周度报告——商品期权 商品期权周报：2025 年第 47 周 报告日期： 2025 年 11 月 23 日 ★ 商品期权市场活跃度 本周（2025.11.17-2025.11.21）商品期权市场成交小幅反弹， 日均成交量为 854 万手，日均持仓量为 1019 万手，环比变化 分别为+10.09%和-0.74%。分品种来看，本周日均成交活跃的 品种主要包括白银（109 万手）、碳酸锂（81 万手）、玻璃 （59 万手）。此外，本周共有 4 个品种成交增长超过 100%， 成交量增长较为显著的品种为合成橡胶（+138%）、对二甲 苯（+121%）、碳酸锂（+120%）、工业硅（109%）。与此 同时，成交量下降较为明显的品种则有原油（-57%）、烧碱 （-52%）和 PTA（-42%）。从持仓量数据来看，本周日均持 仓量较高的品种为玻璃（96 万手）、豆粕（82 万手）和纯碱 （81 万手）。日均持仓量环比增长较为迅速的品种为合工业 硅（+49%）、对二甲苯（+42%）、碳酸锂（+40%）。建议 投资者可重点关注交易活跃品种可能存在的市场机会。 ★ 商品期权主要数据点评 标的涨跌情况：本周商品期权标的期货以下跌 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The trading volume of the commodity options market rebounded slightly this week, with an average daily trading volume of 7.22 million lots and an average daily open interest of 10.01 million lots, showing a week - on - week change of +13.63% and +17.96% respectively. Investors are advised to focus on potential market opportunities in actively traded varieties [1][7]. - The underlying futures of commodity options showed mixed performance in terms of price changes. There are opportunities in varieties with high trading activity, and attention should be paid to the risks and opportunities indicated by factors such as price fluctuations, implied volatility, and option market sentiment [1][2][15]. 3. Summary According to the Table of Contents 3.1 Commodity Options Market Activity - This week, the average daily actively - traded varieties included glass (650,000 lots), lithium carbonate (610,000 lots), and polysilicon (520,000 lots). Five varieties had a trading volume increase of over 100%, with asphalt (+161%), ethylene glycol (+158%), and urea (+156%) showing significant growth. The varieties with a significant decline in trading volume were p - xylene (-83%), log (-58%), and alumina (-47%) [1][7]. - The varieties with a relatively high average daily open interest were glass (1.05 million lots), soda ash (870,000 lots), and glass (840,000 lots). The varieties with a relatively rapid week - on - week increase in average daily open interest were synthetic rubber (+83%), styrene (+66%), and LPG (+51%) [1][7]. 3.2 This Week's Commodity Options Main Data Review - **Underlying Price Changes**: The underlying futures of commodity options showed mixed price changes. The varieties with high weekly increases included rapeseed meal (+6.32%), pulp (+3.49%), and urea (+2.58%); the varieties with high weekly decreases included asphalt (-6.04%), polysilicon (-5.66%), and red dates (-5.47%) [2][15]. - **Market Volatility**: Most commodity option implied volatilities in various sectors decreased this week. Seventeen varieties had their current implied volatility above the 50th percentile of the past year. Varieties with implied volatility at a high level in the past year included live pigs, methanol, and asphalt; those at a low level included sugar, tin, cotton, and manganese silicon [2][15]. - **Option Market Sentiment**: The trading volume PCR of varieties such as apples, eggs, lithium carbonate, LPG, and cotton was at a historical high, indicating strong short - term bearish sentiment. The trading volume PCR of aluminum, ethylene glycol, and corn was at a historical low, showing concentrated short - term bullish sentiment. The open interest PCR of ferrosilicon, soybean meal, silver, and lithium carbonate was at a historical high, while that of aluminum, corn, methanol, palm oil, and plastic was at a historical low [2][15]. 3.3 Main Varieties Key Data Overview - The chapter presents key data of main varieties, including trading volume, volatility, and option market sentiment indicators. More detailed data can be accessed on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [20]. - Specific sub - sections cover energy (crude oil, LPG, etc.), chemicals (PTA, caustic soda, glass, soda ash), precious metals (silver), ferrous metals (iron ore, manganese silicon), non - ferrous metals (copper, aluminum), and agricultural products (soybean meal, palm oil, cotton), with corresponding data on trading volume, volatility, open interest PCR, and trading volume PCR provided [21][28][59][66][82][97].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week (October 20 - October 24, 2025), the trading volume of the commodity options market declined slightly, with an average daily trading volume of 6.29 million lots and an average daily open interest of 8.95 million lots, showing a -8.93% and +3.79% change respectively compared to the previous period. It is recommended that investors focus on potential market opportunities in actively traded varieties [1][8]. - This week, most of the underlying futures of commodity options rose, with 45 varieties closing higher for the week. The energy sector had relatively high weekly gains, while precious metals such as silver and gold had relatively high weekly losses. Most sectors, except for agricultural products, saw an increase in the implied volatility of commodity options this week. It is advisable to be vigilant against unilateral risks and pay attention to opportunities for short - selling volatility or buying options with high cost - effectiveness based on different implied volatility levels [2][15]. 3. Summary by Directory 3.1 Commodity Option Market Activity - This week, the average daily trading volume of the commodity options market decreased by 8.93% compared to the previous period, and the average daily open interest increased by 3.79%. Actively traded varieties included silver, styrene, and glass. The trading volume of lead, double - gum paper, and aluminum alloy increased significantly, while that of polysilicon and industrial silicon decreased significantly. In terms of open interest, varieties with high average daily open interest were soybean meal, glass, and soda ash. The open interest of double - gum paper, lead, and short - fiber increased rapidly [1][8]. 3.2 Main Data Review of Commodity Options - **Underlying Price Movements**: 45 varieties of underlying futures of commodity options closed higher this week. The energy sector had high weekly gains, with fuel oil (+7.12%), crude oil (+6.87%), and asphalt (+5.23%) leading the way. Silver (-7.49%) and gold (-6.17%) had high weekly losses [2][15]. - **Market Volatility**: Except for agricultural products, most sectors saw an increase in the implied volatility of commodity options this week. 25 varieties had their current implied volatility above the 50th percentile of the past year. Varieties with implied volatility at a one - year high included crude oil, LPG, asphalt, and fuel oil; those at a one - year low included rapeseed oil, rapeseed meal, and sugar [2][15]. - **Option Market Sentiment**: Varieties such as rapeseed oil, soybean oil, sugar, and live pigs had a high volume PCR, indicating strong short - term bearish sentiment. Aluminum, alumina, nickel, tin, and copper had a low volume PCR, showing concentrated short - term bullish sentiment. Silver, ferrosilicon, manganese silicon, and rapeseed oil had a high open interest PCR, indicating a high level of accumulated bearish sentiment, while asphalt, corn, methanol, and alumina had a low open interest PCR, indicating accumulated bullish sentiment [2][15]. 3.3 Key Data Overview of Main Varieties - This chapter presents key data of main varieties, including trading volume, volatility, and option market sentiment indicators. More detailed data can be found on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [20]. - **Energy**: Key data such as trading volume, volatility, and option market sentiment indicators of energy varieties like crude oil are presented, with relevant charts provided [21][23][25]. - **Chemicals**: - **PTA**: Key data and relevant charts of PTA are presented [28][29][35]. - **Caustic Soda**: Key data and relevant charts of caustic soda are presented [37][38][40]. - **Glass**: Key data and relevant charts of glass are presented [44][45][46]. - **Soda Ash**: Key data and relevant charts of soda ash are presented [50][51][52]. - **Precious Metals**: Key data and relevant charts of precious metals such as silver are presented [56][57][58]. - **Ferrous Metals**: - **Iron Ore**: Key data and relevant charts of iron ore are presented [62][63][66]. - **Manganese Silicon**: Key data and relevant charts of manganese silicon are presented [70][71][72]. - **Non - Ferrous Metals**: - **Copper**: Key data and relevant charts of copper are presented [77][78][83]. - **Aluminum**: Key data and relevant charts of aluminum are presented [85][86][89]. - **Agricultural Products**: - **Soybean Meal**: Key data and relevant charts of soybean meal are presented [93][95][96]. - **Palm Oil**: Key data and relevant charts of palm oil are presented [100][101][102]. - **Cotton**: Key data and relevant charts of cotton are presented [114][109][110].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - This week, the trading volume of commodity options decreased significantly by 24.45% compared to last week, and the open interest decreased by 24.29%. The market sentiment of commodity options cooled significantly, and the implied volatility of options generally declined [2][4]. - The implied volatility of lithium carbonate and soda ash options decreased by more than 4 percentage points compared to last Friday and are currently at the 60%-70% and 30%-40% historical quantile levels respectively [2][4]. 3. Summary of Relevant Content Volatility - As of Friday's close, the implied volatility of crude oil options was 28.91%, a decrease of 4.35% from a week ago; lithium carbonate options was 42.69%, a decrease of 5.54%; rebar options was 11.35%, a decrease of 0.46%; soda ash options was 18.20%, a decrease of 1.48%; gold options was 15.51%, a decrease of 0.25%; silver options was 18.06%, a decrease of 0.21%; palm oil options was 15.61%, an increase of 0.14%; soybean oil options was 21.60%, an increase of 2.06%; rapeseed oil options was 19.84%, a decrease of 0.35%; rubber options was 12.69%, a decrease of 2.85% [1][4]. Figures - There are multiple figures in the report, including those showing the trading volume and open interest, implied volatility and historical volatility, skewness structure, and term structure of various commodity options such as crude oil, lithium carbonate, rebar, soda ash, gold, silver, palm oil, soybean oil, rapeseed oil, and rubber [5][13][20].