| 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 | | --- | --- | --- | --- | ...

周度报告——商品期权 商品期权周报：2026 年第 8 周 期权市场情绪：当前沥青、白银、合成橡胶、玻璃成交量 PCR 位于历史高位，市场短期集中博弈下跌预期；烧碱、LPG 成 交量 PCR 处于近一年低位，市场集中博弈上涨预期；沥青、 合成橡胶、纸浆、PVC 持仓量 PCR 位于历史高位，市场对 下跌的博弈情绪已积累至较高水平；而棕榈油、菜油、白银、 黄金、多晶硅、铁矿石等持仓量 PCR 位于近一年低位，市场 对看涨的博弈情绪积累。 ★ 风险提示 模型风险、政策风险、末日轮极端行情 报告日期： 2026 年 2 月 23 日 ★ 商品期权市场活跃度 节前最后一周（2026.02.09-2026.02.13）商品期权市场成交活 跃度继续下滑，日均成交量为 663 万手，日均持仓量为 821 万手，环比变化分别为-22.34%和-11.72%。分品种来看，日均 成交活跃的品种主要包括白银（83 万手）、PTA（60 万手）、 玻璃（34 万手）。此外，成交量增长较为显著的品种为豆一 （+214%）、镍（+100%）。与此同时，成交量下降较为明 显的品种则有多晶硅（-94%）、燃油（-89%）、工业硅（-88%） ...

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].

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - The report presents a comprehensive analysis of commodity options on February 12, 2026, including option quotes, positions, and various ratios, as well as daily selections and expiring options [1]. 3. Summary by Relevant Catalogs Option Quotes - **Call Options**: Nickel had the highest daily increase of 305.19%, followed by tin (69.44%) and lithium carbonate (59.40%) [1]. - **Put Options**: Industrial silicon had the highest daily increase of 8.57%, while palm oil increased by 7.30%. Glass, sugar, and other varieties showed declines [1]. Option Positions - **Call Options**: Nickel had the largest daily increase in positions of 6,533, followed by lithium carbonate (6,101) and industrial silicon (4,102) [2]. - **Put Options**: Corn had the largest daily increase in positions of 12,065, followed by nickel (5,454) and lithium carbonate (4,780) [2]. Option Position Put - Call Ratio (PCR) - **High - PCR Varieties**: Apple had a PCR of 1.7211, followed by offset printing paper (1.3903) and staple fiber (1.0879) [5]. - **Low - PCR Varieties**: Soda ash had a PCR of 0.2633, followed by live pigs (0.2689) and alumina (0.2841) [5]. Option Volume Put - Call Ratio (PCR) - **High - PCR Varieties**: Apple had a PCR of 1.7735, followed by palladium (1.4677) and silver (1.1918) [6]. - **Low - PCR Varieties**: Ethylene glycol had a PCR of 0.1698, followed by natural rubber (0.1856) and propylene (0.2034) [6]. Daily Selections - **Call Options**: Soybean No.1, peanut, corn, and other varieties were selected, each with corresponding futures contracts, option contracts, trend degrees, put - call ratios, and remaining days [7]. - **Put Options**: Industrial silicon, palm oil, rebar, and other varieties were selected, with relevant futures contracts, option contracts, trend degrees, put - call ratios, and remaining days [7]. Expiring Options - **Call Options**: For expiring call options of various varieties such as SSE 50, CSI 300, and silver, information on remaining days, option closing prices, underlying settlement prices, break - even points, and option doubling points was provided [8]. - **Put Options**: Similar information for expiring put options of various varieties was presented, including SSE 50, CSI 300, and silver [9].

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

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The trading activity in the commodity options market slightly declined this week, with an average daily trading volume of 8.91 million contracts and an average daily open interest of 8.65 million contracts, showing a week-on-week change of -5.28% and +0.30% respectively. Investors are advised to focus on potential market opportunities in actively traded varieties [1][7]. - The underlying assets of commodity options showed mixed performance, with non-ferrous metals and precious metals mostly rising. The varieties with higher weekly gains include silver (+20.03%), Shanghai tin (+14.78%), and styrene (+4.10%); those with higher weekly losses include caustic soda (-9.80%), glass (-3.58%), and rapeseed meal (-3.55%) [2][16]. - Most commodity options' implied volatility increased this week, with 51 varieties having their current implied volatility above the 50th percentile of the past year. For varieties with high implied volatility, pay attention to unilateral risks and consider short - volatility opportunities; for those with low implied volatility, buying options has a relatively high cost - performance [2][16]. - The PCR values of certain varieties indicate that the market has concentrated expectations for both upward and downward movements. For example, the trading volume PCR of lithium carbonate, LPG, and propylene is at a historical high, indicating a short - term concentrated expectation of a decline; while the trading volume PCR of crude oil, polysilicon, and rebar is at a one - year low, indicating a concentrated expectation of an increase [3][17]. 3. Summary by Relevant Catalogs 3.1 Commodity Options Market Activity - The average daily trading volume of the commodity options market this week was 8.91 million contracts, and the average daily open interest was 8.65 million contracts, with a week - on - week change of -5.28% and +0.30% respectively [1][7]. - The actively traded varieties this week include silver (690,000 contracts), PTA (620,000 contracts), and glass (580,000 contracts) [1][7]. - Five varieties had a trading volume increase of over 100%, with significant growth in styrene (+192%), fuel oil (+182%), and Shanghai zinc (+164%); while industrial silicon (-85%), polysilicon (-77%), and lithium carbonate (-71%) had significant trading volume declines [1][7]. - The varieties with relatively high average daily open interest this week were cotton (530,000 contracts), soybean meal (500,000 contracts), and glass (470,000 contracts), and fuel oil had a relatively rapid week - on - week increase in open interest (+71%) [1][7]. 3.2 This Week's Main Data Review of Commodity Options 3.2.1 Underlying Asset Price Movements - Non - ferrous metals and precious metals generally rose. High - gain varieties were silver (+20.03%), Shanghai tin (+14.78%), and styrene (+4.10%); high - loss varieties were caustic soda (-9.80%), glass (-3.58%), and rapeseed meal (-3.55%) [2][16]. 3.2.2 Market Volatility - Most commodity options' implied volatility increased this week. Varieties with a large week - on - week increase in implied volatility include silver (+18.611 pct), tin (+15.11 pct), and lithium carbonate (+8.86 pct) [2][16]. - Varieties with implied volatility at a historical high include non - ferrous metals, caustic soda, pure benzene, and PVC; those at a historical low include urea and manganese silicon [2][16]. 3.2.3 Options Market Sentiment - The trading volume PCR of lithium carbonate, LPG, and propylene is at a historical high, indicating a short - term concentrated bet on a decline; the trading volume PCR of crude oil, polysilicon, and rebar is at a one - year low, indicating a concentrated bet on an increase [3][17]. - The open interest PCR of propylene, Shanghai tin, and synthetic rubber is at a historical high, indicating a high level of bearish sentiment; the open interest PCR of log, polysilicon, and live hogs is at a one - year low, indicating a build - up of bullish sentiment [3][17]. 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 can be found on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [21]. 3.3.1 Energy - Relevant charts show data on trading volume, volatility, open interest PCR, and trading volume PCR of crude oil [22][24]. 3.3.2 Chemicals - **PTA**: Charts display data on trading volume, volatility, open interest PCR, and trading volume PCR [30][36]. - **Caustic Soda**: Similar data is presented through relevant charts [39][40]. - **Glass**: Key data is shown in corresponding charts [46][47]. - **Soda Ash**: Charts provide data on trading volume, volatility, open interest PCR, and trading volume PCR [54][59]. 3.3.3 Precious Metals - Charts show data on trading volume, volatility, open interest PCR, and trading volume PCR of silver [62][66]. 3.3.4 Ferrous Metals - **Iron Ore**: Relevant charts present data on trading volume, volatility, open interest PCR, and trading volume PCR [69][70]. - **Manganese Silicon**: Key data is shown in corresponding charts [76][77]. 3.3.5 Non - ferrous Metals - **Copper**: Charts display data on trading volume, volatility, open interest PCR, and trading volume PCR [84][89]. - **Aluminum**: Similar data is presented through relevant charts [92][94]. 3.3.6 Agricultural Products - **Soybean Meal**: Charts show data on trading volume, volatility, open interest PCR, and trading volume PCR [98][99]. - **Palm Oil**: Key data is presented in corresponding charts [104][105]. - **Cotton**: Relevant charts provide data on trading volume, volatility, open interest PCR, and trading volume PCR [112][117].

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 Views of the Report - The trading activity in the commodity options market continued to increase this week, with daily average trading volume reaching 9.41 million lots and daily average open interest at 8.63 million lots, showing week - on - week changes of +15.16% and +20.23% respectively. Investors are advised to focus on potential market opportunities in actively traded varieties [1][7]. - Most commodity option underlying assets rose this week. High - gain varieties included lithium carbonate (+17.96%), silver (+9.70%), tin (+9.17%); high - loss varieties included polysilicon (-11.43%) and industrial silicon (-1.64%) [2][14]. - Most commodity options' implied volatility increased this week. Varieties with high implied volatility are at historical highs, suggesting caution against unilateral risks and attention to short - volatility opportunities; urea, with low implied volatility, has high cost - effectiveness for buying options [2][14]. - Different varieties show different market sentiment. Some have high PCR values, indicating a concentrated short - term or long - term bearish sentiment, while others have low PCR values, indicating a concentrated bullish sentiment [3][15]. 3. Summary by Directory 3.1 Commodity Options Market Activity - This week (2026.01.05 - 2026.01.09), the daily average trading volume was 9.41 million lots, and the daily average open interest was 8.63 million lots, with week - on - week changes of +15.16% and +20.23% respectively [1][7]. - Actively traded varieties included lithium carbonate (930,000 lots), glass (820,000 lots), and PTA (690,000 lots). Varieties with significant trading volume growth were aluminum alloy (+198%), industrial silicon (+171%), and crude oil (+161%); those with significant decline were p - xylene (-93%) and silver (-52%) [1][7]. - High - open - interest varieties were glass (680,000 lots), soda ash (570,000 lots), and PTA (460,000 lots). Asphalt had a rapid week - on - week increase in open interest (+142%) [1][7]. 3.2 This Week's Key Data Review of Commodity Options 3.2.1 Underlying Asset Price Movements - Most underlying assets of commodity options rose this week. High - gain varieties were lithium carbonate (+17.96%), silver (+9.70%), tin (+9.17%); high - loss varieties were polysilicon (-11.43%) and industrial silicon (-1.64%) [2][14]. 3.2.2 Market Volatility - Most commodity options' implied volatility increased this week. 52 varieties' current implied volatility was above the 50th percentile of the past year. Varieties with significant increases in implied volatility included nickel (+13.51pct), aluminum (+12.05pct), silver (+10.64pct), lithium carbonate (+10.44pct), and tin (+10.36pct) [2][14]. - Varieties with high implied volatility at historical highs included non - ferrous metals, corn, plastics, PTA, etc.; those with low implied volatility at historical lows included urea [2][14]. 3.2.3 Options Market Sentiment - Varieties such as lithium carbonate, staple fiber, rapeseed meal, and tin had high trading volume PCR values, indicating a concentrated short - term bearish sentiment; varieties like live pigs, crude oil, iron ore, and rebar had low trading volume PCR values, indicating a concentrated bullish sentiment [3][15]. - Varieties such as lithium carbonate, silver, p - xylene, and rapeseed meal had high open - interest PCR values, indicating a high - level bearish sentiment; varieties like palm oil, ethylene glycol, live pigs, and crude oil had low open - interest PCR values, indicating a bullish sentiment [3][15]. 3.3 Key Data Overview of Major Varieties - This chapter presents key data of major 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/) [19]. 3.3.1 Energy - Data on trading volume, volatility, open - interest PCR, and trading volume PCR of energy varieties such as crude oil, LPG, asphalt, fuel oil, etc., are presented in the report [16]. 3.3.2 Chemicals - For PTA,烧碱, glass, soda ash and other chemical varieties, data on trading volume, volatility, open - interest PCR, and trading volume PCR are provided [16][18]. 3.3.3 Precious Metals - Data on trading volume, volatility, open - interest PCR, and trading volume PCR of precious metals such as silver and gold are presented [16][18]. 3.3.4 Ferrous Metals - For iron ore, manganese silicon and other ferrous metal varieties, data on trading volume, volatility, open - interest PCR, and trading volume PCR are provided [16][18]. 3.3.5 Non - Ferrous Metals - For copper, aluminum and other non - ferrous metal varieties, data on trading volume, volatility, open - interest PCR, and trading volume PCR are presented [16][18]. 3.3.6 Agricultural Products - For soybean meal, palm oil, cotton and other agricultural products, data on trading volume, volatility, open - interest PCR, and trading volume PCR are provided [16][18].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals, a neutral volatility strategy for sellers is recommended as they show a bullish upward trend [2]. - For the black - series metals, a strategy of shorting volatility is suitable due to their large - amplitude fluctuations [2]. - For precious metals, a bull - spread combination strategy is suggested as they are rebounding and rising [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various metal futures contracts, including copper, aluminum, zinc, etc [3]. 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - The volume PCR and open interest PCR of different metal options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively [4]. 3.2.2 Pressure and Support Levels - The pressure points, support points, and their offsets, as well as the maximum open interests of call and put options for different metal options, are given to analyze the pressure and support levels of the option underlyings [5]. 3.2.3 Implied Volatility - The report provides the at - the - money implied volatility, weighted implied volatility, its change, annual average, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility for various metal options [6]. 3.3 Strategy and Suggestions 3.3.1 Non - Ferrous Metals - **Copper**: A bull - spread combination strategy for call options is recommended for directional trading; a short - volatility option seller combination strategy is suggested to gain time - value; and a spot hedging strategy of holding long spot, buying put options, and selling out - of - the - money call options is proposed [7]. - **Aluminum**: A bull - spread combination strategy for call options is recommended for direction; a strategy of selling bullish call and put options is suggested to gain time - value and directional returns; and a spot collar strategy is proposed [9]. - **Zinc**: There is no directional strategy; a strategy of selling bullish call and put options is suggested to gain time - value; and a spot collar strategy is proposed [9]. - **Nickel**: There is no directional strategy; a strategy of selling bullish call and put options is suggested to gain time - value; and a spot covered - call strategy is proposed [10]. - **Tin**: There is no directional strategy; a short - volatility strategy is suggested to gain time - value; and a spot collar strategy is proposed [10]. - **Lithium Carbonate**: There is no directional strategy; a strategy of selling bullish call and put options is suggested to gain time - value; and a spot hedging strategy of holding long spot, buying put options, and selling call options is proposed [11]. 3.3.2 Precious Metals - **Silver**: There is no directional strategy; a neutral short - volatility option seller combination strategy is suggested to gain time - value; and a spot hedging strategy of holding long spot, buying put options, and selling out - of - the - money call options is proposed [12]. 3.3.3 Black - Series Metals - **Rebar**: There is no directional strategy; a strategy of selling bearish call and put options is suggested to gain time - value; and a spot covered - call strategy is proposed [13]. - **Iron Ore**: There is no directional strategy; a strategy of selling neutral call and put options is suggested to gain time - value and directional returns; and a spot long - collar strategy is proposed [13]. - **Ferroalloys (Manganese Silicon and Silicon Ferros)**: For manganese silicon, there is no directional strategy; a short - volatility strategy is suggested to gain time - value; and no spot hedging strategy is proposed. For industrial silicon, there is no directional strategy; a short - volatility strategy of selling call and put options is suggested to gain time - value and directional returns; and a spot hedging strategy of holding long spot, buying put options, and selling call options is proposed [14]. - **Glass**: There is no directional strategy; a short - volatility strategy of selling call and put options is suggested to gain time - value; and a spot long - collar strategy is proposed [15].