周度报告——商品期权 商品期权周报：2026 年第 9 周 报告日期： 2026 年 3 月 2 日 ★ 商品期权市场活跃度 本周（2026.02.24-2026.02.27）商品期权市场成交活跃度继续 下滑，日均成交量为 547 万手，日均持仓量为 712 万手，环 比变化分别为-17.45%和-13.28%。分品种来看，日均成交活跃 的品种主要包括 PTA（38 万手）、碳酸锂（36 万手）、豆 粕（30 万手）。此外，成交量增长较为显著的品种为对二甲 苯（+324%）、锰硅（+238%）、碳酸锂（+212%）。与此 同时，成交量下降较为明显的品种则有沥青（-82%）、合成 橡胶（-81%）、镍（-73%）。从持仓量数据来看，本周日均 持仓量较高的品种为豆粕（56 万手）、玻璃（53 万手）和纯 碱（49 万手）。日均持仓量环比增长较为迅速的品种为燃油 （+52%）、工业硅（+44%）。建议投资者可重点关注交易 活跃品种可能存在的市场机会。 ★ 商品期权主要数据点评 标的涨跌情况：节后第一周商品期权标的以上涨为主。周度 涨幅较高的品种包括锡（+23.27%）、白银（+16.36%）、碳 酸锂（+15.33 ...

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

商品期权日报(2026 年 02 月 25 日) 表 1：期权行情 | 看涨期权 | | | 看跌期权 | | --- | --- | --- | --- | | 品种 | 日涨跌幅 | 品种 | 日涨跌幅 | | 纯苯 | 157.06% | 多晶硅 | 74.15% | | 棉花 | 98.72% | 螺纹钢 | 34.96% | | 苯乙烯 | 88.56% | 生猪 | 33.71% | | 液化石油气 | 87.91% | 锰硅 | 21.09% | | 白银 | 77.37% | 苹果 | 18.49% | | 原油 | 75.32% | 焦煤 | 9.37% | | 聚丙烯 | 70.15% | 铁矿石 | 8.80% | | 短纤 | 68.18% | 菜粕 | 8.03% | | 天然橡胶 | 58.25% | 氧化铝 | 3.21% | | 塑料 | 56.42% | 硅铁 | 2.27% | | | 看涨期权 | | 看跌期权 | | --- | --- | --- | --- | | 品种 | 日涨跌幅 | 品种 | 日涨跌幅 | | 纯苯 | 157.06% | 多晶硅 | 74.1 ...

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].

凌晨时分，黄金、白银行情剧烈波动，一位交易者还在电脑前紧盯着盘面，他就是第十九届全国期货 （期权）实盘交易大赛长期稳定盈利组第二名吴伟淼。 他认为，在高波动行情中，一旦出现错误的扛单行为，后果非常严重。 吴伟淼告诉期货日报记者，他正在优化入场时机的筛选机制，过滤高波动行情中的无效信号，更严格地 把控仓位。 "交易不是预判未来，而是驾驭当下。不管行情怎么变，守住自己的交易规则，跟着盘面节奏走，比纠 结涨跌更重要。"他说。 "近期，贵金属、有色金属价格大幅波动，完全超出了常规节奏。"吴伟淼坦言，对大部分交易者来说， 这种行情像坐"过山车"。 "我坚持日内超短线战法，高波动本来就是短线交易的利润'土壤'。"吴伟淼解释称，近期行情的特殊性 在于，节奏把控的重要性被无限放大，"比以往任何时候都更考验对盘面的即时判断，以及进退的果断 性"。在高速变动的市场中，一瞬间的犹豫可能就会错失良机或放大亏损。 吴伟淼近期聚焦黄金、白银、铜等品种，整体短线交易表现依然保持稳健，延续着"赚多亏少，积小胜 为大胜"的策略。 尽管短线依然稳健，但吴伟淼也遭遇了较大亏损，问题出在期权上。"白银期权的隐含波动率很高，我 被较高的权利金所诱惑。 ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - No relevant information provided Group 3: Option Quotes - The daily price increase rates of call options for tin, caustic soda, and copper are 145.46%, 114.29%, and 39.01% respectively. The daily price increase rates of put options for log, styrene, and asphalt are 62.50%, 54.94%, and 40.30% respectively [1]. Group 4: Option Positions - The daily changes in call option positions for soda ash, glass, and methanol are 28,697, 19,552, and 18,395 respectively. The daily changes in put option positions for caustic soda, PTA, and glass are 24,635, 18,672, and 14,859 respectively [2]. Group 5: Option Position Put - Call Ratio PCR - High - position PCR varieties include apple (1.6364), offset printing paper (1.2648), and propylene (1.0963). Low - position PCR varieties include soda ash (0.2516), live pigs (0.2569), and alumina (0.2755) [5]. Group 6: Option Trading Volume Put - Call Ratio PCR - High - trading - volume PCR varieties include apple (1.6044), offset printing paper (1.1722), and iron ore (1.1403). Low - trading - volume PCR varieties include ethylene glycol (0.1602), Chinese dates (0.183), and lead (0.2236) [6]. Group 7: Daily Selections - Call option selections include alumina (ao2605C2900), sugar (SR605C5300), and peanuts (PK605C8000). Put option selections include ethylene glycol (eg2605 - P - 3550), industrial silicon (si2605 - P - 8100), and plastic (l2605 - P - 6500) [7]. Group 8: Near - Expiration Options - For call options of near - expiration options, such as cotton (CF603C14800), the remaining days are 2, the option closing price is 22.0, and the break - even target price is 14,825.0 with a break - even target increase rate of 1.02%. For put options, such as cotton (CF603P14600), the break - even target price is 14,552.0 with a break - even target decrease rate of - 0.84% [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].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - No information provided 3. Summary by Relevant Catalogs Option Quotes - The daily percentage changes of call options for fuel oil, asphalt, and short - fiber are 97.27%, 46.67%, and 43.38% respectively. The daily percentage changes of put options for offset printing paper, lead, and corn are 12.24%, 6.80%, and 6.25% respectively [1] Option Positions - The daily changes in call option positions for methanol, PTA, and fuel oil are 33565, 16765, and 12896 respectively. The daily changes in put option positions for PTA, glass, and soda ash are 32223, 24052, and 12483 respectively [2] Option Position Put - Call Ratio (PCR) - High - position PCR varieties include apple (1.5705), propylene (1.1986), and offset printing paper (1.1185). Low - position PCR varieties include alumina (0.2203), live pigs (0.2572), and soda ash (0.2926) [5] Option Volume Put - Call Ratio (PCR) - High - volume PCR varieties include apple (1.5386), iron ore (1.3131), and palladium (1.2957). Low - volume PCR varieties include alumina (0.2083), natural rubber (0.2091), and red dates (0.2174) [6] Daily Selections - Call option selections include PVC, soda ash, and alumina with trend degrees of 55, 49, and 49 respectively. Put option selections include lead, eggs, and lithium carbonate with trend degrees of - 55, - 55, and - 47 respectively [7] Near - Expiration Options - For call options of near - expiration options, such as lithium carbonate, the option closing price is 2430.0, the underlying settlement price is 148020.0, and the break - even underlying price and its increase rate are 152436.0 and 2.98% respectively. For put options, such as lithium carbonate, the option closing price is 4100.0, the underlying settlement price is 148020.0, and the break - even underlying price and its decrease rate are 143894.0 and - 2.79% respectively [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].