1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The report presents the daily data of commodity options on January 12, 2026, including the futures and options market statistics and option quantitative indicators of agricultural products, energy chemicals, black commodities, and metals [1][5][9][11] 3. Summary by Category 3.1 Agricultural Products 3.1.1 Futures Market Statistics - Various agricultural products show different price changes, trading volumes, and open interest changes. For example, the closing price of corn (c2603) is 2290 with a change of 27, and the trading volume increases by 98441 [1] 3.1.2 Options Market Statistics - Data on the trading volume, PCR (Put - Call Ratio), and open interest of options for different agricultural products are provided, along with their changes [3] 3.1.3 Option Quantitative Indicators - Includes information such as remaining trading days, at - the - money volatility, and its changes, as well as historical volatility and skew for different agricultural product options [4] 3.2 Energy Chemicals 3.2.1 Futures Market Statistics - Different energy chemical products have distinct price movements, trading volume changes, and open interest changes. For instance, the closing price of PTA (ta2605) is 5142 with an increase of 34, and the trading volume increases by 504652 [5] 3.2.2 Options Market Statistics - Information on the trading volume, PCR, and open interest of options for energy chemical products, along with their changes [6][7] 3.2.3 Option Quantitative Indicators - Details about remaining trading days, at - the - money volatility, and its changes, historical volatility, and skew for energy chemical product options [8] 3.3 Black Commodities 3.3.1 Futures Market Statistics - The futures market statistics of black commodities like iron ore, power coal, and rebar are presented, including price changes, trading volumes, and open interest changes [9] 3.3.2 Options Market Statistics - Data on the trading volume, PCR, and open interest of options for black commodities, along with their changes [9] 3.3.3 Option Quantitative Indicators - Information on remaining trading days, at - the - money volatility, and its changes, historical volatility, and skew for black commodity options [10] 3.4 Metals 3.4.1 Futures Market Statistics - The futures market statistics of metals such as gold, silver, and copper are shown, including price changes, trading volumes, and open interest changes [11] 3.4.2 Options Market Statistics - Data on the trading volume, PCR, and open interest of options for metals, along with their changes [12] 3.4.3 Option Quantitative Indicators - Details about remaining trading days, at - the - money volatility, and its changes, historical volatility, and skew for metal options [13]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The colored metals sector should be vigilant against short - term trend reversals. Different varieties in the black, agricultural products, and energy - chemical sectors require differentiated risk management strategies, including short - term operations, band trading, and combining with fundamentals [1][2][3][4]. 3. Summary According to the Directory 3.1 Colored Metals Sector - **1H25 Colored Metals Sector Technical Rating Review** - The overall performance of the non - ferrous metals sector in 1H25 was weak, with significant differentiation among varieties. Traditional industrial metals were relatively resistant to decline, while new energy materials declined sharply. For example, copper and aluminum prices rose, while zinc, lithium carbonate, and polysilicon prices fell [13]. - The technical indicator ratings of copper and aluminum were generally consistent, but the correlation between the rating and actual yield was different. The technical indicators of zinc and lead had a high correlation with yields. For new energy metals, the effectiveness of technical indicator ratings was limited [15][23]. - **Detailed Review of Key Colored Metals Variety - Copper** - **Volume and Open Interest**: The price and volume changes of the Shanghai copper main - continuous contract in the first half of the year can be divided into five trends. Currently, the volume and open interest have rebounded slightly, but the price increase is limited, and it is necessary to wait for further volume signals [39][40][43]. - **MACD**: There were 5 golden cross signals and 3 dead cross signals in the first half of the year. The short - term MACD formed a dead cross signal, and there is a risk of short - term correction. Medium - and long - term operations need to consider the long - term bullish fundamentals [45][46]. - **Oscillating Indicators**: The overall signal effectiveness of oscillating indicators was insufficient. The long - cycle KDJ was more effective in observing large - scale corrections and sudden rebounds, while the CCI had a high failure rate [49][52]. - **Support and Resistance Levels**: The pivot point of Shanghai copper rose steadily, showing a bullish market. However, the resistance levels were "solidified", and the support levels were "moving up". The price was compressed in a box, and the adjustment of support and resistance levels in the third quarter needs to wait for short - term price and volume breakthroughs [53][55]. - **Colored Metals Sector Risk Management Guidelines** - Traditional non - ferrous metals and new energy metals can use technical indicator ratings to capture price risks. For example, for Shanghai aluminum, set stop - loss levels and use put options to hedge against correction risks; for Shanghai zinc, use call options instead of some long positions [61][62]. - Shanghai copper is in a stage of shock consolidation. There is a risk of short - term correction, and it is necessary to be vigilant against the risks of downward break - through and false breakthrough. Long - term upward trends need to be confirmed by volume [63][65]. 3.2 Black Metals Sector - **1H25 Black Metals Sector Technical Rating Review** - In the first half of 2025, black metal futures all declined, with coking coal and coke leading the decline. The volatility of coking coal, coke, and iron ore was high, while that of rebar and hot - rolled coil was relatively low [64]. - The pivot point distribution of each variety showed obvious differentiation, with "raw materials > finished products > alloys" in terms of volatility gradient. Coking coal and coke had a high risk of breaking through S2 and R2, iron ore had a medium risk of breaking through S3, and manganese silicon had a high risk of breaking through R3 [89]. - **Detailed Review of Key Black Metals Variety - Rebar** - **Volume and Open Interest**: The price of the rebar main - continuous contract in 1H25 can be divided into five stages. Currently, the decline has slowed down, but the downward pressure has not been eliminated. The market is in a weak balance state, and it is necessary to be vigilant against break - through risks [92][93][94]. - **Technical Patterns**: The effectiveness of the dead cross signal of MACD was stronger than that of the golden cross signal. Oscillating indicators did not have significant long - or short - term guidance, and it was necessary to be cautious about rebounds in the third quarter [96][98]. - **Support and Resistance Levels**: The pivot point moved down step by step in 1H25, and the market was dominated by bears. The current price is in a box - shaped shock between S2 and R2. The adjustment of support and resistance levels in the third quarter needs to wait for short - term price and volume breakthroughs [102]. - **Black Metals Sector Risk Management Guidelines** - The upstream coking coal and coke can use short - term box operations based on the new weekly Fibonacci pivot, and long - term holding needs to consider fundamental fluctuations. Iron ore can appropriately loosen the box operation to S3 and R3. Rebar is in a weak shock pattern, and it is necessary to be vigilant against the risks of short - term rebound and false breakthrough [113][115]. 3.3 Agricultural Products Sector - **1H25 Agricultural Products Sector Technical Rating Review** - Palm oil and soybean meal had high volatility, suitable for short - term active operations; pork and soybean oil had moderate volatility, suitable for medium - term trading; sugar, corn, and cotton had low volatility, suitable for trading strategies that follow the fundamentals [116]. - The overall fit between the market fluctuations and technical indicator ratings in the agricultural products sector was less than 40%, but the yield performance was relatively coordinated in long - and short - term ratings. High - volatility varieties need to use multi - dimensional technical indicators for refined market ratings [116]. - **Agricultural Products Sector Fibonacci Pivot Analysis** - Different varieties had different levels of activity. High - volatility varieties such as soybeans, palm oil, eggs, and red dates were suitable for short - term operations; medium - volatility varieties such as apples, corn starch, soybean meal, and peanuts were suitable for band trading; low - volatility varieties such as japonica rice and cotton were suitable for combining with fundamentals and waiting for key technical level breakthroughs [139]. 3.4 Energy - Chemical Sector - The energy - chemical sector mainly adopts differentiated risk management. High - volatility varieties such as crude oil, fuel oil, and styrene are suitable for short - term operations; medium - volatility varieties such as LPG and asphalt are suitable for band trading; low - volatility varieties such as PVC and polypropylene are suitable for medium - term operations combined with fundamentals. PTA should be vigilant against overbought corrections [4].