| | 看涨期权 | 看跌期权 | | | --- | --- | --- | --- | | 品种 | 日涨跌幅 | 品种 | 日涨跌幅 | | 液化石油气 | 125.17% | 锡 | 88.55% | | 原油 | 118.22% | 碳酸锂 | 86.57% | | 苹果 | 92.23% | 铝 | 56.82% | | 纯苯 | 91.11% | 鸡蛋 | 52.08% | | 聚丙烯 | 87.75% | 锌 | 46.02% | | 塑料 | 82.78% | 镍 | 40.05% | | 甲醇 | 73.77% | 铸造铝合金 | 39.75% | | 燃料油 | 69.68% | 天然橡胶 | 34.80% | | 沥青 | 61.09% | 铂 | 34.45% | | 丙烯 | 56.81% | 多晶硅 | 27.81% | 交易咨询业务资格： 证监许可【2012】1091号 完稿时间:2026年03月04日 | 分析师： | 杜淑芳 | | --- | --- | | 从业资格证号: | F0230469 | | 投资咨询证号: | Z0000690 | | TEL: | 0575 ...

| 看涨期权 | | | 看跌期权 | | --- | --- | --- | --- | | 品种 | 日涨跌幅 | 品种 | 日涨跌幅 | | 锰硅 | 133.33% | PVC | 41.32% | | 硅铁 | 37.72% | 多晶硅 | 39.68% | | 碳酸锂 | 25.94% | 棕榈油 | 37.41% | | 白糖 | 24.50% | 短纤 | 36.78% | | 铂 | 17.20% | 塑料 | 33.14% | | 液化石油气 | 15.95% | 合成橡胶 | 30.77% | | 燃料油 | 6.89% | 纯苯 | 28.69% | | 铸造铝合金 | 6.09% | 甲醇 | 28.40% | | 豆粕 | 4.12% | 工业硅 | 26.64% | | 铅 | 4.07% | 氧化铝 | 26.41% | 备注：上述涨跌幅统一以各品种主力合约的平值期权为标的，并以其 收盘价作为计算基准。 表 2：期权持仓 商品期权日报(2026 年 02 月 27 日) 表 1：期权行情 | 看涨期权 | | | 看跌期权 | | --- | --- | --- | --- | ...

Core Insights - The commodity options market has experienced significant volatility, with the price of polysilicon put options surging nearly 900% in a single day, highlighting the potential for high returns from small price movements [5][9] - The top three options that saw the largest increases were all out-of-the-money options, indicating that low initial prices and premiums can lead to substantial gains when the underlying asset experiences minor fluctuations [7][9] Market Performance - Polysilicon put option 2604 at 35000 increased by 900% while the underlying asset decreased by 2.85% [3] - Manganese silicon call option 2604 at 6100 rose by 614.3% with the underlying asset increasing by 2.89% [3] - Manganese silicon call option 2604 at 6000 saw a 545.5% increase, also with the underlying asset up by 2.89% [3] Market Dynamics - The current market conditions are driven by a combination of high implied volatility, the nature of out-of-the-money options, and supportive policies affecting supply and demand [5][9] - The increase in volatility is attributed to high inventory levels of polysilicon and export policy disruptions for manganese silicon, leading to heightened market expectations for future price movements [7][9] - The fundamental factors, including supply surplus and policy changes, have led to increased investment in polysilicon, while manganese silicon is supported by export controls and supply-side reforms [7][9]

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].

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View - No information provided in the given content. 3. Summary by Relevant Catalogs Option Quotes - **Call Options**: Copper had the highest daily increase of 137.59%, followed by tin (59.18%), aluminum (54.56%), etc. [1] - **Put Options**: Caustic soda had the highest daily increase of 42.22%, followed by sugar (23.39%), soybean meal (22.22%), etc. [1] Option Positions - **Call Options**: Silver had the largest daily change in position of 27,327, followed by caustic soda (11,858), rebar (9,163), etc. [2] - **Put Options**: PVC had the largest daily change in position of 7,424, followed by glass (6,201), soybean meal (5,293), etc. [2] Option Position Put - Call Ratio (PCR) - **High - PCR Varieties**: Apple had the highest PCR of 1.5216, followed by propylene (1.2604), offset printing paper (1.0672), etc. [5] - **Low - PCR Varieties**: Alumina had the lowest PCR of 0.2117, followed by live pigs (0.2557), soda ash (0.2706), etc. [5] Option Volume Put - Call Ratio (PCR) - **High - PCR Varieties**: Apple had the highest PCR of 1.5728, followed by silver (1.427), iron ore (1.2379), etc. [6] - **Low - PCR Varieties**: Red dates had the lowest PCR of 0.1912, followed by alumina (0.1944), logs (0.2318), etc. [6] Daily Selections - **Call Options**: PVC, red dates, alumina, etc. were selected, with trend degrees ranging from 21 to 53 and put - call ratios from 0.21 to 0.94 [7] - **Put Options**: Lead, eggs, live pigs, etc. were selected, with trend degrees ranging from - 55 to - 45 and put - call ratios from 0.26 to 0.8 [7] Near - Expiry Options - **Call Options**: For lithium carbonate, industrial silicon, polysilicon, and fuel oil, the remaining days were all 3 days, with different break - even prices and price increase requirements for option doubling [8] - **Put Options**: Similar to call options, for these four varieties, the remaining days were 3 days, with different break - even prices and price decrease requirements for option doubling [8]

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. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - For non - ferrous metals, a seller's neutral volatility strategy is recommended as they tend to move upwards [2]. - For the black metals sector, which experiences significant fluctuations, a short - volatility combination strategy is suitable [2]. - For precious metals, as they rebound and rise, a bull spread combination strategy is suggested [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest of various metal futures contracts. For example, the latest price of copper futures (CU2602) is 103,390, down 520 (- 0.50%) with a trading volume of 16.55 million lots and an open interest of 15.95 million lots [3]. 3.2 Option Factors - **Volume and Open Interest PCR**: It shows the volume and open - interest put - call ratios (PCR) of different metal options. For instance, the volume PCR of copper options is 0.40, with a change of - 0.05, and the open - interest PCR is 0.66, with a change of 0.02 [4]. - **Pressure and Support Levels**: The pressure and support levels of option underlying assets are analyzed. The pressure point of copper is 110,000 and the support point is 98,000 [5]. - **Implied Volatility**: The implied volatility data of various metal options are given, including at - the - money implied volatility, weighted implied volatility, and its change, etc. The at - the - money implied volatility of copper is 33.62% [6]. 3.3 Strategy and Recommendations - **Non - ferrous Metals**: - **Copper**: Directional strategy - construct a bull spread combination strategy of call options; volatility strategy - construct a short - volatility seller's option combination strategy; spot long - hedging strategy - hold a spot long position + buy put options + sell out - of - the - money call options [8]. - **Aluminum, Zinc, Nickel, Tin, Lithium Carbonate**: Similar strategies are provided, mainly including directional strategies (such as bull spread combination strategies for some), volatility strategies (such as short - volatility strategies or selling call + put option combination strategies), and spot hedging strategies [10][11][12]. - **Precious Metals (Silver)**: Directional strategy - construct a bull spread combination strategy of call options; volatility strategy - construct a short - volatility option seller's combination strategy with a bullish bias; spot hedging strategy - hold a spot long position + buy put options + sell out - of - the - money call options [13]. - **Black Metals**: - **Rebar**: Volatility strategy - construct a short - volatility selling call + put option combination strategy with a bearish bias; spot long - covered strategy - hold a spot long position + sell call options [14]. - **Iron Ore, Ferroalloys, Industrial Silicon, Glass**: Similar strategies are given, covering directional, volatility, and spot hedging strategies [14][15][16].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - For non - ferrous metals, a seller's neutral volatility strategy can be constructed as they tend to move upwards [2]. - For the black - series, a short - volatility combination strategy is suitable due to their large - scale fluctuations [2]. - For precious metals, a bull spread combination strategy can be built as they are rebounding [2]. 3. Summary of Each Section 3.1 Futures Market Overview - The report presents data on the latest prices, price changes, trading volumes, and open interest of various metal futures contracts such as copper, aluminum, zinc, etc. For example, the latest price of copper (CU2602) is 102,220, with a price increase of 1,940 and a trading volume of 30.38 million lots [3]. 3.2 Option Factors - **Volume - to - Open - Interest PCR**: The report provides the volume - to - open - interest PCR data for different metal options, which helps describe the strength and potential turning points of the underlying asset's market. For instance, the volume PCR of copper options is 0.58, with a change of 0.05 [4]. - **Pressure and Support Levels**: The pressure and support levels of each option's underlying asset are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure point of copper is 110,000, and the support point is 98,000 [5]. - **Implied Volatility**: It shows the implied volatility data of various metal options, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of copper options is 31.57% [6]. 3.3 Strategy and Recommendations for Each Metal - **Non - ferrous Metals** - **Copper**: Based on fundamental and market analysis, directional, volatility, and spot hedging strategies are proposed. For example, a bull spread combination strategy can be constructed for directional trading, and a short - volatility seller option combination strategy for volatility trading [8]. - **Aluminum, Zinc, Nickel, Tin, and Lithium Carbonate**: Similar to copper, strategies for each metal are provided according to their fundamentals, market trends, and option factors [10][11][12]. - **Precious Metals** - **Silver**: Considering its fundamentals and market performance, a neutral short - volatility option seller combination strategy and a spot hedging strategy are recommended [13]. - **Black - Series** - **Rebar, Iron Ore, Ferroalloys, Industrial Silicon, and Glass**: Strategies for each product in the black - series are given, including directional, volatility, and spot hedging strategies, based on their supply - demand situations and market trends [14][15][16].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The metal sector is divided into non - ferrous metals, precious metals, and black metals. For each sector, option strategies and suggestions are provided for selected varieties. Option strategy reports are compiled for each option variety based on underlying market analysis, option factor research, and option strategy suggestions [8]. - For non - ferrous metals, a seller neutral volatility strategy can be constructed as they are trending upwards. For black metals, a short - volatility combination strategy is suitable due to their large - amplitude fluctuations. For precious metals, a bull spread combination strategy can be built as they are rebounding [2]. 3. Summary by Related Catalogs 3.1 Underlying Futures Market Overview - Copper (CU2602): The latest price is 93,560, up 840 (0.91%), with a trading volume of 17.27 million lots (up 1.27 million) and an open interest of 23.77 million lots (up 0.64 million) [3]. - Aluminum (AL2602): The latest price is 22,245, up 205 (0.93%), with a trading volume of 22.56 million lots (up 3.72 million) and an open interest of 31.51 million lots (up 2.09 million) [3]. - Zinc (ZN2602): The latest price is 23,090, up 70 (0.30%), with a trading volume of 8.84 million lots (up 0.20 million) and an open interest of 8.64 million lots (up 0.26 million) [3]. - Lead (PB2602): The latest price is 17,005, up 155 (0.92%), with a trading volume of 5.65 million lots (up 2.52 million) and an open interest of 6.22 million lots (up 0.65 million) [3]. - Nickel (NI2602): The latest price is 117,430, up 1,170 (1.01%), with a trading volume of 16.58 million lots (up 10.28 million) and an open interest of 9.41 million lots (up 0.17 million) [3]. - Tin (SN2602): The latest price is 341,220, up 1,400 (0.41%), with a trading volume of 18.49 million lots (up 3.75 million) and an open interest of 5.66 million lots (up 0.71 million) [3]. - Alumina (AO2602): The latest price is 2,528, down 10 (-0.39%), with a trading volume of 12.14 million lots (down 1.21 million) and an open interest of 21.88 million lots (up 0.84 million) [3]. - Gold (AU2602): The latest price is 984.58, up 4.34 (0.44%), with a trading volume of 32.89 million lots (up 8.78 million) and an open interest of 18.97 million lots (down 0.71 million) [3]. - Silver (AG2602): The latest price is 15,746, up 462 (3.02%), with a trading volume of 190.42 million lots (up 33.25 million) and an open interest of 33.75 million lots (down 2.59 million) [3]. - Lithium carbonate (LC2602): The latest price is 109,740, up 4,160 (3.94%), with a trading volume of 2.48 million lots (up 0.61 million) and an open interest of 3.46 million lots (up 0.21 million) [3]. - Industrial silicon (SI2602): The latest price is 8,665, up 45 (0.52%), with a trading volume of 2.23 million lots (down 1.27 million) and an open interest of 9.04 million lots (up 0.03 million) [3]. - Polysilicon (PS2602): The latest price is 60,680, down 355 (-0.58%), with a trading volume of 3.70 million lots (down 0.96 million) and an open interest of 3.57 million lots (up 0.13 million) [3]. - Rebar (RB2605): The latest price is 3,114, unchanged (0.00%), with a trading volume of 68.61 million lots (down 52.94 million) and an open interest of 156.89 million lots (down 0.71 million) [3]. - Iron ore (I2602): The latest price is 794.00, up 2.00 (0.25%), with a trading volume of 1.07 million lots (down 0.23 million) and an open interest of 7.25 million lots (down 0.08 million) [3]. - Manganese silicon (SM2602): The latest price is 5,792, up 14 (0.24%), with a trading volume of 2.24 million lots (up 0.73 million) and an open interest of 3.14 million lots (up 0.11 million) [3]. - Silicon iron (SF2602): The latest price is 5,512, up 36 (0.66%), with a trading volume of 9.35 million lots (up 1.24 million) and an open interest of 3.65 million lots (up 0.03 million) [3]. - Glass (FG2602): The latest price is 993, down 2 (-0.20%), with a trading volume of 2.87 million lots (down 1.84 million) and an open interest of 3.85 million lots (down 0.01 million) [3]. 3.2 Option Factor - Volume and Open Interest PCR - Different metal options have different volume and open - interest PCR values and their changes, which are used to describe the strength of the option underlying market and the turning point of the underlying market [4]. 3.3 Option Factor - Pressure and Support Levels - Different metal options have different pressure and support levels, which are determined by the strike prices of the maximum open interest of call and put options [5]. 3.4 Option Factor - Implied Volatility - Different metal options have different implied volatility values, including at - the - money implied volatility, weighted implied volatility, and their changes, as well as the difference between implied and historical volatility [6]. 3.5 Option Strategies and Suggestions Non - Ferrous Metals - **Copper Options**: Construct a call option bull spread combination strategy for directional gains, a short - volatility seller option combination strategy for time - value gains, and a spot long - hedging strategy [7]. - **Aluminum Options**: Build a short - volatility combination strategy of selling slightly bullish call and put options and a spot collar strategy [9]. - **Zinc Options**: Construct a short - volatility combination strategy of selling slightly bullish call and put options and a spot collar strategy [9]. - **Nickel Options**: Build a short - volatility combination strategy of selling slightly bearish call and put options and a spot covered - call strategy [10]. - **Tin Options**: Construct a call option bull spread combination strategy, a short - volatility strategy, and a spot collar strategy [10]. - **Lithium Carbonate Options**: Build a call option bull spread combination strategy, a short - volatility combination strategy of selling slightly bullish call and put options, and a spot long - hedging strategy [11]. Precious Metals - **Silver Options**: Construct a call option bull spread combination strategy, a slightly bullish short - volatility option seller combination strategy, and a spot hedging strategy [12]. Black Metals - **Rebar Options**: Build a short - volatility combination strategy of selling slightly bearish call and put options and a spot long - covered call strategy [13]. - **Iron Ore Options**: Construct a short - volatility combination strategy of selling slightly bearish call and put options and a spot long - collar strategy [13]. - **Manganese Silicon Options**: Build a short - volatility strategy [14]. - **Industrial Silicon Options**: Construct a put option bear spread combination strategy, a short - volatility combination strategy of selling call and put options, and a spot hedging strategy [14]. - **Glass Options**: Build a put option bear spread combination strategy, a short - volatility combination strategy of selling call and put options, and a spot long - collar strategy [15].