周度报告——商品期权 商品期权周报：2026 年第 2 周 报告日期： 2026 年 1 月 11 日 ★ 商品期权市场活跃度 本周（2026.01.05-2026.01.09）商品期权市场成交活跃度继续 提升，日均成交量为 941 万手，日均持仓量为 863 万手，环 比变化分别为+15.16%和+20.23%。分品种来看，本周日均成 交活跃的品种主要包括碳酸锂（93 万手）、玻璃（82 万手）、 PTA（69 万手）。此外，本周共有 9 个品种成交增长超过 100%， 成交量增长较为显著的品种为铝合金（+198%）、工业硅 （+171%）、原油（+161%）。与此同时，成交量下降较为 明显的品种则有对二甲苯（-93%）、白银（-52%）。从持仓 量数据来看，本周日均持仓量较高的品种为玻璃（68 万手）、 纯碱（57 万手）和 PTA（46 万手）。日均持仓量环比增长 较为迅速的品种为沥青（+142%）。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：商品期权标的以上涨为主。周度涨幅较高的 品种包括碳酸锂（+17.96%）、白银（+9.70%）、锡（+9.17 ...

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.

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The trading volume of the commodity options market remained at a low level this week, but there were significant increases in the trading volume and open interest of some varieties. Investors are advised to focus on potential market opportunities in actively traded varieties [1][8]. - The underlying futures of commodity options showed mixed trends this week, with the chemical sector mostly declining. Most commodity options' implied volatility increased, and different varieties showed different market sentiments [2][15]. 3. Summary by Directory 3.1 Commodity Options Market Activity - This week (2025.9.1 - 2025.9.5), the average daily trading volume of the commodity options market was 6.89 million lots, and the average daily open interest was 9.32 million lots, with环比 increases of 15.91% and 13.41% respectively [1][8]. - Actively traded varieties included polysilicon (600,000 lots), lithium carbonate (580,000 lots), and glass (560,000 lots). The trading volume of gold, polysilicon, and lithium carbonate increased by over 100%, while that of apple and p - xylene decreased significantly [1][8]. - Varieties with high average daily open interest were glass (910,000 lots), soda ash (880,000 lots), and soybean meal (780,000 lots). The open interest of tin, lead, and copper increased rapidly [1][8]. 3.2 Commodity Options Main Data Review - **Underlying Price Movements**: The underlying futures of commodity options showed mixed trends, with 28 varieties closing higher for the week. Polysilicon (+14.49%), industrial silicon (+5.13%), and silver (+4.51%) had high weekly increases, while jujube (-4.43%), lithium carbonate (-3.78%), and ethylene glycol (-2.49%) had high weekly decreases [2][15]. - **Market Volatility**: Most commodity options' implied volatility increased this week. 30 varieties' current implied volatility was below the 50% quantile of the past - year history. Polysilicon, industrial silicon, lithium carbonate, and eggs had high implied volatility, while some varieties in the oilseeds and non - ferrous metals sectors had low implied volatility [2][15]. - **Options Market Sentiment**: The trading volume PCR of some varieties such as bottle chips, LPG, and lithium carbonate was at a historical high, indicating strong short - term bearish sentiment. The trading volume PCR of rubber, tin, nickel, etc. was at a historical low, showing concentrated short - term bullish sentiment. The open interest PCR of polysilicon, lead, and lithium carbonate was at a historical high, while that of ethylene glycol, urea, etc. was at a historical low [2][15]. 3.3 Main Varieties Key Data Overview 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/) [19]. - **Energy**: Data on trading volume, volatility, open interest PCR, and trading volume PCR of crude oil are presented [20]. - **Chemical**: Key data of PTA, caustic soda, glass, and soda ash are shown, including trading volume, volatility, open interest PCR, and trading volume PCR [27][36][43][49]. - **Precious Metals**: Data on silver's trading volume, volatility, open interest PCR, and trading volume PCR are provided [55]. - **Ferrous Metals**: Key data of iron ore and manganese silicon, including trading volume, volatility, open interest PCR, and trading volume PCR, are presented [63][71]. - **Non - Ferrous Metals**: Data on copper and alumina, including trading volume, volatility, open interest PCR, and trading volume PCR, are shown [78][92]. - **Agricultural Products**: Key data of soybean meal, palm oil, and cotton, including trading volume, volatility, open interest PCR, and trading volume PCR, are presented [93][100][108].

Report Industry Investment Rating No relevant information provided. Core View of the Report The report analyzes the activity, price changes, market volatility, and sentiment of the commodity options market in the 34th week of 2025 (August 18 - August 22). It suggests investors focus on trading opportunities in actively traded varieties and provides insights on potential risks and opportunities based on price movements and volatility [1][2]. Summary by Directory 1. Commodity Options Market Activity - Market activity declined compared to last week, with average daily trading volume at 6.46 million lots and average daily open interest at 7.32 million lots, down 26.6% and 28.23% respectively [1][6]. - Actively traded varieties included soda ash (590,000 lots), glass (510,000 lots), and palm oil (400,000 lots) [1][6]. - Three varieties saw trading volume growth of over 100%, with p-xylene (+1327%), synthetic rubber (+125%), and staple fiber (+122%) showing significant increases [1][6]. - Varieties with significant trading volume declines were rapeseed meal (-85%), rapeseed oil (-85%), and soybean oil (-72%) [1][6]. - Varieties with high average daily open interest were rebar (630,000 lots), soda ash (620,000 lots), and soybean meal (600,000 lots) [1][6]. - Varieties with rapid open interest growth were p-xylene (+188%), synthetic rubber (+77%), and polysilicon (+50%) [1][6]. 2. This Week's Commodity Options Main Data Review - **Underlying Price Changes**: Most commodity option underlying futures declined, with 37 varieties closing lower for the week. High weekly gainers included caustic soda (+4.26%), p-xylene (+4.16%), and staple fiber (+3.34%); high weekly losers were lithium carbonate (-9.14%), soda ash (-4.95%), and ferrosilicon (-9.14%) [2][15]. - **Market Volatility**: The implied volatility of some commodity options declined weekly, with 39 varieties having current implied volatility below the 50th percentile of the past year. Varieties at historical highs included polysilicon, eggs, and industrial silicon; those at historical lows included the agricultural products sector and non-ferrous metals [2][15]. - **Options Market Sentiment**: Varieties such as lithium carbonate and soybean meal had high volume PCRs, indicating strong short-term bearish sentiment. Varieties like ethylene glycol, styrene, aluminum, and PTA had low volume PCRs, showing concentrated short-term bullish sentiment. Lithium carbonate, polysilicon, caustic soda, and soda ash had high open interest PCRs, suggesting high bearish sentiment; while styrene, ethylene glycol, nickel, and plastic had low open interest PCRs, indicating bullish sentiment accumulation [2][15]. 3. Key Data Overview of Major Varieties This chapter presents key data on major varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data can be accessed on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [19]. - **Energy**: Data on crude oil, including trading volume, volatility, open interest PCR, and volume PCR, are presented through various charts [20][22][23]. - **Chemicals**: - **PTA**: Data on trading volume, volatility, open interest PCR, and volume PCR are presented through charts [26][27][29]. - **Caustic Soda**: Similar data are presented for caustic soda [35][36][38]. - **Glass**: Data on glass are presented in a similar manner [42][43][44]. - **Soda Ash**: Data on soda ash are presented through charts [48][49][52]. - **Precious Metals**: Data on silver, including trading volume, volatility, open interest PCR, and volume PCR, are presented through charts [54][55][56]. - **Ferrous Metals**: - **Iron Ore**: Data on iron ore are presented through charts [62][63][66]. - **Silicomanganese**: Similar data are presented for silicomanganese [70][71][72]. - **Non-Ferrous Metals**: - **Copper**: Data on copper are presented through charts [77][78][84]. - **Alumina**: Data on alumina are presented in a similar manner [93][88][90]. - **Agricultural Products**: - **Soybean Meal**: Data on soybean meal are presented through charts [94][96][98]. - **Palm Oil**: Similar data are presented for palm oil [102][110][103]. - **Cotton**: Data on cotton are presented through charts [111][112][113].

Report Title - "Commodity Options Weekly Report: Week 33 of 2025" [1] 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The activity level of the commodity options market in the week from August 11 - 15, 2025, was basically flat compared to the previous week. Investors are advised to focus on potential market opportunities in actively - traded varieties [2][9] - The underlying futures of commodity options showed mixed performance this week, with the energy - chemical and non - ferrous sectors mainly rising. Attention should be paid to risks and opportunities based on factors such as price fluctuations, implied volatility, and market sentiment [3][17][18] 3. Summary by Relevant Catalogs 3.1 Commodity Options Market Activity - The average daily trading volume was 8.81 million lots, with a week - on - week increase of 4.19%, and the average daily open interest was 10.2 million lots, with a week - on - week decrease of 18.19% [2][5][9] - Actively - traded varieties in terms of average daily trading volume included glass (1.07 million lots), soda ash (1.06 million lots), and soybean meal (0.6 million lots) [2][5][9] - Five varieties had trading volume growth of over 100%, with significant growth in synthetic rubber (+362%), Shanghai tin (+265%), and apples (+108%). Meanwhile, polycrystalline silicon (-77%), industrial silicon (-66%), and urea (-53%) had obvious trading volume declines [2][9] - Varieties with high average daily open interest were soybean meal (1.07 million lots), glass (0.96 million lots), and soda ash (0.87 million lots). Synthetic rubber (+58%), Shanghai tin (+37%), and p - xylene (+37%) had rapid week - on - week growth in average daily open interest [2][9] 3.2 This Week's Commodity Options Main Data Review 3.2.1 Underlying Price Fluctuations - There were 28 varieties with weekly gains, including lithium carbonate (+12.92%), palm oil (+5.11%), and soda ash (+4.73%); 23 varieties had weekly losses, including methanol (-2.55%), eggs (-2.30%), and logs (-1.87%) [3][17] 3.2.2 Market Volatility - The implied volatility of some commodity options varieties rebounded this week, with 23 varieties having current implied volatility above the 50th percentile of the past year. High - implied - volatility varieties included corn starch, eggs, logs, etc., and short - volatility opportunities were recommended. Low - implied - volatility varieties included non - ferrous metals, precious metals, plastics, etc., where buying options had a higher cost - performance ratio [3][17] 3.2.3 Options Market Sentiment - Varieties such as p - xylene, bottle chips, and soybean meal had a high volume PCR, indicating strong short - term bearish sentiment. Glass, rubber, soda ash, and rapeseed oil had a low volume PCR, showing concentrated short - term bullish sentiment [3][18] - P - xylene, lithium carbonate, and soda ash had a high open - interest PCR, indicating a high level of accumulated bearish sentiment. Nickel, logs, sugar, and rubber had a low open - interest PCR, indicating accumulated bullish sentiment [3][18] 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 can be accessed on the Dongzheng Finoview official website (https://www.finoview.com.cn/) [22]