Report Information - Report Title: Rubber and Paper Options Morning Report [1] - Date: April 1, 2026 [1] - Analysts: Li Liqin, Huang Kehan [2] Industry Investment Rating - Not provided Core Viewpoints - The closing price of the br2605 contract yesterday was 17,350 yuan, a decrease of 450 yuan or 2.52% from the previous day. The trading volume was 683,189 lots, a decrease of 117,690 lots from the previous day, and the open interest was 72,237 lots, a decrease of 14,966 lots from the previous day [6] - The implied volatility of BR (synthetic rubber options) fluctuates above the average of 0.3405 [6] - The PCR of BR option open interest is reported at 1.1733, at the 93.06% level in the past year [6] - From the perspective of options, the resistance level of the BR option underlying is 20,600, and the support level is 15,000 [6] - The closing price of the ru2605 contract yesterday was 16,345 yuan, a decrease of 135 yuan or 0.81% from the previous day. The trading volume was 181,782 lots, a decrease of 1,811 lots from the previous day, and the open interest was 71,598 lots, a decrease of 9,869 lots from the previous day [18] - The implied volatility of RU (rubber options) fluctuates above the average of 0.2494 [18] - The PCR of RU option open interest is reported at 0.4688, at the 69.80% level in the past year [18] - From the perspective of options, the resistance level of the RU option underlying is 17,000, and the support level is 15,000 [18] Summary by Directory Synthetic Rubber (BR) Futures Market Data - Contract: br2605 - Closing Price: 17,350 yuan, -2.52% [3] - Trading Volume: 683,189 lots, -117,690 lots [3] - Open Interest: 70,007 lots, -14,968 lots [3] Option Factor - Volume and Open Interest PCR - Call Option Volume: 35,418, -7,230 - Call Option Open Interest: 15,071, -2,178 - Put Option Volume: 23,499, -7,565 - Put Option Open Interest: 17,683, +1,185 - Volume PCR: 0.66, -0.06 - Open Interest PCR: 1.17, +0.22 [4] Option Factor - Pressure and Support - Resistance Level: 20,600 - Support Level: 15,000 - Weighted Implied Volatility Change: -9.85% - Annual Average Implied Volatility: 34.05% [5] Option Strategy Recommendations - Directional Strategy: Construct a bull call spread strategy, such as B BR2605C16000 and S BR2605C18600 [7] - Volatility Strategy: Due to high geopolitical risks, strategies based on selling (such as single selling and double selling) are not recommended [7] Rubber (RU) Futures Market Data - Contract: ru2605 - Closing Price: 16,345 yuan, -0.81% [15] - Trading Volume: 181,782 lots, -1,811 lots [15] - Open Interest: 71,598 lots, -9,869 lots [15] Option Factor - Volume and Open Interest PCR - Call Option Volume: 25,896, -1,657 - Call Option Open Interest: 47,092, -1,538 - Put Option Volume: 13,773, +4,216 - Put Option Open Interest: 22,078, -1,524 - Volume PCR: 0.53, +0.18 - Open Interest PCR: 0.47, -0.02 [16] Option Factor - Pressure and Support - Resistance Level: 17,000 - Support Level: 15,000 - Weighted Implied Volatility Change: -1.48% - Annual Average Implied Volatility: 24.94% [17] Option Strategy Recommendations - Directional Strategy: None [19] - Volatility Strategy: Construct a neutral short call + put option combination strategy to obtain time value and directional returns. Dynamically adjust the open positions to keep the delta of the positions neutral, such as S_RU2605P15250, S_RU2605P15750, S_RU2605C16750, and S_RU2605C17000 [19]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - No relevant content Group 3: Summary of Related Catalogs Option Quotes - The daily percentage changes of call options for various commodities are as follows: aluminum 110.63%, cast aluminum alloy 52.98%, log 30.00%, polysilicon 25.07%, zinc 24.79%, tin 22.41%, palm oil 21.40%, lithium carbonate 21.29%, gold 20.78%, and ferrosilicon 19.83% [1] - The daily percentage changes of put options for various commodities are as follows: corn 53.85%, caustic soda 43.50%, industrial silicon 41.67%, soda ash 26.67%, corn starch 24.07%, offset printing paper 20.00%, eggs 17.83%, sugar 11.24%, lead 8.19%, and PVC 4.85% [1] Option Positions - The daily changes in call option positions for various commodities are as follows: glass 72484, soda ash 20918, PTA 17053, polysilicon 14673, aluminum 14245, coking coal 14096, rapeseed meal 14071, industrial silicon 12621, corn 12202, and caustic soda 11155 [2] - The daily changes in put option positions for various commodities are as follows: methanol 29780, PTA 14011, glass 11164, lithium carbonate 9399, styrene 7237, ethylene glycol 7034, rapeseed meal 5637, soybean meal 5482, sugar 5166, and iron ore 4908 [2] Option Position Put - Call Ratio (PCR) - High - position PCR varieties and their PCR values are: fuel oil 1.7887, short - fiber 1.5487, styrene 1.5322, methanol 1.5248, crude oil 1.3809, ethylene glycol 1.3654, propylene 1.323, lithium carbonate 1.2158, polypropylene 1.2116, and PTA 1.188 [5] - Low - position PCR varieties and their PCR values are: red dates 0.2068, live pigs 0.207, polysilicon 0.2947, alumina 0.3083, soda ash 0.3261, log 0.3686, urea 0.3696, coking coal 0.3824, apples 0.393, and glass 0.3965 [5] Option Volume Put - Call Ratio (PCR) - High - volume PCR varieties and their PCR values are: propylene 16.4375, short - fiber 7.36, polypropylene 2.0329, iron ore 1.0411, p - xylene 0.9516, cast aluminum alloy 0.9234, copper 0.8426, offset printing paper 0.8077, lead 0.8031, and PTA 0.7501 [6] - Low - volume PCR varieties and their PCR values are: urea 0.1848, polysilicon 0.1914, alumina 0.1967, coking coal 0.2011, live pigs 0.234, palladium 0.2404, tin 0.2569, red dates 0.2611, nickel 0.2795, and aluminum 0.2847 [6] Daily Selections - Call options: manganese silicon (SM606, SM606C6700, trend degree 53, put - call ratio 0.63, remaining days 44), lithium carbonate (lc2607, lc2607 - C - 174000, trend degree 49, put - call ratio 1.22, remaining days 67), synthetic rubber (br2606, br2606C17800, trend degree 49, put - call ratio 0.96, remaining days 56), peanuts (PK610, PK610C8500, trend degree 49, put - call ratio 0.5, remaining days 165), methanol (MA609, MA609C3200, trend degree 45, put - call ratio 1.52, remaining days 135), styrene (eb2606, eb2606 - C - 10800, trend degree 45, put - call ratio 1.53, remaining days 52), urea (UR606, UR606C1900, trend degree 43, put - call ratio 0.37, remaining days 44), polypropylene (pp2606, pp2606 - C - 9600, trend degree 43, put - call ratio 1.21, remaining days 52) [7] - Put options: rapeseed meal (RM609, RM609P2325, trend degree - 55, put - call ratio 0.55, remaining days 135), soybeans No.1 (a2607, a2607 - P - 4400, trend degree - 53, put - call ratio 0.77, remaining days 78), corn (c2607, c2607 - MS - P - 2360, trend degree - 53, put - call ratio 0.53, remaining days 52), alumina (ao2606, ao2606P2850, trend degree - 47, put - call ratio 0.31, remaining days 56), live pigs (lh2607, lh2607 - P - 10800, trend degree - 47, put - call ratio 0.21, remaining days 78), soybean meal (m2607, m2607 - P - 2800, trend degree - 43, put - call ratio 0.85, remaining days 78), soybeans No.2 (b2606, b2606 - P - 3550, trend degree - 37, put - call ratio 0.86, remaining days 52), SSE 50 (IH2606, HO2606 - P - 2800, trend degree - 37, put - call ratio 0.62, remaining days 84) [7] Expiring Options - There are no expiring options on the day [7]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - For synthetic rubber (BR) options, the br2605 contract closed at 17,720 yuan yesterday, up 725 yuan or 4.26% from the previous day. The implied volatility of BR options fluctuates above the mean level of 0.0000. The PCR of BR option positions is at 0.7746, at the 64.90% level in the past year. The pressure level of the BR option underlying is 18,600, and the support level is 15,000. Directional strategy: Construct a bull spread combination strategy of call options. Volatility strategy: Due to high geopolitical risks, strategies mainly based on sellers are not recommended [6][7]. - For rubber (RU) options, the ru2605 contract closed at 16,430 yuan yesterday, up 230 yuan or 1.41% from the previous day. The implied volatility of RU options fluctuates above the mean level of 0.0000. The PCR of RU option positions is at 0.4557, at the 64.49% level in the past year. The pressure level of the RU option underlying is 17,000, and the support level is 15,000. Directional strategy: None. Volatility strategy: Construct a combination strategy of selling relatively neutral call + put options to obtain option time value and directional returns, and dynamically adjust positions to keep the position delta neutral [18][19]. 3. Summary by Relevant Catalogs 3.1 Synthetic Rubber (BR) 3.1.1 Futures Market Data - The closing price of the br2605 contract is 17,975 yuan, up 740 yuan or 4.29% [3]. 3.1.2 Option Factor - Volume and Position PCR - The trading volume of BR (synthetic rubber call options) is 95,107, with a change of -201,988; the position is 14,787, with a change of 6,175; the trading volume PCR is 0.27, with a change of -0.4; the position PCR is 0.79, with a change of 0.01. The trading volume of BR (synthetic rubber put options) is 25,224, with a change of -173,106; the position is 11,673, with a change of 5,002 [4]. 3.1.3 Option Factor - Pressure and Support - The pressure level of the BR (synthetic rubber option) br2605 contract is 20,600, and the support level is 5,000. The weighted implied volatility rate is 67.88%, and the change in the weighted implied volatility rate is 94%. The annual average implied volatility rate is 33.49%, and HISV20 is 57.70% [5]. 3.1.4 Market Interpretation and Strategy Recommendations - The br2605 contract closed at 17,720 yuan yesterday, up 725 yuan or 4.26% from the previous day. The trading volume is 890,104 lots, an increase of 292,353 lots from the previous day; the position is 115,005 lots, an increase of 40,340 lots from the previous day. Directional strategy: Construct a bull spread combination strategy of call options, such as B BR2605C16000 and S BR2605C18600. Volatility strategy: Due to high geopolitical risks, strategies mainly based on sellers are not recommended [6][7]. 3.2 Rubber (RU) 3.2.1 Futures Market Data - The closing price of the ru2605 contract is 6,460 yuan, up 90 yuan or 0.54%. The trading volume is 205,890 lots, a decrease of 37,968 lots from the previous day; the position is 102,159 lots, a decrease of 5,068 lots from the previous day [15]. 3.2.2 Option Factor - Volume and Position PCR - The trading volume of RU (rubber call options) is 25,818, with a change of -7,998; the position is 50,328, with a change of -340; the trading volume PCR is 0.32, with a change of 0.07; the position PCR is 0.47, with a change of 0.01. The trading volume of RU (rubber put options) is 8,306, with a change of -168; the position is 23,677, with a change of 289 [16]. 3.2.3 Option Factor - Pressure and Support - The at - the - money strike price of the RU (rubber option) ru2605 contract is 16,500. The pressure level is 17,000, and the support level is 15,000. The weighted implied volatility rate is 29.64%, with a change of -0.93%. The annual average implied volatility rate is 24.86%, and HISV20 is 18.66% [17]. 3.2.4 Market Interpretation and Strategy Recommendations - The ru2605 contract closed at 16,430 yuan yesterday, up 230 yuan or 1.41% from the previous day. The trading volume is 243,858 lots, a decrease of 55,550 lots from the previous day; the position is 107,227 lots, a decrease of 4,547 lots from the previous day. Directional strategy: None. Volatility strategy: Construct a combination strategy of selling relatively neutral call + put options, such as S_RU2605P15250, S_RU2605P15750 and S_RU2605C16750, S_RU2605C17000 [18][19].

Group 1: Report Summary - The report is the Commodity Options Daily Report on March 26, 2026, providing data on option quotes, positions, and other aspects [1] Group 2: Option Quotes - Among call options, industrial silicon had the highest daily increase of 53.11%, followed by lithium carbonate at 51.40%, and synthetic rubber at 44.05%. Among put options, iron ore had the highest daily increase of 47.75%, followed by fuel oil at 42.12%, and asphalt at 36.38% [1] Group 3: Option Positions - In terms of call option position daily changes, p-xylene had the largest increase of 23,812, followed by corn at 20,719, and soda ash at 20,087. For put options, coking coal had an increase of 5,133, methanol had an increase of 4,572, and ethylene glycol had an increase of 4,070 [2] Group 4: Option Position Put - Call Ratio (PCR) - High - position PCR varieties include fuel oil with a PCR of 1.8962, short - fiber with 1.5285, and apple with 1.4112. Low - position PCR varieties include live pigs with 0.2019, red dates with 0.2475, and alumina with 0.3471 [5] Group 5: Option Volume Put - Call Ratio (PCR) - High - volume PCR varieties include propylene with a PCR of 9.625, short - fiber with 9.5778, and polypropylene with 2.3977. Low - volume PCR varieties include red dates with 0.1836, soda ash with 0.2033, and polysilicon with 0.2218 [6] Group 6: Daily Selections - Call option selections include synthetic rubber, ferromanganese silicon, and coking coal. Put option selections include soybeans No.1, soybeans No.2, and rapeseed meal [7] Group 7: Near - Expiry Options - For call options, p - xylene, red dates, and apples are near - expiry. For put options, p - xylene, red dates, and apples are also near - expiry, with corresponding break - even prices and price increase/decrease rates provided [8]

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - For synthetic rubber (BR) options, the br2605 contract showed a significant increase, with the price rising 11.98% to 17470 yuan. The implied volatility remained above the mean of 0.3282, and the option's pressure and support levels were 18400 and 14000 respectively. The BR option's open interest PCR was at 1.3487, at the 99.18% level in the past year [7]. - For natural rubber (RU) options, the ru2605 contract rose 0.84% to 16145 yuan. The implied volatility remained above the mean of 0.2471, and the option's pressure and support levels were 17000 and 16000 respectively. The RU option's open interest PCR was at 0.4026, at the 31.43% level in the past year [20]. 3. Summary by Directory 3.1 Synthetic Rubber (BR) - **Futures Market Data**: The br2605 contract closed at 17470 yuan, up 11.98% from the previous day. The trading volume was 493113 lots, an increase of 122662 lots, and the open interest was 88892 lots, an increase of 7771 lots [7]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of BR call options was 179765, with a change of 99546, and the open interest was 24549, with a change of 1067. The trading volume of BR put options was 78665, with a change of 26957, and the open interest was 33110, with a change of 6029. The trading volume PCR was 0.44, a decrease of 0.21, and the open interest PCR was 1.35, an increase of 0.2 [5]. - **Option Factor - Pressure and Support**: The pressure level of BR options was 18400, and the support level was 14000 [7]. - **Option Strategy Suggestions**: For directional strategies, construct a bull call spread strategy to obtain directional returns. For volatility strategies, due to high geopolitical risks, strategies based on selling (such as single - selling and double - selling) are not recommended [8]. 3.2 Natural Rubber (RU) - **Futures Market Data**: The ru2605 contract closed at 16145 yuan, up 0.84% from the previous day. The trading volume was 326382 lots, an increase of 74744 lots, and the open interest was 116891 lots, an increase of 391 lots [20]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of RU call options was 44606, with a change of 16263, and the open interest was 56122, with a change of 2729. The trading volume of RU put options was 10223, with a change of - 3365, and the open interest was 22596, with a change of 351. The trading volume PCR was 0.23, a decrease of 0.25, and the open interest PCR was 0.4, a decrease of 0.01 [18]. - **Option Factor - Pressure and Support**: The pressure level of RU options was 17000, and the support level was 16000. The weighted implied volatility was 40.06%, with a change of 10.75%, and the annual average implied volatility was 24.71% [19]. - **Option Strategy Suggestions**: For directional strategies, there is no suggestion. For volatility strategies, construct a neutral - biased short call + put option combination strategy to obtain option time value and directional returns, and dynamically adjust the position to keep the position delta neutral, such as S_RU2605P15250, S_RU2605P15750, S_RU2605C16750, and S_RU2605C17000 [21].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoint - No clear core viewpoint presented in the report 3. Summary by Related Catalogs Option Quotes - **Call Options**: Apple had a daily increase of 188.89%, methanol 97.04%, ethylene glycol 86.46%, etc [1]. - **Put Options**: Gold had a daily increase of 350.58%, tin 229.67%, copper 105.07%, etc [1]. Option Positions - **Call Options**: Glass had a daily position change of 16389, silver 10742, rebar 9458, etc [2]. - **Put Options**: Methanol had a daily position change of 14342, asphalt 9127, styrene 7635, etc [2]. Option Position Put - Call Ratio (PCR) - **High - PCR Varieties**: Fuel oil had a PCR of 1.9147, apple 1.8105, p - xylene 1.7086, etc [5]. - **Low - PCR Varieties**: Pig had a PCR of 0.2179, red dates 0.218, soda ash 0.3633, etc [5]. Option Volume Put - Call Ratio (PCR) - **High - PCR Varieties**: Short - fiber had a PCR of 2.2522, propylene 1.9571, copper 1.6744, etc [6]. - **Low - PCR Varieties**: Liquefied petroleum gas had a PCR of 0.1805, urea 0.216, log 0.2208, etc [6]. Daily Selections - **Call Options**: Fuel oil (fu2609C4450), methanol (MA609C3000), asphalt (bu2605C4800), etc [7]. - **Put Options**: Gold (au2606P1040), nickel (ni2605P124000), copper (cu2605P88000), etc [7]. Near - Expiry Options - **Call Options**: For the Shanghai 50 Index, the HO2603 - C - 2950 option had 1 day remaining, with a closing price of 3.4 and a break - even target price of 2983.4 (2.30% increase) [8]. - **Put Options**: For the Shanghai 50 Index, the HO2603 - P - 2900 option had 1 day remaining, with a closing price of 5.6 and a break - even target price of 2864.4 (-1.78% decrease) [8].

Report Industry Investment Rating - Not provided Core Viewpoints - For synthetic rubber options, the br2605 contract closed at 15,540 yuan yesterday, up 180 yuan or 1.17% from the previous day. The implied volatility of BR options fluctuated above the mean of 0.3235. The PCR of BR option positions was reported at 1.1192, at the 92.65% level in the past year. The pressure level of the BR option underlying is 18,400, and the support level is 14,000 [6]. - For rubber options, the ru2605 contract closed at 16,090 yuan yesterday, down 415 yuan or 2.51% from the previous day. The implied volatility of RU options fluctuated above the mean of 0.2459. The PCR of RU option positions was reported at 0.4453, at the 54.69% level in the past year. The pressure level of the RU option underlying is 17,000, and the support level is 16,000 [17]. Summary by Directory Synthetic Rubber Options 1. Underlying Futures Market Data - The br2605 contract of synthetic rubber options closed at 15,540 yuan, up 180 yuan or 1.17% from the previous day. The trading volume was 301,188 lots, an increase of 28,366 lots from the previous day, and the open interest was 63,800 lots, a decrease of 2,574 lots from the previous day [3][6]. 2. Option Factor - Volume and Open Interest PCR - The trading volume of synthetic rubber call options was 68,954 lots, with a change of 46,677 lots, and the open interest was 21,795 lots, with a change of 3,439 lots. The trading volume of put options was 31,471 lots, with a change of 7,875 lots, and the open interest was 24,392 lots, with a change of 1,504 lots. The trading volume PCR was 0.46, with a change of -0.6, and the open interest PCR was 1.12, with a change of -0.13 [4]. 3. Option Factor - Pressure and Support - For the br2604 contract of synthetic rubber options, the pressure level is 18,400, the support level is 14,000, and the implied volatility is 66.59%, with a change of 7.29% [5]. 4. Option Strategy Recommendations - Directional strategy: Construct a bull spread strategy of call options to obtain directional returns, such as B_BR2604C15000 and S_BR2604C16000 [7]. - Volatility strategy: Due to high geopolitical risks, strategies based on selling (such as single - selling and double - selling) are not recommended [7]. Rubber Options 1. Underlying Futures Market Data - The ru2605 contract of rubber options closed at 16,090 yuan, down 415 yuan or 2.51% from the previous day. The trading volume was 303,515 lots, an increase of 4,638 lots from the previous day, and the open interest was 117,267 lots, a decrease of 99,005 lots from the previous day [14][17]. 2. Option Factor - Volume and Open Interest PCR - The trading volume of rubber call options was 35,325 lots, with a change of - 1,154 lots, and the open interest was 51,861 lots, with a change of - 2,046 lots. The trading volume of put options was 15,274 lots, with a change of - 163 lots, and the open interest was 23,096 lots, with a change of 467 lots. The trading volume PCR was 0.43, with a change of 0.01, and the open interest PCR was 0.45, with a change of 0.03 [15]. 3. Option Factor - Pressure and Support - For the ru2605 contract of rubber options, the pressure level is 17,000, the support level is 16,000, and the implied volatility is 30.82%, with a change of 0.77% [16]. 4. Option Strategy Recommendations - Directional strategy: None [18]. - Volatility strategy: Construct a combination strategy of selling neutral - biased call and put options to obtain option time value and directional returns. Dynamically adjust the positions to keep the delta of the positions neutral, such as S_RU2605P15250, S_RU2605P15750, S_RU2605C16750, and S_RU2605C17000 [18].

Report Overview - The report focuses on rubber and paper options, specifically analyzing synthetic rubber (BR) and natural rubber (RU) options [1] 1. BR (Synthetic Rubber) Options 1.1. Market Data - The closing price of the br2605 contract was 15,530 yuan, down 255 yuan or 1.61% from the previous day. The trading volume was 263,947 lots, an increase of 263,947 lots, and the open interest was 66,416 lots, a decrease of 92 lots [3][6] 1.2. Option Factors - The implied volatility of BR options fluctuated above the average of 0.3202 - The open interest PCR of BR options was 1.2602, at the 96.73% level in the past year - The resistance level of the BR option underlying was 18,400, and the support level was 14,000 [6] 1.3. Option Strategies - Directional strategy: Construct a bull call spread strategy, such as buying BR2604C15000 and selling BR2604C16000 - Volatility strategy: Due to high geopolitical risks, strategies based on selling options (such as single - selling or double - selling) are not recommended [7] 2. RU (Rubber) Options 2.1. Market Data - The closing price of the ru2605 contract was 16,800 yuan, down 35 yuan or 0.20% from the previous day. The trading volume was 258,506 lots, a decrease of 19,595 lots, and the open interest was 133,055 lots, a decrease of 1,814 lots [18] 2.2. Option Factors - The implied volatility of RU options fluctuated above the average of 0.2450 - The open interest PCR of RU options was 0.408, at the 33.47% level in the past year - The resistance level of the RU option underlying was 18,000, and the support level was 15,000 [18] 2.3. Option Strategies - Directional strategy: None - Volatility strategy: Construct a neutral - biased short call + put option combination strategy to obtain option time value and directional returns. Dynamically adjust the positions to keep the delta neutral, such as selling RU2605P16250, RU2605P16500, RU2605C17500, and RU2605C17750 [19]

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints - The br2604 contract of synthetic rubber (BR) closed at 15,700 yuan yesterday, down 130 yuan or 0.82% from the previous day, with a trading volume of 199,466 lots, a decrease of 30,647 lots, and an open interest of 19,379 lots, a decrease of 2,314 lots. The implied volatility of BR options remained above the average of 0.3186. The PCR of open interest of BR options was reported at 1.2945, at the 97.96% level in the past year. The resistance level of the BR option underlying is 18,400, and the support level is 12,000 [3][6]. - The ru2605 contract of rubber (RU) closed at 16,870 yuan yesterday, down 120 yuan or 0.70% from the previous day, with a trading volume of 278,101 lots, a decrease of 62,803 lots, and an open interest of 134,869 lots, a decrease of 5,436 lots. The implied volatility of RU options remained above the average of 0.2445. The PCR of open interest of RU options was reported at 0.4007, at the 28.57% level in the past year. The resistance level of the RU option underlying is 18,000, and the support level is 15,000 [15][18]. 3. Summary by Relevant Catalogs Synthetic Rubber (BR) - **Futures Market Data**: The br2604 contract closed at 15,700 yuan, down 0.82%, with a trading volume of 199,466 lots and an open interest of 19,379 lots [3]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of BR call options was 24,377, an increase of 762, and the open interest was 15,224, an increase of 887. The trading volume of BR put options was 13,292, an increase of 734, and the open interest was 19,707, an increase of 1,405. The trading volume PCR was 0.55, an increase of 0.01, and the open interest PCR was 1.29, an increase of 0.02 [4]. - **Option Factor - Pressure and Support**: The resistance level of the BR option underlying is 18,400, and the support level is 12,000. The weighted implied volatility is 31.86% [5]. - **Option Strategy Suggestions**: Directional strategy - Construct a bull spread strategy of call options, such as B BR2604C15000 and S BR2604C16000. Volatility strategy - Due to high geopolitical risks, strategies based on selling (such as single - selling and double - selling) are not recommended [7]. Rubber (RU) - **Futures Market Data**: The ru2605 contract closed at 16,870 yuan, down 0.70%, with a trading volume of 278,101 lots and an open interest of 134,869 lots [15]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of RU call options was 22,565, a decrease of 12,019, and the open interest was 54,216, an increase of 2,088. The trading volume of RU put options was 6,766, a decrease of 3,484. The trading volume PCR was 0.3, and the open interest PCR was 0.4, a decrease of 0.01 [16]. - **Option Factor - Pressure and Support**: The resistance level of the RU option underlying is 18,000, and the support level is 15,000. The weighted implied volatility is 33.36%, with a change of 1.32%, and the annual average implied volatility is 24.45% [17]. - **Option Strategy Suggestions**: Directional strategy - None. Volatility strategy - Construct a neutral - biased combination strategy of selling call and put options to obtain option time value and directional returns, and dynamically adjust the positions to keep the delta of the positions neutral, such as S_RU2605P16250, S_RU2605P16500, S_RU2605C17500, and S_RU2605C17750 [19].

Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. Core Viewpoints - The BR (synthetic rubber) br2604 contract closed at 15,725 yuan yesterday, down 15 yuan or 0.09% from the previous day, with a trading volume of 230,113 lots, a decrease of 99,425 lots, and an open interest of 21,693 lots, a decrease of 2,237 lots. The implied volatility of BR options remained above the mean of 0.3167. The PCR of BR option open interest was 1.2766, at the 97.96% level in the past year. The pressure level of the BR option underlying is 18,400, and the support level is 12,000 [8]. - The RU (rubber) ru2605 contract closed at 16,765 yuan yesterday, down 430 yuan or 2.50% from the previous day, with a trading volume of 340,904 lots, a decrease of 80,920 lots, and an open interest of 140,305 lots, a decrease of 1,651 lots. The implied volatility of RU options remained above the mean of 0.2440. The PCR of RU option open interest was 0.4118, at the 35.10% level in the past year. The pressure level of the RU option underlying is 18,000, and the support level is 15,000 [19]. Summary by Relevant Catalogs Synthetic Rubber (BR) 1. Futures Market Data - The br2604 contract of BR closed at 15,725 yuan yesterday, down 0.09% from the previous day, with a trading volume of 230,113 lots, a decrease of 99,425 lots, and an open interest of 21,693 lots, a decrease of 2,237 lots [3][8]. 2. Option Factor - Volume and Open Interest PCR - The trading volume of BR call options was 23,615, a decrease of 10,361, and the open interest was 14,337, an increase of 667. The trading volume of BR put options was 12,558, a decrease of 4,899, and the open interest was 18,302, an increase of 882. The trading volume PCR was 0.53, an increase of 0.02, and the open interest PCR was 1.28 [4]. 3. Option Factor - Pressure and Support - The pressure level of the BR option underlying is 18,400, and the support level is 12,000 [5][8]. 4. Option Strategy Suggestions - Directional strategy: Construct a bull call spread strategy to obtain directional returns, such as B BR2604C15000 and S BR2604C16000. - Volatility strategy: Due to high geopolitical risks, strategies based on selling (such as single - selling and double - selling) are not recommended [8]. Rubber (RU) 1. Futures Market Data - The ru2605 contract of RU closed at 16,765 yuan yesterday, down 2.50% from the previous day, with a trading volume of 340,904 lots, a decrease of 80,920 lots, and an open interest of 140,305 lots, a decrease of 1,651 lots [16][19]. 2. Option Factor - Volume and Open Interest PCR - The trading volume of RU call options was 34,584, a decrease of 6,549, and the open interest was 52,128, an increase of 1,209. The trading volume of RU put options was 10,250, a decrease of 85, and the open interest was 21,467, an increase of 216. The trading volume PCR was 0.3, an increase of 0.05, and the open interest PCR was 0.41, a decrease of 0.01 [17]. 3. Option Factor - Pressure and Support - The pressure level of the RU option underlying is 18,000, and the support level is 15,000 [18][19]. 4. Option Strategy Suggestions - Directional strategy: None. - Volatility strategy: Construct a neutral - biased short call + put option combination strategy to obtain option time value and directional returns, and dynamically adjust the position to keep the position delta neutral, such as S_RU2605P16250, S RU2605P16500 and S RU2605C17500, S RU2605C17750 [20].