1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The trading activity of the commodity options market decreased slightly this week, with the average daily trading volume at 8.65 million lots and the average daily open interest at 9.52 million lots, showing a -1.43% and +5.17% change respectively compared to the previous period. The geopolitical impact in the Middle East led to significant fluctuations in commodity option underlying assets, especially in the energy and chemical sectors. Many varieties' implied volatility is at a high level in the past year, and investors are advised to be vigilant against unilateral risks and consider short - volatility opportunities [1][2][8]. 3. Summary According to the Directory 3.1 Commodity Options Market Activity - The trading activity of the commodity options market decreased slightly from March 23 to March 27, 2026. The average daily trading volume was 8.65 million lots, and the average daily open interest was 9.52 million lots, with a -1.43% and +5.17% change respectively compared to the previous period. The most actively traded varieties included p - xylene (900,000 lots), silver (710,000 lots), and methanol (600,000 lots). Three varieties' trading volume doubled, namely p - xylene (+346%), synthetic rubber (+258%), and double - coated paper (+142%). The varieties with a significant decline in trading volume were pure benzene (-84%), styrene (-81%), and soybean No. 2 (-76%). The varieties with high average daily open interest were soybean meal (780,000 lots), glass (590,000 lots), and cotton (580,000 lots). The variety with a rapid increase in average daily open interest was LPG (+82%) [1][8]. 3.2 This Week's Key Data Review of Commodity Options - **Underlying Asset Price Changes**: Affected by the geopolitical situation in the Middle East, the underlying assets of commodity options, especially those in the energy and chemical sectors, fluctuated significantly. The varieties with high weekly increases included lithium carbonate (+17.09%), synthetic rubber (+11.60%), and pure benzene (+6.56%); the varieties with high weekly decreases included apples (-7.03%), fuel oil (-6.14%), and polysilicon (-5.52%) [2][18]. - **Market Volatility**: The geopolitical impact in the Middle East kept the sentiment in the commodity market high. The implied volatility of 46 varieties was above the 80th percentile of the past year. The varieties with a significant increase in implied volatility included synthetic rubber (+16.31pct), lithium carbonate (+15.86pct), and propylene (+14.08pct); the varieties with a significant decrease in implied volatility included apples (-16.18pct), ethylene glycol (-14.41pct), and tin (-12.37pct). Many varieties' current implied volatility is at a high level in the past year, and investors are advised to be vigilant against unilateral risks and consider short - volatility opportunities [2][18]. - **Options Market Sentiment**: Currently, the trading volume PCR of staple fiber, bottle chips, and polypropylene is at a historical high, indicating that the market is short - term concentrated on betting on a decline; the trading volume PCR of tin, palm oil, manganese silicon, and polysilicon is at a one - year low, indicating that the market is concentrated on betting on an increase. The open interest PCR of polypropylene, caustic soda, PVC, lead, and soybean meal is at a historical high, indicating that the market's sentiment for betting on a decline has accumulated to a high level; the open interest PCR of live pigs, sugar, silver, polysilicon, and rapeseed meal is at a one - year low, indicating that the market's sentiment for betting on an increase has accumulated [3][19]. 3.3 Key Data Overview of Main Varieties This chapter mainly presents the key data of main varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data of other varieties can be accessed on the Dongzheng Fanwei official website (https://www.finoview.com.cn/). Specific data for each category are as follows: - **Energy**: Relevant charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of crude oil [25][26][29]. - **Chemical**: - **PTA**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of PTA [31][34][36]. - **Caustic Soda**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of caustic soda [40][41][42]. - **Glass**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of glass [49][50][51]. - **Soda Ash**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of soda ash [57][58][60]. - **Precious Metals**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of silver [65][66][67]. - **Ferrous Metals**: - **Iron Ore**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of iron ore [72][74][76]. - **Manganese Silicon**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of manganese silicon [82][83][85]. - **Non - Ferrous Metals**: - **Copper**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of copper [90][91][93]. - **Aluminum**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of aluminum [99][100][101]. - **Agricultural Products**: - **Soybean Meal**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of soybean meal [107][108][111]. - **Palm Oil**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of palm oil [115][116][119]. - **Cotton**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of cotton [122][124][126].

Group 1: Volatility Index Explanation - The implied volatility index of financial options reflects the 30 - day implied volatility trend as of the previous trading day. The implied volatility index of commodity options is obtained by weighting the implied volatilities of the two - strike options above and below the at - the - money option of the main contract month, reflecting the implied volatility change trend of the main contract [2] - The difference between the implied volatility index and historical volatility: a larger difference indicates that the implied volatility is relatively higher than historical volatility, while a smaller difference means the opposite [2] Group 2: Volatility Data Visualization - The document presents multiple charts showing the implied volatility (IV), historical volatility (HV), and the difference between them (IV - HV) for various financial and commodity options, including 300股指, 50ETF, 1000股指, 500ETF, corn, cotton, methanol, rubber, iron ore, PTA, crude oil, PVC, rebar, urea, rapeseed, and palm oil [3] Group 3: Implied Volatility Quantile and Volatility Spread - The implied volatility quantile represents the current level of the implied volatility of a variety in history. A high quantile indicates that the current implied volatility is relatively high, and a low quantile means it is relatively low [4] - The volatility spread is related to the implied volatility index and historical volatility [4]

Group 1: Volatility Index Explanation - The implied volatility index of financial options reflects the 30 - day implied volatility trend as of the previous trading day. The implied volatility index of commodity options is obtained by weighting the implied volatilities of the two - strike options above and below the at - the - money option of the main contract, reflecting the implied volatility change trend of the main contract [3] - The difference between the implied volatility index and historical volatility: a larger difference indicates that the implied volatility is relatively higher than historical volatility, while a smaller difference means the opposite [3] Group 2: Volatility Data Graphs - There are graphs showing the implied volatility (IV), historical volatility (HV), and the difference between them (IV - HV) for various financial and commodity options, including 300股指, 1000股指, 50ETF, 500ETF, corn, cotton, methanol, rubber, iron ore, PTA, crude oil, aluminum, PVC, rebar, urea, and palm oil [4] Group 3: Implied Volatility Quantile and Volatility Spread Quantile - Implied volatility quantile represents the current level of a variety's implied volatility in history. A high quantile means high implied volatility, and a low quantile means low implied volatility [5] - Volatility spread is the difference between the implied volatility index and historical volatility [5]

Group 1 - The financial option implied volatility index reflects the 30 - day implied volatility trend as of the previous trading day, and the commodity option implied volatility index is obtained by weighting the implied volatilities of the two - strike options above and below the at - the - money option of the main contract month, reflecting the implied volatility change trend of the main contract [3] - The difference between the implied volatility index and historical volatility: a larger difference means the implied volatility is relatively higher than historical volatility, and a smaller difference means the implied volatility is relatively lower than historical volatility [3] Group 2 - The implied volatility quantile represents the current level of the implied volatility of a variety in history. A high quantile means the current implied volatility is high, and a low quantile means the current implied volatility is low [5] - Volatility spread refers to the implied volatility index minus the historical volatility [5]

Group 1: Explanation of Volatility Indexes - The implied volatility index of financial options reflects the 30 - day implied volatility trend as of the previous trading day, while the implied volatility index of commodity options is weighted by the implied volatilities of the upper and lower two - strike options of the at - the - money options of the main contract, reflecting the implied volatility change trend of the main contract [3] - The difference between the implied volatility index and the historical volatility, a larger difference indicates that the implied volatility is relatively higher than the historical volatility, and a smaller difference means the opposite [3] Group 2: Volatility Graphs - There are multiple graphs showing the implied volatility (IV), historical volatility (HV), and the difference between IV and HV for various financial and commodity options such as 300 - stock index, 1000 - stock index, SOETF, 500ETF, and many commodity options like corn, cotton, rubber, etc. [4] Group 3: Implied Volatility Quantiles and Volatility Spread - Implied volatility quantile represents the current level of a variety's implied volatility in history. A high quantile indicates that the current implied volatility is relatively high, and a low quantile means it is relatively low [5] - Volatility spread is related to the implied volatility index and historical volatility [5] Group 4: Implied Volatility Quantile Data - There is implied volatility quantile data presented with some unknown varieties (PTA, SOCETT, etc.) and their corresponding quantile ranges from 0 to 1 [7]

Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - The trading activity in the commodity options market continued to decline this week. The average daily trading volume was 5.47 million contracts, and the average daily open interest was 7.12 million contracts, with环比 decreases of 17.45% and 13.28% respectively. Investors are advised to focus on potential market opportunities in actively traded varieties [1][8]. - In the first week after the holiday, most underlying assets of commodity options rose. Tin, silver, and lithium carbonate had relatively high weekly increases, while polysilicon, caustic soda, and alumina had relatively high weekly decreases [2][15]. - Market volatility decreased, with 45 varieties having current implied volatility above the 50th percentile of the past year. Some varieties had significant increases or decreases in implied volatility. Cotton, tin, crude oil, natural rubber, and lithium carbonate are at historical highs in implied volatility, while eggs and iron ore are at historical lows [2][15]. - The PCR of trading volume for lithium carbonate, polysilicon, and plastic is at a historical high, indicating a short - term concentrated bet on a decline. The PCR of trading volume for soybean oil, soybean meal, sugar, and palm oil is at a one - year low, indicating a concentrated bet on an increase. The PCR of open interest for asphalt, synthetic rubber, and lithium carbonate is at a historical high, while that for iron ore, sugar, methanol, copper, and aluminum is at a one - year low [3][16]. Summary by Directory 1. Commodity Options Market Activity - The average daily trading volume of the commodity options market this week was 5.47 million contracts, and the average daily open interest was 7.12 million contracts, with环比 decreases of 17.45% and 13.28% respectively [1][8]. - Actively traded varieties included PTA (380,000 contracts), lithium carbonate (360,000 contracts), and soybean meal (300,000 contracts). Varieties with significant trading volume growth were p - xylene (+324%), ferromanganese (+238%), and lithium carbonate (+212%). Varieties with significant trading volume decline were asphalt (-82%), synthetic rubber (-81%), and nickel (-73%) [1][8]. - Varieties with high average daily open interest were soybean meal (560,000 contracts), glass (530,000 contracts), and soda ash (490,000 contracts). Varieties with rapid growth in average daily open interest were fuel oil (+52%) and industrial silicon (+44%) [1][8]. 2. This Week's Main Data Review of Commodity Options Underlying Asset Price Changes - After the holiday, most underlying assets of commodity options rose. Tin (+23.27%), silver (+16.36%), and lithium carbonate (+15.33%) had high weekly increases, while polysilicon (-5.70%), caustic soda (-5.26%), and alumina (-3.41%) had high weekly decreases [2][15]. Market Volatility - Market volatility decreased, with 45 varieties having current implied volatility above the 50th percentile of the past year. Tin (+18.23pct), ferromanganese (+7.12pct), and ferrosilicon (+5.44) had significant increases in implied volatility, while silver (-14.82pct), styrene (-11.60pct), and LPG (-10.67pct) had significant decreases [2][15]. - Cotton, tin, crude oil, natural rubber, and lithium carbonate are at historical highs in implied volatility, and investors should be wary of one - sided risks and consider shorting volatility. Eggs and iron ore are at historical lows in implied volatility, and buying options has relatively high cost - effectiveness [2][15]. Options Market Sentiment - The PCR of trading volume for lithium carbonate, polysilicon, and plastic is at a historical high, indicating a short - term concentrated bet on a decline. The PCR of trading volume for soybean oil, soybean meal, sugar, and palm oil is at a one - year low, indicating a concentrated bet on an increase [3][16]. - The PCR of open interest for asphalt, synthetic rubber, and lithium carbonate is at a historical high, indicating a high level of bearish sentiment. The PCR of open interest for iron ore, sugar, methanol, copper, and aluminum is at a one - year low, indicating a high level of bullish sentiment [3][16]. 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/) [22]. 3.1 Energy - Relevant charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of crude oil [24][27]. 3.2 Chemicals - **PTA**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of PTA [31][35]. - **Caustic Soda**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of caustic soda [39][40]. - **Glass**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of glass [44][45]. - **Soda Ash**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of soda ash [48][49]. 3.3 Precious Metals - Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of silver [52][53]. 3.4 Ferrous Metals - **Iron Ore**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of iron ore [56][57]. - **Ferromanganese**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of ferromanganese [60][61]. 3.5 Non - Ferrous Metals - **Copper**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of copper [65][66]. - **Aluminum**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of aluminum [70][71]. 3.6 Agricultural Products - **Soybean Meal**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of soybean meal [75][76]. - **Palm Oil**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of palm oil [80][81]. - **Cotton**: Charts show the total trading volume, volatility, open interest PCR, and trading volume PCR of cotton [87][88].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report - The trading activity in the commodity options market continued to decline in the last week before the holiday (2026.02.09 - 2026.02.13), with the average daily trading volume at 6.63 million lots and the average daily open interest at 8.21 million lots, showing a month - on - month change of -22.34% and -11.72% respectively. Investors are advised to focus on potential market opportunities in actively traded varieties [1][9]. - The underlying assets of commodity options showed mixed performance in the last week before the holiday. The varieties with higher weekly increases included lithium carbonate (+14.84%), caustic soda (+7.47%), and soybeans No.1 (+6.76%); those with higher weekly decreases included palm oil (-3.63%), asphalt (-3.56%), and soda ash (-3.36%). The market volatility remained relatively high, with the implied volatility of 51 varieties currently above the 50th percentile of the past year. It is recommended to be vigilant against unilateral risks and focus on opportunities to short volatility [2][17]. - The PCR of trading volume of asphalt, silver, synthetic rubber, and glass is at a historical high, indicating a short - term concentrated bet on a decline; the PCR of trading volume of caustic soda and LPG is at a one - year low, indicating a concentrated bet on an increase. The PCR of open interest of asphalt, synthetic rubber, pulp, and PVC is at a historical high, showing a high level of bearish sentiment, while the PCR of open interest of palm oil, rapeseed oil, silver, gold, polysilicon, and iron ore is at a one - year low, indicating a build - up of bullish sentiment [3][18]. Group 3: Summary by Directory 1. Commodity Options Market Activity - The average daily trading volume of actively traded varieties included silver (0.83 million lots), PTA (0.6 million lots), and glass (0.34 million lots). The varieties with significant trading volume growth were soybeans No.1 (+214%) and nickel (+100%), while those with significant trading volume decline were polysilicon (-94%), fuel oil (-89%), and industrial silicon (-88%). The varieties with high average daily open interest were soybean meal (0.63 million lots), glass (0.54 million lots), and corn (0.54 million lots). The varieties with rapid month - on - month growth in open interest were soybeans No.2 (+28%) and p - xylene (+25%) [1][9]. 2. This Week's Commodity Options Main Data Review - **Underlying Asset Price Changes**: The underlying assets of commodity options showed mixed performance. The varieties with higher weekly increases included lithium carbonate (+14.84%), caustic soda (+7.47%), and soybeans No.1 (+6.76%); those with higher weekly decreases included palm oil (-3.63%), asphalt (-3.56%), and soda ash (-3.36%) [2][17]. - **Market Volatility**: The market volatility remained relatively high, with the implied volatility of 51 varieties currently above the 50th percentile of the past year. The varieties with a large month - on - month increase in implied volatility included nickel (+11.25pct), LPG (+6.78pct), and soybeans No.1 (+4.68), while those with a large month - on - month decrease included silver (-22.45pct), tin (-12.77pct), and caustic soda (-9.53pct) [2][17]. - **Options Market Sentiment**: The PCR of trading volume of asphalt, silver, synthetic rubber, and glass is at a historical high, indicating a short - term concentrated bet on a decline; the PCR of trading volume of caustic soda and LPG is at a one - year low, indicating a concentrated bet on an increase. The PCR of open interest of asphalt, synthetic rubber, pulp, and PVC is at a historical high, showing a high level of bearish sentiment, while the PCR of open interest of palm oil, rapeseed oil, silver, gold, polysilicon, and iron ore is at a one - year low, indicating a build - up of bullish sentiment [3][18]. 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 accessed on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [23]. - **Energy**: Relevant charts show data such as the total trading volume, volatility, open interest PCR, and trading volume PCR of crude oil [24][25]. - **Chemicals**: - **PTA**: Relevant charts show data such as the total trading volume, volatility, open interest PCR, and trading volume PCR of PTA [30][31]. - **Caustic Soda**: Relevant charts show data such as the total trading volume, volatility, open interest PCR, and trading volume PCR of caustic soda [39][40]. - **Glass**: Relevant charts show data such as the total trading volume, volatility, open interest PCR, and trading volume PCR of glass [46][47]. - **Soda Ash**: Relevant charts show data such as the total trading volume, volatility, open interest PCR, and trading volume PCR of soda ash [54][55]. - **Precious Metals**: Relevant charts show data such as the total trading volume, volatility, open interest PCR, and trading volume PCR of silver [63][64]. - **Ferrous Metals**: - **Iron Ore**: Relevant charts show data such as the total trading volume, volatility, open interest PCR, and trading volume PCR of iron ore [72][78]. - **Manganese Silicide**: Relevant charts show data such as the total trading volume, volatility, open interest PCR, and trading volume PCR of manganese silicide [79][80]. - **Non - ferrous Metals**: - **Copper**: Relevant charts show data such as the total trading volume, volatility, open interest PCR, and trading volume PCR of copper [87][89]. - **Aluminum**: Relevant charts show data such as the total trading volume, volatility, open interest PCR, and trading volume PCR of aluminum [96][97]. - **Agricultural Products**: - **Soybean Meal**: Relevant charts show data such as the total trading volume, volatility, open interest PCR, and trading volume PCR of soybean meal [101][103]. - **Palm Oil**: Relevant charts show data such as the total trading volume, volatility, open interest PCR, and trading volume PCR of palm oil [108][109]. - **Cotton**: Relevant charts show data such as the total trading volume, volatility, open interest PCR, and trading volume PCR of cotton [117][118].

1. Report Industry Investment Rating - No information provided about the report industry investment rating 2. Core Viewpoints - No core viewpoints are explicitly presented in the provided content 3. Summary by Relevant Catalogs 3.1 Option Quotes - **Call Options**: The daily percentage changes of call options for various commodities are as follows: Douyi (32.30%), eggs (30.29%), apples (25.74%), logs (22.22%), Douer (17.11%), soybean meal (16.82%), lithium carbonate (16.71%), industrial silicon (13.50%), rapeseed meal (12.93%), and polysilicon (12.47%) [1] - **Put Options**: The daily percentage changes of put options for various commodities are as follows: liquefied petroleum gas (58.13%), pure benzene (44.28%), iron ore (43.87%), asphalt (38.57%), crude oil (34.53%), plastic (33.22%), styrene (32.76%), polypropylene (29.60%), gold (29.06%), and silver (26.41%) [1] 3.2 Option Positions - **Call Options**: The daily changes in call option positions for various commodities are as follows: methanol (16,193), Douyi (12,028), glass (8,384), cotton (7,740), soda ash (7,737), PTA (7,334), coking coal (6,456), palm oil (5,177), p - xylene (4,784), and lithium carbonate (4,133) [2] - **Put Options**: The daily changes in put option positions for various commodities are as follows: soda ash (16,344), Douyi (13,372), soybean meal (11,655), PTA (10,736), cotton (6,508), glass (4,875), corn (4,536), caustic soda (4,488), lithium carbonate (3,790), and iron ore (3,618) [2] 3.3 Option Position Put - Call Ratio (PCR) - **High - PCR Varieties**: Apple (1.9784), short - fiber (1.0889), Douyi (1.0463), cast aluminum alloy (0.9924), rapeseed meal (0.9845), bottle chips (0.9752), ferrosilicon (0.9579), silver (0.9331), propylene (0.9331), and iron ore (0.9248) [5] - **Low - PCR Varieties**: Alumina (0.2472), red dates (0.3004), live pigs (0.3043), soda ash (0.3172), logs (0.3895), coking coal (0.4008), PVC (0.4469), industrial silicon (0.4522), ethylene glycol (0.4582), and rebar (0.4898) [5] 3.4 Option Trading Volume Put - Call Ratio (PCR) - **High - PCR Varieties**: Asphalt (1.4194), silver (1.4077), synthetic rubber (1.232), iron ore (1.1115), styrene (1.1066), copper (1.0804), tin (1.0511), ferrosilicon (0.9963), palladium (0.9538), and plastic (0.9515) [6] - **Low - PCR Varieties**: Red dates (0.2179), caustic soda (0.3295), coking coal (0.3411), urea (0.3623), liquefied petroleum gas (0.3778), ethylene glycol (0.3851), industrial silicon (0.3923), Douyi (0.3963), live pigs (0.4195), and offset printing paper (0.4286) [6] 3.5 Daily Selections - **Call Options**: Recommended call options include apple (AP605C10000), Douyi (a2605 - C - 4750), urea (UR605C1860), corn (c2605 - C - 2320), corn starch (cs2605 - C - 2650), soybean meal (m2605 - C - 2800), cotton (CF605C14800), and rapeseed meal (RM605C2325) [7] - **Put Options**: Recommended put options include ethylene glycol (eg2605 - P - 3500), ferrosilicon (SF605P5200), soda ash (SA605P1080), rapeseed oil (OI605P8700), PVC (v2605 - P - 4750), palm oil (p2605 - P - 8300), manganese silicon (SM605P5600), and iron ore (i2605 - P - 730) [7] 3.6 Near - Expiry Options - **Call Options**: For near - expiry call options, details such as remaining days, option closing prices, underlying settlement prices, break - even points, and break - even price increases are provided for various commodities like apple, p - xylene, liquefied petroleum gas, etc [8][9] - **Put Options**: For near - expiry put options, details such as remaining days, option closing prices, underlying settlement prices, break - even points, and break - even price decreases are provided for various commodities like apple, p - xylene, liquefied petroleum gas, etc [8][9]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - This week (February 2 - 6, 2026), the trading activity in the commodity options market declined slightly, with the average daily trading volume at 8.54 million lots and the average daily open interest at 9.31 million lots, showing a -4.75% and +5.24% change respectively compared to the previous period. Traders are advised to focus on potential market opportunities in actively traded varieties [1][8]. - This week, most underlying assets of commodity options declined. Polysilicon had a relatively high weekly increase of +4.55%, while silver, tin, and lithium carbonate had relatively high weekly decreases of -32.72%, -12.71%, and -10.31% respectively. The market volatility remained high, with the implied volatility of 55 varieties currently above the 50th percentile of the past year. It is recommended to be vigilant about unilateral risks and consider short - volatility opportunities [2][16]. - Currently, the trading volume PCR of synthetic rubber, lithium carbonate, and iron ore is at historical highs, indicating a short - term concentrated bet on price declines. The trading volume PCR of ethylene glycol, crude oil, palm oil, and styrene is at a one - year low, indicating a concentrated bet on price increases. The open interest PCR of PVC and synthetic rubber is at historical highs, while that of soybean meal, caustic soda, rapeseed meal, and rapeseed oil is at a one - year low [2][16]. 3. Summary by Directory 3.1 Commodity Options Market Activity - This week, the trading activity in the commodity options market declined slightly. The average daily trading volume was 8.54 million lots, and the average daily open interest was 9.31 million lots, with a -4.75% and +5.24% change respectively compared to the previous period [1][8]. - The actively traded varieties this week included lithium carbonate (830,000 lots), silver (810,000 lots), and PTA (640,000 lots). The varieties with significant trading volume growth were polysilicon (+95%) and lithium carbonate (+85%), while those with significant declines were p - xylene (-95%) and apples (-87%) [1][8]. - The varieties with high average daily open interest this week were glass (670,000 lots), soybean meal (620,000 lots), and soda ash (600,000 lots). The varieties with rapid open - interest growth were silver (+39%) and gold (+38%) [1][8]. 3.2 This Week's Main Data Review of Commodity Options - **Underlying Asset Price Movements**: This week, most underlying assets of commodity options declined. Polysilicon had a relatively high weekly increase of +4.55%, while silver, tin, and lithium carbonate had relatively high weekly decreases of -32.72%, -12.71%, and -10.31% respectively [2][16]. - **Market Volatility**: The market volatility remained high, with the implied volatility of 55 varieties currently above the 50th percentile of the past year. The varieties with significant week - on - week increases in implied volatility included silver (+15.19 pct) and caustic soda (+8.62 pct). It is recommended to be vigilant about unilateral risks and consider short - volatility opportunities [2][16]. - **Options Market Sentiment**: The trading volume PCR of synthetic rubber, lithium carbonate, and iron ore is at historical highs, indicating a short - term concentrated bet on price declines. The trading volume PCR of ethylene glycol, crude oil, palm oil, and styrene is at a one - year low, indicating a concentrated bet on price increases. The open interest PCR of PVC and synthetic rubber is at historical highs, while that of soybean meal, caustic soda, rapeseed meal, and rapeseed oil is at a one - year low [2][16]. 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 for more varieties can be accessed on the Dongzheng Finoview official website (https://www.finoview.com.cn/) [22]. - **Energy**: Relevant charts show data on the total trading volume, volatility, open interest PCR, and trading volume PCR of crude oil [23][24][25]. - **Chemicals** - **PTA**: Charts display data on the total trading volume, volatility, open interest PCR, and trading volume PCR of PTA [29][30][36]. - **Caustic Soda**: Charts show data on the total trading volume, volatility, open interest PCR, and trading volume PCR of caustic soda [38][39][40]. - **Glass**: Charts present data on the total trading volume, volatility, open interest PCR, and trading volume PCR of glass [44][45][46]. - **Soda Ash**: Charts show data on the total trading volume, volatility, open interest PCR, and trading volume PCR of soda ash [50][51][52]. - **Precious Metals**: Charts show data on the total trading volume, volatility, open interest PCR, and trading volume PCR of silver [59][60][61]. - **Ferrous Metals** - **Iron Ore**: Charts display data on the total trading volume, volatility, open interest PCR, and trading volume PCR of iron ore [68][70][74]. - **Silicomanganese**: Charts show data on the total trading volume, volatility, open interest PCR, and trading volume PCR of silicomanganese [75][76][77]. - **Non - Ferrous Metals** - **Copper**: Charts present data on the total trading volume, volatility, open interest PCR, and trading volume PCR of copper [82][84][88]. - **Aluminum**: Charts show data on the total trading volume, volatility, open interest PCR, and trading volume PCR of aluminum [90][91][92]. - **Agricultural Products** - **Soybean Meal**: Charts display data on the total trading volume, volatility, open interest PCR, and trading volume PCR of soybean meal [95][97][98]. - **Palm Oil**: Charts show data on the total trading volume, volatility, open interest PCR, and trading volume PCR of palm oil [102][103][104]. - **Cotton**: Charts present data on the total trading volume, volatility, open interest PCR, and trading volume PCR of cotton [108][109][111].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View - The report presents daily volatility data including implied volatility indices, historical volatility, and their spreads for various financial and commodity options. It also shows the implied volatility quantile data and historical volatility quantile ranking for some products [3][5][6]. 3. Summary by Related Content Implied Volatility Index and Historical Volatility - The financial option implied volatility index reflects the 30 - day implied volatility (IV) trend as of the previous trading day. The commodity option implied volatility index is obtained by weighted average of the IVs of the two - strike options above and below the at - the - money option of the main contract, reflecting the IV change trend of the main contract [3]. - The difference between the implied volatility index and historical volatility (HV) indicates the relative level of IV to HV. A larger difference means IV is relatively higher than HV, and a smaller difference means IV is relatively lower [3]. Implied Volatility Quantile and Volatility Spread Quantile - The implied volatility quantile represents the current level of a product's IV in history. A high quantile means the current IV is high, and a low quantile means the current IV is low [5]. - The volatility spread is related to the implied volatility index and historical volatility [5]. Data Display - There are charts showing the trends of IV, HV, and IV - HV spreads for various products such as 300股指, 50ETF, 1000股指, etc., from 2024 to 2026. Also, there is a chart presenting the implied volatility quantile data and historical volatility quantile ranking for products like PTA, 500ETF, 50ETF, etc [4][6][7].