieties indicate that industrial customers can consider insurance strategies. Regarding market sentiment, different varieties show varying degrees of bullish or bearish sentiment [3][13]. 3. Summary by Related Catalogs 3.1 Commodity Options Market Activity - The average daily trading volume of the commodity options market was 6.04 million lots, and the average daily open interest was 8.67 million lots, with month - on - month changes of -3% and -10% respectively. Actively traded varieties included PTA, styrene, and soda ash. Three varieties had a trading volume increase of over 100%, with styrene, LPG, and palm oil showing significant growth, while polysilicon and industrial silicon saw a sharp decline. High - open - interest varieties were soybean meal, soda ash, and glass, and varieties with rapid open - interest growth were styrene, silver, and LPG [2][7]. 3.2 This Week's Commodity Options Main Data Review - **Underlying Futures Price Changes**: 33 varieties of underlying futures of commodity options closed up this week. High - gain varieties were crude oil (+13.69%), styrene (+7.94%), and LPG (+5.95%); high - loss varieties were soda ash (-4.62%), urea (-3.43%), and caustic soda (-3.08%) [3][13]. - **Market Volatility**: Most commodity implied volatilities increased slightly. 28 varieties had a month - on - month decline in implied volatility, and 33 varieties' current implied volatility was below the historical 50% quantile. High - volatility varieties included LPG, methanol, etc., and short - volatility opportunities were recommended; low - volatility varieties included vegetable oils, glass, etc., and industrial customers were advised to consider insurance strategies [3][13]. - **Options Market Sentiment**: Varieties such as industrial silicon, rapeseed meal, soybean meal, and rubber had a high trading volume PCR at a historical level, indicating strong short - term bearish sentiment. Gold, silver, and methanol had a low trading volume PCR, showing concentrated short - term bullish sentiment. Rapeseed meal, crude oil, cotton, and rebar had a high open - interest PCR at a historical level, accumulating bearish sentiment, while caustic soda, gold, and soda ash had a low open - interest PCR, accumulating bullish sentiment [3][13]. 3.3 Main Varieties Key Data Overview The 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/) [17]. - **Energy**: Key data of energy varieties such as crude oil, including trading volume, volatility, and options market sentiment indicators, were presented [18]. - **Chemicals** - **PTA**: Data on trading volume, volatility, and options market sentiment were provided [25]. - **Caustic Soda**: Similar key data for caustic soda were presented [34]. - **Glass**: Key data of glass were shown [40]. - **Soda Ash**: Key data of soda ash were provided [48]. - **Precious Metals**: Key data of precious metals such as silver, including trading volume, volatility, and options market sentiment indicators, were presented [55]. - **Ferrous Metals** - **Iron Ore**: Key data of iron ore were provided [61]. - **Silicomanganese**: Key data of silicomanganese were presented [69]. - **Non - ferrous Metals** - **Copper**: Key data of copper were provided [77]. - **Alumina**: Key data of alumina were presented [87]. - **Agricultural Products** - **Soybean Meal**: Key data of soybean meal were provided [97]. - **Palm Oil**: Key data of palm oil were presented [104]. - **Cotton**: Key data of cotton were provided [113].