1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Not provided in the content 3. Summary by Relevant Catalogs 3.1 Market Overview - The report presents the trading volume and open interest data of the commodity options market, including the overall market and different sectors such as agriculture, energy and chemicals, black metals, precious metals, and non - ferrous metals and new energy. The overall trading volume of the market this week was 6,628,465.8, a decrease of 0.95% from last week, and the open interest was 7,083,253, a decrease of 0.24% from last week. Among them, the trading volume of agricultural products increased by 0.48%, while the trading volume of other sectors decreased to varying degrees [5]. 3.2 Market Data 3.2.1 Market Overview - The report provides the quantitative data of commodity options, including the at - the - money volatility, 60 - day quantile, skew, and 60 - day skew quantile of various options. For example, the at - the - money volatility of corn options is 8.65%, and the 60 - day quantile is 13.33% [15]. 3.2.2 - 3.2.61 Various Option Data - For each type of option (such as corn options, soybean meal options, etc.), the report details the closing price, trading volume, open interest, volume PCR, open interest PCR, at - the - money volatility, HV - 10 days, HV - 20 days, and skew of the main and secondary contracts. For example, for corn options, the total trading volume of the main contract this week was 145,658, an increase of 48,066 from last week, and the volume PCR was 0.4574, a decrease of 0.0707 from last week [17].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - No relevant information provided Group 3: Option Quotes - The daily price increase rates of call options for tin, caustic soda, and copper are 145.46%, 114.29%, and 39.01% respectively. The daily price increase rates of put options for log, styrene, and asphalt are 62.50%, 54.94%, and 40.30% respectively [1]. Group 4: Option Positions - The daily changes in call option positions for soda ash, glass, and methanol are 28,697, 19,552, and 18,395 respectively. The daily changes in put option positions for caustic soda, PTA, and glass are 24,635, 18,672, and 14,859 respectively [2]. Group 5: Option Position Put - Call Ratio PCR - High - position PCR varieties include apple (1.6364), offset printing paper (1.2648), and propylene (1.0963). Low - position PCR varieties include soda ash (0.2516), live pigs (0.2569), and alumina (0.2755) [5]. Group 6: Option Trading Volume Put - Call Ratio PCR - High - trading - volume PCR varieties include apple (1.6044), offset printing paper (1.1722), and iron ore (1.1403). Low - trading - volume PCR varieties include ethylene glycol (0.1602), Chinese dates (0.183), and lead (0.2236) [6]. Group 7: Daily Selections - Call option selections include alumina (ao2605C2900), sugar (SR605C5300), and peanuts (PK605C8000). Put option selections include ethylene glycol (eg2605 - P - 3550), industrial silicon (si2605 - P - 8100), and plastic (l2605 - P - 6500) [7]. Group 8: Near - Expiration Options - For call options of near - expiration options, such as cotton (CF603C14800), the remaining days are 2, the option closing price is 22.0, and the break - even target price is 14,825.0 with a break - even target increase rate of 1.02%. For put options, such as cotton (CF603P14600), the break - even target price is 14,552.0 with a break - even target decrease rate of - 0.84% [8][9].

1. Market Overview - The total trading volume of the commodity options market this week was 8,927,530.8, up 0.4% from last week, and the total open interest was 9,142,747, up 0.02% [5]. - The trading volume of agricultural products options was 1,480,074.0, up 0.58%, and the open interest was 3,149,035, up 0.04% [5]. - The trading volume of energy and chemical options was 4,184,971.8, up 0.89%, and the open interest was 3,674,765, up 0.15% [5]. - The trading volume of black options was 340,558.0, down 0.65%, and the open interest was 738,944, up 0.12% [5]. - The trading volume of precious metal options was 812,581.6, down 0.97%, and the open interest was 334,994, down 0.37% [5]. - The trading volume of non - ferrous and new energy options was 2,109,345.4, up 0.42%, and the open interest was 1,245,009, down 0.21% [5]. 2. Market Data 2.1 Market Overview - The report provides the implied volatility, 60 - day quantile, skew, and 60 - day skew quantile of the at - the - money options for various commodities such as corn, soybean meal, and methanol [15]. 2.2 - 2.61 Specific Commodity Options - For each of the 61 types of commodity options (e.g., corn options, soybean meal options), the report details the closing price, price change, remaining trading days of the main and secondary contracts, as well as the trading volume, open interest, volume PCR, open interest PCR, at - the - money volatility, 10 - day historical volatility (HV - 10), 20 - day historical volatility (HV - 20), and skew. For example, in corn options, the main contract's closing price was 2271, down 29, with 14 remaining trading days [16].

Group 1: Report Overview - The report is the Commodity Options Daily Report on February 2, 2026 [1] Group 2: Option Quotes Call Options - PVC had the highest daily increase of 57.92%, followed by logs (47.22%) and red dates (19.14%). Polypropylene had the largest decline of 1.16% [1] Put Options - Pulp had the highest daily increase of 164.37%, followed by tin (100.55%) and copper (88.94%) [1] Group 3: Option Positions Call Options - Lithium carbonate had the largest daily increase in positions of 31,014, followed by glass (28,078) and soda ash (25,290) [2] Put Options - PVC had the largest daily increase in positions of 8,199, followed by eggs (2,159) and nickel (2,127) [2] Group 4: Option Position Put - Call Ratio (PCR) High - PCR Varieties - Apple had the highest PCR of 1.4984, followed by silver (1.4638) and propylene (1.3002) [5] Low - PCR Varieties - Alumina had the lowest PCR of 0.2133, followed by live pigs (0.2586) and soda ash (0.29) [5] Group 5: Option Volume Put - Call Ratio (PCR) High - PCR Varieties - Polysilicon had the highest PCR of 1.717, followed by rapeseed meal (1.0022) and lithium carbonate (0.9981) [6] Low - PCR Varieties - Red dates had the lowest PCR of 0.1316, followed by lead (0.18) and live pigs (0.1996) [6] Group 6: Daily Selections Call Options - Synthetic rubber had a trend degree of 55, followed by PVC and plastic with a trend degree of 53 [7] Put Options - Live pigs had a trend degree of - 53, followed by polysilicon with a trend degree of - 47 [7] Group 7: Near - Expiry Options Call Options - For crude oil call option sc2603C485, the remaining days were 2, the option closing price was 6.0, and the break - even target price increase was 5.82% [8] Put Options - For crude oil put option sc2603P480, the remaining days were 2, the option closing price was 15.8, and the break - even target price decrease was - 8.01% [8]

Report Summary 1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core Viewpoints - The report presents data on commodity option market, including option quotes, positions, position put - call ratios (PCR), volume put - call ratios (PCR), daily selections, and near - expiration options, aiming to provide reference information for the commodity option market [1][2][5][6][7][8][9]. 3. Summary by Directory Option Quotes - **Call Options**: Zinc had the highest daily increase of 80.48%, followed by nickel (65.23%) and lead (49.02%). Silver had a 6.21% increase, and log had the lowest increase of 2.78% [1]. - **Put Options**: Bottle chips had the highest daily increase of 42.80%, followed by p - xylene (37.60%) and ferrosilicon (35.56%). Platinum had a 20.06% increase, and rapeseed oil had a 21.68% increase [1]. Option Positions - **Call Options**: PVC had the largest daily change in position of 22,596, followed by fuel oil (17,212) and soda ash (14,800) [2]. - **Put Options**: PVC had a daily change in position of 13,579, PTA had 9,951, and fuel oil had 8,715 [2]. Option Position Put - Call Ratio (PCR) - **High - PCR Varieties**: Tin had the highest PCR of 1.8833, followed by silver (1.6968) and lithium carbonate (1.6747) [5]. - **Low - PCR Varieties**: Alumina had the lowest PCR of 0.2205, followed by live pigs (0.2539) and red dates (0.255) [5]. Option Volume Put - Call Ratio (PCR) - **High - Volume PCR Varieties**: Rapeseed oil had the highest volume PCR of 1.5302, followed by lithium carbonate (1.1558) and tin (1.0823) [6]. - **Low - Volume PCR Varieties**: Red dates had the lowest volume PCR of 0.1034, followed by logs (0.1411) and live pigs (0.1699) [6]. Daily Selections - **Call Options**: Polypropylene, liquefied petroleum gas, silver, etc. were selected, with trend degrees mostly around 53 - 55 and different put - call ratios [7]. - **Put Options**: Pulp, polysilicon, rapeseed meal, etc. were selected, with trend degrees ranging from - 39 to - 55 and different put - call ratios [7]. Near - Expiration Options - **Call Options**: For call options of near - expiration options, such as iron ore, ethylene glycol, and styrene, details of remaining days, option closing prices, break - even points, and target price increases for option doubling are provided [8]. - **Put Options**: For put options of near - expiration options, such as iron ore, ethylene glycol, and styrene, details of remaining days, option closing prices, break - even points, and target price decreases for option doubling are provided [9].

Report Summary - The report is an early morning report on agricultural product options dated December 15, 2025 [1] - The overall market shows that oilseeds and oils are weakly volatile, while agricultural by - products and soft commodities have mixed trends. The strategy suggests constructing an option portfolio mainly composed of sellers, along with spot hedging or covered strategies to enhance returns [2] 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - **Market Trends**: Oilseeds and oils are in a weakly volatile state, agricultural by - products and soft commodities maintain a volatile market, and grains show a slightly bullish and narrow - range consolidation [2] - **Strategies**: Construct an option portfolio mainly with sellers, and use spot hedging or covered strategies to increase returns [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report shows the latest prices, price changes, trading volumes, and open interest changes of various agricultural product options, including soybeans, soybean meal, palm oil, etc. For example, the latest price of soybean No. 1 (A2603) is 4,126, down 20 with a decline rate of 0.48%, and the trading volume is 1.25 million lots [3] 3.2 Option Factors 3.2.1 Volume - to - Open Interest PCR - It provides information on the volume - to - open interest PCR (Put - to - Call Ratio) of different option varieties, which helps to analyze the strength and potential turning points of the option underlying markets. For instance, the volume PCR of soybean No. 1 is 0.74 with a change of 0.06, and the open interest PCR is 1.08 with a change of - 0.01 [4] 3.2.2 Pressure and Support Levels - The pressure and support levels of each option variety are presented. For example, the pressure level of soybean No. 1 is 4,250, and the support level is 4,100 [5] 3.2.3 Implied Volatility - The implied volatility data of various option varieties are given, including at - the - money implied volatility, weighted implied volatility, and their changes compared to the annual average. For example, the at - the - money implied volatility of soybean No. 1 is 11.62%, and the weighted implied volatility is 13.72% with a change of 0.21% [6] 3.3 Strategies and Recommendations for Different Option Varieties 3.3.1 Oilseeds and Oils Options - **Soybean No. 1**: Based on fundamental and market analysis, it suggests constructing a short neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [7] - **Soybean Meal**: With the analysis of fundamentals and market trends, it recommends constructing a short neutral call + put option combination strategy for volatility and a long collar strategy for spot hedging [9] - **Palm Oil**: Considering the market situation, it proposes a bearish call spread strategy for direction, a short bearish call + put option combination strategy for volatility, and a long collar strategy for spot hedging [9] - **Peanut**: Given the current situation, it suggests a long collar strategy for spot hedging [10] 3.3.2 Agricultural By - products Options - **Live Hogs**: Based on the analysis, it recommends a short bearish call + put option combination strategy for volatility and a covered call strategy for spot [10] - **Eggs**: It suggests a short bearish call + put option combination strategy for volatility [11] - **Apples**: It recommends a short bullish call + put option combination strategy for volatility and a long collar strategy for spot hedging [11] - **Jujubes**: It suggests a short bearish wide - straddle option combination strategy for volatility and a covered call strategy for spot hedging [12] 3.3.3 Soft Commodities Options - **Sugar**: It recommends a short bearish call + put option combination strategy for volatility and a long collar strategy for spot hedging [12] - **Cotton**: It suggests a short neutral call + put option combination strategy for volatility and a long collar strategy for spot [13] 3.3.4 Grains Options - **Corn**: It recommends a short neutral call + put option combination strategy for volatility [13] - **Starch**: Although not detailed in the summary part, relevant data and analysis are provided for it in the report [300 - 316] 3.3.5 Other Options - **Log**: The report provides relevant data and analysis, but specific strategy recommendations are not emphasized [317 - 336]

Core Insights - The signing of a procurement contract for 2 million cubic meters of radiata pine logs worth $22.8 million marks a significant collaboration between Jiangsu Suhao Zhongjin Development Co., Ltd. and New Zealand's Fuchun Na Forestry Co., Ltd. [1] - The introduction of a new futures product for logs in November 2024 is expected to benefit trading companies like Suhao Zhongjin by addressing long-standing issues in the domestic log market, such as inconsistent measurement standards and operational irregularities [1][2] - The successful launch of log futures is anticipated to standardize measurement practices across regions, reducing trade disputes and enhancing market efficiency [2] Company Developments - Suhao Zhongjin has expanded its operations beyond being a log trader to becoming a log futures delivery warehouse, completing 85 contracts in the first delivery month after the futures launch [2] - The company has reported a year-on-year increase in import volume, attributed to improved market circulation and collaborations with countries like Russia, Belarus, and Kazakhstan, achieving an annual trade volume of $50 million [1] Industry Trends - The introduction of log futures is seen as a catalyst for the standardization of measurement practices in the log industry, which has historically faced discrepancies of up to 10% in log measurement [2] - The Dalian Commodity Exchange's involvement in standardizing the quality of log futures is expected to enhance the overall efficiency and transparency of the log trading market [2] - The broader push for a unified national market is supported by the integration of futures contracts, which can help eliminate barriers to trade and improve the overall market structure [3]

Group 1 - The core viewpoint of the articles highlights the successful signing of a procurement contract for 2 million cubic meters of radiata pine logs worth $22.8 million between Jiangsu Suhao Zhongjin Development Co., Ltd. and New Zealand's Fuchun Nalin Forestry Co., Ltd. at the Import Expo, marking a second collaboration after 2024 [1] - The growth of Suhao Zhongjin's business is attributed to the upcoming launch of a new futures product for logs and options on the Dalian Commodity Exchange in November 2024, which is expected to benefit trading companies like Suhao Zhongjin [1] - The introduction of log futures aims to standardize measurement practices across different regions in China, addressing long-standing discrepancies in log length and diameter measurements that have led to trade disputes and hindered the formation of a unified national market [1] Group 2 - The successful launch of log futures is expected to unify volume measurement standards between northern and southern China, resolving discrepancies of up to 10% in log measurement and reducing regional trade disputes [2] - The introduction of log futures provides a standardized "ruler" for the industry, allowing for a shift from independent measurement modes to futures delivery standards, thereby lowering processing and inspection costs for companies [2] - Suhao Zhongjin has transitioned from being solely a log trader to also serving as a log futures delivery warehouse, completing 85 contracts in the first delivery month following the launch of log futures [2] Group 3 - In addition to logs, the recycling steel raw materials sector is also overcoming standardization challenges, with the Dalian Commodity Exchange participating in national standard revisions to improve inspection and classification processes [3] - The establishment of a unified national market is based on facilitating domestic circulation while better connecting domestic and international markets, with the Dalian Commodity Exchange promoting the inclusion of eligible commodity futures and options for foreign investors [3] - The Dalian Commodity Exchange's efforts aim to enhance China's influence on international pricing and standard-setting for bulk commodities, supporting a dual circulation pattern [3]

Core Insights - A procurement contract for 2 million cubic meters of radiata pine logs worth $22.8 million has been signed between Jiangsu Suhao Zhongjin Development Co., Ltd. and New Zealand's Fuchun Na Forestry Co., Ltd. at the recent Import Expo, marking a second collaboration after 2024 [1] - The growth of Suhao Zhongjin's business is attributed to the upcoming launch of a new futures product for logs in November 2024, which is expected to standardize measurement practices and reduce disputes in the wood industry [1][2] - The introduction of log futures is anticipated to enhance the liquidity of standardized goods and provide risk hedging tools for trade companies, allowing for more stable operations [2] Industry Developments - The successful launch of log futures is expected to address measurement discrepancies of up to 10% between different regions, promoting the unification of measurement standards across the country [2] - The Dalian Commodity Exchange is actively involved in revising national standards for recycled steel raw materials, aiming to improve the quality and classification challenges faced in this sector [3] - The establishment of a unified national market is being pursued through the integration of domestic and international markets, with efforts to allow qualified foreign investors to participate in more commodity futures and options trading [3]

Core Insights - The first China Wood Industry High-Quality Development Conference was held in Dalian, focusing on the theme "Linking Futures to Connect the Future" and gathering over 600 representatives from various sectors [1] Industry Changes - The wood industry is a crucial raw material for national economic construction and green development, with its scale growing from hundreds of billions to over ten trillion yuan [2] - China has become the world's largest producer, consumer, and trader of wood and wood products, exporting to over 180 countries and regions [2] - The launch of log futures and options has shown initial success in enhancing the international influence of China's wood market, with a total trading volume exceeding 7.8 million contracts and a transaction value of 464 billion yuan in the past year [2][3] Standardization and Efficiency - Log futures have significantly contributed to the establishment of a unified national market by addressing long-standing issues with inconsistent measurement standards [3] - The introduction of national standards for log measurement has improved efficiency by over five times compared to traditional methods [3] - The promotion of standardized measurement practices has helped enhance the overall efficiency and standardization of the industry [4] Risk Management - Companies are increasingly focusing on the hedging functions of log futures to stabilize their revenues and manage risks effectively [5][6] - Different levels of risk management strategies are available for companies, ranging from basic hedging to advanced options strategies [6] Import Trade Dynamics - The attitude of foreign exporters towards log futures has shifted dramatically, leading to a more dynamic pricing model and improved negotiation power for domestic importers [8][9] - The introduction of log futures has allowed domestic importers to reference market prices in negotiations, enhancing their bargaining power [10] Future Outlook - There is a strong expectation for the future development of the wood industry and log futures, with plans to enhance the integration of the wood industry chain and supply chain [11] - The Dalian government aims to establish a Northeast Asia wood distribution and deep processing base, promoting the export of wood products [11] - The Dalian Commodity Exchange plans to optimize products and enhance the global influence of "Chinese prices" while promoting a modernized wood industry circulation system [12]