Group 1: Report Overview - The report is the Commodity Options Daily Report on March 19, 2026, provided by Dayue Futures [1] Group 2: Option Quotes Call Options - The top five daily gainers among call options are asphalt (56.14%), egg (25.20%), methanol (12.75%), lead (11.29%), and ethylene glycol (-5.88%). The top five daily losers are alumina (-14.56%), polypropylene (-10.81%), corn (-10.00%), log (-7.06%), and ethylene glycol (-5.88%) [1] Put Options - The top five daily gainers among put options are zinc (86.17%), offset printing paper (79.69%), red dates (73.94%), ferrosilicon (65.77%), and industrial silicon (52.49%). The top five daily losers are not provided as all listed put options have positive daily changes [1] Group 3: Option Positions Call Options - The top five in terms of daily change in call option positions are glass (17,638), methanol (13,647), soda ash (12,311), p-xylene (12,210), and styrene (11,616) [3] Put Options - The top five in terms of daily change in put option positions are methanol (18,936), cotton (12,904), p-xylene (12,559), asphalt (12,070), and soybean meal (10,487) [3] Group 4: Option Position Put - Call Ratio (PCR) High PCR - The top five high PCR positions are fuel oil (2.0196), p-xylene (1.7365), apple (1.6524), short fiber (1.4331), and crude oil (1.4282) [6] Low PCR - The top five low PCR positions are red dates (0.225), live pigs (0.2324), coking coal (0.3701), soda ash (0.3704), and urea (0.408) [6] Group 5: Option Volume Put - Call Ratio (PCR) High PCR - The top five high PCR volumes are polypropylene (1.8725), copper (1.8452), zinc (1.4677), plastic (1.4231), and silver (1.2786) [7] Low PCR - The top five low PCR volumes are platinum (0.1787), palladium (0.2026), red dates (0.2146), urea (0.2374), and alumina (0.2567) [7] Group 6: Daily Selections Call Options - Recommended call options include alumina (ao2605C3050), methanol (MA609C2800), ethylene glycol (eg2605 - C - 4900), asphalt (bu2605C4600), and iron ore (i2605 - C - 820) [8] Put Options - Recommended put options include gold (au2606P1088), copper (cu2605P92000), zinc (zn2605P22600), silver (ag2606P19600), and pulp (sp2605P4950) [8] Group 7: Near - Expiry Options Call Options - Near - expiry call options include those on SSE 50 (HO2603 - C - 3000), CSI 300 (IO2603 - C - 4700), and CSI 1000 (MO2603 - C - 8100) [9] Put Options - Near - expiry put options include those on SSE 50 (HO2603 - P - 2950), CSI 300 (IO2603 - P - 4650), and CSI 1000 (MO2603 - P - 8000) [9]

Group 1: Option Quotes - The daily percentage changes of call options for various commodities are as follows: asphalt 112.07%, tin 22.66%, platinum 22.63%, copper 18.89%, silver 17.29%, bottle chips 17.29%, natural rubber 12.96%, nickel 6.94%, palladium 5.91%, and cotton 0.00% [1] - The daily percentage changes of put options for various commodities are as follows: crude oil 160.40%, ethylene glycol 97.87%, p - xylene 86.86%, liquefied petroleum gas 73.25%, offset printing paper 58.24%, PTA 57.00%, styrene 53.73%, plastic 47.25%, polypropylene 46.48%, and soybean oil 41.04% [1] Group 2: Option Positions - The daily changes in call option positions for different commodities are: methanol 46373, PTA 33073, soybean meal 17115, soda ash 15539, glass 15167, corn 15030, styrene 11799, sugar 10085, caustic soda 7846, and rebar 7287 [2] - The daily changes in put option positions for different commodities are: styrene 43469, PTA 21180, soybean meal 16414, fuel oil 12427, methanol 9292, corn 8121, cotton 5086, p - xylene 4916, palm oil 4136, and iron ore 3876 [2] Group 3: Option Position Put - Call Ratio PCR - High - position PCR varieties and their PCR values are: fuel oil 2.3679, apple 1.8771, short - fiber 1.8171, styrene 1.7204, crude oil 1.6227, propylene 1.5756, synthetic rubber 1.3121, PTA 1.3042, pure benzene 1.2202, and liquefied petroleum gas 1.1647 [5] - Low - position PCR varieties and their PCR values are: live pigs 0.2434, red dates 0.2486, alumina 0.3171, soda ash 0.3571, coking coal 0.4098, natural rubber 0.4182, urea 0.4184, sugar 0.4214, industrial silicon 0.4653, and logs 0.4679 [5] Group 4: Option Volume Put - Call Ratio PCR - High - volume PCR varieties and their PCR values are: propylene 4.8296, pure benzene 2.0913, short - fiber 2.0615, polypropylene 1.686, cast aluminum alloy 1.534, bottle chips 1.3155, synthetic rubber 1.2205, rapeseed oil 1.0802, plastic 1.0575, and PTA 1.0359 [6] - Low - volume PCR varieties and their PCR values are: red dates 0.0919, live pigs 0.1216, polysilicon 0.1702, nickel 0.2152, urea 0.2331, peanuts 0.2506, natural rubber 0.2579, alumina 0.2761, coking coal 0.3232, and rebar 0.3315 [6] Group 5: Daily Selections - Call option daily selections include silicon iron, styrene, aluminum, bottle chips, iron ore, soybean meal, fuel oil, and rebar, with details on futures contracts, option contracts, trend degrees, put - call ratios, and remaining days [7] - Put option daily selections include SSE 50, copper, zinc, lead, nickel, gold, CSI 300, and live pigs, with details on futures contracts, option contracts, trend degrees, put - call ratios, and remaining days [7] Group 6: Near - Expiration Options - Call near - expiration options for glass, methanol, short - fiber, peanuts, propylene, bottle chips, soda ash, silicon iron, caustic soda, manganese silicon, PTA, urea, and crude oil are presented, including remaining days, option closing prices, underlying settlement prices, break - even points, and option doubling conditions [8] - Put near - expiration options for glass, methanol, short - fiber, peanuts, propylene, bottle chips, soda ash, silicon iron, caustic soda, manganese silicon, PTA, urea, and crude oil are presented, including remaining days, option closing prices, underlying settlement prices, break - even points, and option doubling conditions [9]

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core View of the Report - The report presents data on commodity option market conditions on March 6, 2026, including daily option price changes, option positions, option position put - call ratios (PCR), option trading volume put - call ratios (PCR), daily option selections, and expiring options [1][2][5][6][7][8]. Group 3: Summary by Related Catalogs Option Quotes - For call options, the top five commodities with the highest daily price increases are styrene (123.33%), caustic soda (118.81%), pure benzene (107.53%), staple fiber (106.14%), and propylene (87.13%). For put options, the top five commodities with the highest daily price increases are liquefied petroleum gas (21.76%), natural rubber (15.91%), tin (14.98%), soybeans No.1 (13.10%), and nickel (10.18%) [1]. Option Positions - For call options, the top five commodities with the largest daily position increases are methanol (30095), iron ore (15713), styrene (9888), corn (9686), and PVC (8761). For put options, the top five commodities with the largest daily position increases are methanol (43286), PTA (27230), fuel oil (20350), caustic soda (16530), and lithium carbonate (14232) [2]. Option Position Put - Call Ratio (PCR) - High - position PCR commodities include apple (2.2129), crude oil (1.8414), fuel oil (1.7306), staple fiber (1.4593), and synthetic rubber (1.2941). Low - position PCR commodities include live pigs (0.2734), red dates (0.2836), alumina (0.284), coking coal (0.3516), and soda ash (0.3696) [5]. Option Trading Volume Put - Call Ratio (PCR) - High - trading volume PCR commodities include propylene (1.5201), silver (1.4534), staple fiber (1.1632), pure benzene (0.9517), and ferrosilicon (0.9297). Low - trading volume PCR commodities include red dates (0.1299), live pigs (0.1609), urea (0.1791), PVC (0.2091), and aluminum (0.2438) [6]. Daily Option Selections - Call option selections include aluminum, rapeseed oil, styrene, ethylene glycol, plastic, synthetic rubber, PTA, and soybeans No.2. Put option selections include SSE 50, polysilicon, live pigs, urea, CSI 300, peanuts, nickel, and eggs [7]. Expiring Options - For call options, commodities include lithium carbonate, industrial silicon, and polysilicon. For put options, commodities also include lithium carbonate, industrial silicon, and polysilicon. The report provides information on remaining days, option closing prices, underlying settlement prices, break - even points, and price levels for option doubling [8].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report No clear core view is presented in the provided content. The report mainly offers data on commodity option trading, including daily price changes, position changes, put - call ratios, and details of selected and near - expiration options. 3. Summary by Related Tables Table 1: Option Quotes - The daily price increases of call options for liquefied petroleum gas, crude oil, and apple are 125.17%, 118.22%, and 92.23% respectively. The daily price increases of put options for tin, lithium carbonate, and aluminum are 88.55%, 86.57%, and 56.82% respectively [1]. Table 2: Option Positions - The daily position changes of call options for glass, PVC, and lithium carbonate are 23249, 12409, and 12097 respectively. The daily position changes of put options for methanol, fuel oil, and soda ash are 52355, 16997, and 9061 respectively [2]. Table 3: Option Position Put - Call Ratio (PCR) - High - PCR call options include apple (2.3111), crude oil (1.2782), and short - fiber (1.1914). Low - PCR put options include live pigs (0.2848), red dates (0.2857), and alumina (0.3118) [5]. Table 4: Option Trading Volume Put - Call Ratio (PCR) - High - PCR call options include polysilicon (1.3523), lithium carbonate (1.2982), and industrial silicon (1.1053). Low - PCR put options include red dates (0.155), urea (0.1657), and asphalt (0.196) [6]. Table 5: Daily Selections - Call options such as asphalt (bu2606C3800), bottle chips (PR605C6900), and rapeseed oil (OI605C9700) have a trend degree of 55. Put options such as polysilicon (ps2605 - P - 43000), live pigs (lh2605 - P - 11000), and industrial silicon (si2605 - P - 8000) have negative trend degrees [7]. Table 6: Near - Expiration Options - For call options of lithium carbonate, industrial silicon, and polysilicon, the remaining days are 3, and the corresponding break - even target price increases are 2.33%, 1.67%, and 2.94% respectively. For put options of these three commodities, the break - even target price decreases are - 5.82%, - 1.34%, and - 2.70% respectively [8].

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report No information provided in the given content. 3. Summary According to Relevant Catalogs Option Quotes - The daily price changes of call options for various commodities are as follows: pure benzene 157.06%, cotton 98.72%, styrene 88.56%, etc. [1] - The daily price changes of put options for various commodities are as follows: polysilicon 74.15%, rebar 34.96%, live pigs 33.71%, etc. [1] Option Positions - The daily changes in call option positions for various commodities are as follows: glass 34469, PVC 30362, soda ash 27019, etc. [2] - The daily changes in put option positions for various commodities are as follows: styrene 21940, PVC 21271, lithium carbonate 19475, etc. [2] Option Position Put - Call Ratio (PCR) - High - position PCR varieties include apple (2.0819), synthetic rubber (1.2172), short - fiber (1.1526), etc. [5] - Low - position PCR varieties include alumina (0.2279), live pigs (0.2783), red dates (0.2981), etc. [5] Option Volume Put - Call Ratio (PCR) - High - volume PCR varieties include apple (1.7363), iron ore (1.3325), palladium (1.3072), etc. [6] - Low - volume PCR varieties include nickel (0.2591), red dates (0.2607), cast aluminum alloy (0.2889), etc. [6] Daily Selections - Call option selections include cotton, natural rubber, urea, etc., with a trend degree of 55 for most and different put - call ratios and remaining days [7] - Put option selections include ferrosilicon, iron ore, manganese silicon, etc., with a negative trend degree for most and different put - call ratios and remaining days [7] Near - Expiry Options - Call options of near - expiry options include apple, p - xylene, iron ore, etc., with details such as remaining days, option closing prices, and break - even points [8][9] - Put options of near - expiry options include apple, p - xylene, iron ore, etc., with details such as remaining days, option closing prices, and break - even points [8][9]

Core Viewpoint - The article discusses the significant decline in silver and gold futures prices, primarily driven by external macroeconomic factors and liquidity disturbances, rather than domestic fundamentals [3][4]. Group 1: Market Reactions - On February 2, 2026, the main contract for silver futures on the Shanghai Futures Exchange (SHFE) opened and quickly fell by 20%, hitting the limit down [3]. - Other futures contracts, including copper, crude oil, and nickel, also experienced substantial declines [3]. - The London spot gold price peaked at $5,598.75 per ounce on January 29, 2026, before dropping to around $4,600 by February 2, 2026 [4]. - Similarly, the London spot silver price fell from a high of $121.647 per ounce on January 29, 2026, to approximately $80 by February 2, 2026 [4]. Group 2: Regulatory Responses - The SHFE issued a risk warning early in the market's volatility and increased the price fluctuation limits and margin requirements to mitigate external shocks [5]. - The exchange has been actively monitoring the market and has implemented various risk management measures to ensure orderly market operations [5]. - On February 2, 2026, the SHFE imposed restrictions on certain clients for exceeding trading limits, in accordance with its regulations [7][8]. Group 3: Market Dynamics - Analysts attribute the extreme volatility in precious metals to a rapid release of accumulated risks, following speculative trading based on long-term trends like "de-dollarization" [4]. - The leverage level for silver futures has decreased from 7-8 times to around 4-5 times due to the exchange's margin adjustments [6].

Core Viewpoint - The recent sharp decline in gold and silver prices is primarily driven by external macroeconomic factors, particularly the impact of the U.S. financial market turmoil and changes in Federal Reserve leadership expectations, rather than domestic fundamentals [1][2]. Group 1: Market Reactions - On February 2, the main contract for silver futures on the Shanghai Futures Exchange (SHFE) opened and quickly fell by 20%, hitting the daily limit down after a previous day of limit down trading [1]. - Other futures contracts, including copper, crude oil, and nickel, also experienced significant declines [1]. - The London spot gold price peaked at $5,598.75 per ounce on January 29 but dropped to around $4,600 by February 2, while silver fell from a high of $121.647 to approximately $80 per ounce in the same period [2]. Group 2: Regulatory Responses - The SHFE issued a notice urging market participants to enhance risk management and maintain compliance to ensure market stability amid increased volatility [1]. - The exchange has implemented measures such as increasing margin requirements and expanding the price fluctuation limits for certain contracts to mitigate external shocks [2]. - Specific clients were subjected to trading restrictions due to exceeding trading volume limits, indicating a proactive approach to managing abnormal trading behaviors [4]. Group 3: Analyst Insights - Analysts noted that the extreme volatility in precious metals is a result of rapid risk release from prior concentrated trading based on long-term market expectations [1]. - The leverage in silver futures has decreased from 7-8 times to around 4-5 times, reflecting the impact of increased margin levels [3]. - Continuous monitoring and risk prevention measures by the SHFE are aimed at guiding market participants towards rational investment behaviors [2].

Core Viewpoint - The natural rubber market is experiencing a phase of tight supply, leading to steady price increases, with optimistic market sentiment supporting further price growth [1][3]. Supply and Demand Dynamics - Global rubber production is expected to decrease in December due to seasonal factors, increasing reliance on imports in China [2]. - Weather conditions, including the La Niña phenomenon, are impacting rubber harvesting negatively, contributing to lower supply and profits for domestic producers [2]. Price Trends - International rubber prices are on the rise, with Thai rubber water priced at 56.6 THB/kg and cup rubber at 52.1 THB/kg, both near five-year highs [3]. - Domestic prices in Yunnan are also increasing, with rubber water at 14,100 CNY/ton and rubber blocks at 14,300 CNY/ton, reflecting a similar upward trend [3]. Consumption and Market Sentiment - The automotive sector is showing signs of recovery, with policies boosting sales and exports, particularly in the electric vehicle segment [4]. - Market sentiment is turning optimistic, as indicated by a decrease in the put-call ratio (PCR) to 46%, the lowest in three years, suggesting a bullish outlook on rubber prices [5][6]. Investment Strategies - Companies are advised against single-direction put options due to low success rates and high risks [7]. - Suggested strategies include covered call writing for steady income, long positions with protective puts for risk management, and bull spreads to control costs while maintaining a bullish stance [8].

Core Points - The Shanghai Futures Exchange announced adjustments to trading fees and position limits for various options starting from November 10, 2025 [1] Group 1: Trading Fee Adjustments - Trading fees for natural rubber options, rebar options, and lead options will be set at 1.5 yuan per contract, with no changes to the existing exemption for day trading fees [1] - The exemption for post-exercise futures hedging and market maker options hedging fees will remain unchanged [1] Group 2: Position Limit Adjustments - The position limit for zinc options, lead options, tin options, and butadiene rubber options will be adjusted to a single-sided limit of 5,000 contracts [1] - The position limit for crude oil options will also be set to a single-sided limit of 5,000 contracts [1]

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