金属期权 2025-08-28 金属期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 金属期权策略早报概要：（1）有色金属偏弱震荡，构建卖方中性波动率策略策略；（2）黑色系维持大幅度波动的 行情走势，适合构建做空波动率组合策略；（3）贵金属高位盘整震荡有所回落，构建现货避险策略。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万手) | ...

金属期权 2025-08-26 金属期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 金属期权策略早报概要：（1）有色金属偏弱震荡，构建卖方中性波动率策略策略；（2）黑色系维持大幅度波动的 行情走势，适合构建做空波动率组合策略；（3）贵金属高位盘整震荡有所回落，构建现货避险策略。 | 表1：标的期货市场概况 | | --- | | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （ ...

本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 【本周多类商品期权隐含波动率下降，市场情绪降温】截至本周五收盘，原油期权隐含波动率为 28.91%，较一周前下降4.35%；碳酸锂期权隐含波动率42.69%，较一周前下降5.54%。 螺纹钢期权隐含 波动率11.35%，较一周前下降0.46%；纯碱期权隐含波动率18.20%，较一周前下降1.48%。 黄金期权隐 含波动率15.51%，较一周前下降0.25%；白银期权隐含波动率18.06%，较一周前下降0.21%。 棕榈油期 权隐含波动率15.61%，较一周前上升0.14%；豆油期权隐含波动率21.60%，较一周前上升2.06%。 菜油 期权隐含波动率19.84%，较一周前下降0.35%；橡胶期权隐含波动率12.69%，较一周前下降2.85%。 本 周，商品期权成交量较上周大幅下降24.45%，持仓量较上周下降24.29%。市场情绪较上周显著降温， 期权隐含波动率普遍下降。 碳酸锂、纯碱期权隐含波动率较上周五下降均超4个百分点，目前分别处于 历史60%-70%、30%-40%分位数水平。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文 ...

商品期权周报 I 2025/08/18—2025/08/22 隐波下降，市场震荡回落 本周摘要 波动率方面，截至本周五收盘，原油期权隐含波动率 28.91%,较 一周前下降-4.35%。碳酸锂期权隐含波动率 42.69%,较一周前下 降-5.54%。螺纹钢期权隐含波动率 11.35%,较一周前下降- 0.46%。纯碱期权隐含波动率 18.20%,较一周前下降-1.48%。黄 金期权隐含波动率 15.51%,较一周前下降-0.25%,较一周前下降- 1.48%。白银期权隐含波动率 18.06%,较一周前下降-0.21%。棕 榈油期权隐含波动率 15.61%,较一周前上升 0.14%。豆油期权隐 含波动率 21.60%,较一周前上升 2.06%。菜油期权隐含波动率 19.84%,较一周前下降-0.35%。橡胶期权隐含波动率 12.69%,较 一周前下降-2.85%。 本周商品期权成交量较上周大幅下降 24.45%，持仓量较上周下 降 24.29%。本周商品期权市场情绪较上周显著降温，期权隐含 波动率普遍下降。碳酸锂、纯碱期权隐含波动率较上周五下降均 超 4 个百分点，目前分别处于历史 60%-70%，30%-40 ...

Group 1: Report Summary - The report is a metal options strategy morning report dated August 25, 2025, covering有色金属, precious metals, and black metals [1][2] - The overall strategy suggestions are to construct a seller neutral volatility strategy for non - ferrous metals in a weak shock, a short - volatility combination strategy for black metals with large fluctuations, and a spot hedging strategy for precious metals in a high - level consolidation [2] Group 2: Market Overview Futures Market - The latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts are presented. For example, the latest price of copper (CU2510) is 79,120, up 420 (0.53%); the latest price of aluminum (AL2510) is 20,755, up 85 (0.41%) [3] Option Factors - **Volume and Open Interest PCR**: These indicators are used to describe the strength of the option underlying market and the turning point of the market. For example, the volume PCR of copper is 0.73, down 0.04; the open interest PCR is 0.85, down 0.02 [4] - **Pressure and Support Levels**: Determined from the strike prices of the maximum open interest of call and put options. For example, the pressure point of copper is 80,000 and the support point is 78,000 [5] - **Implied Volatility**: It includes at - the - money implied volatility, weighted implied volatility, etc. For example, the weighted implied volatility of copper is 15.17%, up 0.50% [6] Group 3: Strategy Suggestions for Different Metals Non - ferrous Metals - **Copper**: The fundamental situation shows that the inventory of the three major exchanges decreased by 0.04 million tons. The option strategy suggests constructing a short - volatility seller option combination strategy and a spot long - position hedging strategy [7] - **Aluminum/Alumina**: The domestic aluminum ingot social inventory increased by 0.8 million tons last week. The option strategy includes constructing a short - neutral call + put option combination strategy and a spot collar strategy [9] - **Zinc/Lead**: Zinc concentrate port and factory inventories are given. The option strategy is to construct a short - neutral call + put option combination strategy and a spot collar strategy [9] - **Nickel**: The spot market shows that traders have a strong willingness to hold prices. The option strategy includes constructing a short - bearish call + put option combination strategy and a spot covered call strategy [10] - **Tin**: The terminal demand increased slightly, and the inventory decreased significantly. The option strategy is to construct a short - volatility strategy and a spot collar strategy [10] - **Lithium Carbonate**: The domestic weekly inventory decreased by 0.5%. The option strategy includes constructing a short - neutral call + put option combination strategy and a spot long - position hedging strategy [11] Precious Metals - **Gold/Silver**: Powell's speech indicates the start of a new interest - rate cut cycle. The option strategy for gold is to construct a neutral short - volatility option seller combination strategy and a spot hedging strategy [12] Black Metals - **Rebar**: The social and factory inventories of rebar increased. The option strategy includes constructing a short - bearish call + put option combination strategy and a spot long - position covered call strategy [13] - **Iron Ore**: The inventory of imported iron ore in 47 ports increased. The option strategy is to construct a short - neutral call + put option combination strategy and a spot long - position collar strategy [13] - **Ferroalloys**: For manganese silicon, the production increased and the inventory decreased. The option strategy is to construct a short - volatility strategy [14] - **Industrial Silicon/Polysilicon**: The industrial silicon inventory remained high. The option strategy includes constructing a short - volatility call + put option combination strategy and a spot hedging strategy [14] - **Glass**: The total inventory of float glass enterprises increased. The option strategy is to construct a short - volatility call + put option combination strategy and a spot long - position collar strategy [15] Group 4: Charts - There are price trend charts, option trading volume and open interest charts, option factor charts (such as PCR, implied volatility) for various metals, including copper, aluminum, zinc, etc. These charts visually present the market conditions and option factors of each metal [18][20][26]

Report Industry Investment Rating No relevant information provided. Core View of the Report The report analyzes the activity, price changes, market volatility, and sentiment of the commodity options market in the 34th week of 2025 (August 18 - August 22). It suggests investors focus on trading opportunities in actively traded varieties and provides insights on potential risks and opportunities based on price movements and volatility [1][2]. Summary by Directory 1. Commodity Options Market Activity - Market activity declined compared to last week, with average daily trading volume at 6.46 million lots and average daily open interest at 7.32 million lots, down 26.6% and 28.23% respectively [1][6]. - Actively traded varieties included soda ash (590,000 lots), glass (510,000 lots), and palm oil (400,000 lots) [1][6]. - Three varieties saw trading volume growth of over 100%, with p-xylene (+1327%), synthetic rubber (+125%), and staple fiber (+122%) showing significant increases [1][6]. - Varieties with significant trading volume declines were rapeseed meal (-85%), rapeseed oil (-85%), and soybean oil (-72%) [1][6]. - Varieties with high average daily open interest were rebar (630,000 lots), soda ash (620,000 lots), and soybean meal (600,000 lots) [1][6]. - Varieties with rapid open interest growth were p-xylene (+188%), synthetic rubber (+77%), and polysilicon (+50%) [1][6]. 2. This Week's Commodity Options Main Data Review - **Underlying Price Changes**: Most commodity option underlying futures declined, with 37 varieties closing lower for the week. High weekly gainers included caustic soda (+4.26%), p-xylene (+4.16%), and staple fiber (+3.34%); high weekly losers were lithium carbonate (-9.14%), soda ash (-4.95%), and ferrosilicon (-9.14%) [2][15]. - **Market Volatility**: The implied volatility of some commodity options declined weekly, with 39 varieties having current implied volatility below the 50th percentile of the past year. Varieties at historical highs included polysilicon, eggs, and industrial silicon; those at historical lows included the agricultural products sector and non-ferrous metals [2][15]. - **Options Market Sentiment**: Varieties such as lithium carbonate and soybean meal had high volume PCRs, indicating strong short-term bearish sentiment. Varieties like ethylene glycol, styrene, aluminum, and PTA had low volume PCRs, showing concentrated short-term bullish sentiment. Lithium carbonate, polysilicon, caustic soda, and soda ash had high open interest PCRs, suggesting high bearish sentiment; while styrene, ethylene glycol, nickel, and plastic had low open interest PCRs, indicating bullish sentiment accumulation [2][15]. 3. Key Data Overview of Major Varieties This chapter presents key data on major varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data can be accessed on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [19]. - **Energy**: Data on crude oil, including trading volume, volatility, open interest PCR, and volume PCR, are presented through various charts [20][22][23]. - **Chemicals**: - **PTA**: Data on trading volume, volatility, open interest PCR, and volume PCR are presented through charts [26][27][29]. - **Caustic Soda**: Similar data are presented for caustic soda [35][36][38]. - **Glass**: Data on glass are presented in a similar manner [42][43][44]. - **Soda Ash**: Data on soda ash are presented through charts [48][49][52]. - **Precious Metals**: Data on silver, including trading volume, volatility, open interest PCR, and volume PCR, are presented through charts [54][55][56]. - **Ferrous Metals**: - **Iron Ore**: Data on iron ore are presented through charts [62][63][66]. - **Silicomanganese**: Similar data are presented for silicomanganese [70][71][72]. - **Non-Ferrous Metals**: - **Copper**: Data on copper are presented through charts [77][78][84]. - **Alumina**: Data on alumina are presented in a similar manner [93][88][90]. - **Agricultural Products**: - **Soybean Meal**: Data on soybean meal are presented through charts [94][96][98]. - **Palm Oil**: Similar data are presented for palm oil [102][110][103]. - **Cotton**: Data on cotton are presented through charts [111][112][113].

每经记者｜吴永久 每经编辑｜闫峰峰 本周上证指数节节攀升，不仅突破了近十年的箱体最高点3731点，还涨到了3800多点，但一些股民感叹没有赚到钱，反而在亏钱。这究竟是什么原因呢？ 在每日经济新闻和中粮期货联合举办"经·粮杯—全国期货模拟争霸赛"中，本周是开赛第二周，高手"岁月无痕"通过交易碳酸锂期权，在本周创造了两天赚3 倍的纪录。比赛设有周赛奖励和月赛奖励，其中前十名选手将获得周赛奖励，月度奖励更加丰厚。目前比赛正在火热报名中，第一期热身赛从8月11日开 赛，报名和比赛时间均为8月11日至8月29日。 "经·粮杯—全国期货模拟争霸赛"周榜收益率排名 | 排名 | 昵称 | 收益率 | | --- | --- | --- | | | 雾月无痕 | 315.99% | | | 黎明使者 | 49.71% | | 3 | 套利精英 | 32.89% | | ব | 套利游戏玩家 | 26.23% | 周五，半导体板块在两大消息刺激下股价暴涨，一是周四DeepSeek-V3.1正式发布，UE8M0 FP8技术助力国产芯片加速追赶；二是媒体报道英伟达要求部分 零部件供应商暂停生产H20芯片。科创板中市值排前两名的寒武 ...

金属期权 2025-08-22 金属期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 表2：期权因子—量仓PCR | 期权品种 | 成交量 | 量变化 | 持仓量 | 仓变化 | 成交量 | 量PCR | 持仓量 | 仓PCR | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | PCR | 变化 | PCR | 变化 | | 铜 | 78,247 | -4,389 | 118,896 | -300 | 0.77 | -0.16 | 0.87 | -0.01 | | 铝 | 48,439 ...

每经编辑｜吴永久 在周三字节跳动辟谣之后，周四，芯原股份冲高回落。利好传闻刺激中兴通讯早盘涨停，但也炸板，全天成交额219亿元。上证指数冲高回落，3091只股下 跌，2170只股上涨，沪深两市成交额达到24241亿元。 从周四的期货市场来看，工业硅、烧碱期货涨幅居前，鸡蛋、焦煤期货跌幅居前。在每日经济新闻和中粮期货联合举办"经·粮杯—全国期货模拟争霸 赛"中，优秀选手"岁月无痕"通过交易碳酸锂期权，实现了两天3倍的收益。看来，这位选手确实比较牛。 | 排名 | 昵称 | 收益率 | | --- | --- | --- | | | 雾月无痕 | 324.54% | | 2 | 侠影天下 | 20.51% | | 3 | 穿越星空 | 19.96% | | 4 | 投资策略师 | 18.9% | | 序 | 名称 | 最新 | 幅度%↓ | | --- | --- | --- | --- | | 1 | 工业硅2511 ± | 8635 | 3.66 | | 2 | 烧碱2601 丰 | 2687 | 3.35 | | 3 | 对二甲苯2511 手 | 6958 | 2.60 | | 4 | 短纤2510 平 | ...

Report Summary 1. Investment Rating The report does not provide an overall investment rating for the metal options industry. 2. Core Viewpoints - The non - ferrous metals are in a weak and volatile state, and a seller's neutral volatility strategy is recommended. - The black metals show significant fluctuations, and a short - volatility portfolio strategy is suitable. - The precious metals are consolidating at high levels with a slight decline, and a spot hedging strategy is advised [2]. 3. Summary by Relevant Catalogs 3.1. Futures Market Overview - **Copper (CU2510)**: The latest price is 78,700, up 150 (0.19%). The trading volume is 4.84 million lots (up 2.48 million lots), and the open interest is 13.98 million lots (up 0.18 million lots) [3]. - **Aluminum (AL2510)**: The latest price is 20,565, up 75 (0.37%). The trading volume is 12.82 million lots (up 2.30 million lots), and the open interest is 22.80 million lots (down 0.67 million lots) [3]. - Other metals such as zinc, lead, nickel, etc., also have detailed price, trading volume, and open - interest data provided in the report [3]. 3.2. Option Factors - Volume and Open Interest PCR - **Copper**: The volume PCR is 0.93 (up 0.19), and the open - interest PCR is 0.88 (up 0.07) [4]. - **Aluminum**: The volume PCR is 1.26 (up 0.09), and the open - interest PCR is 0.91 (unchanged) [4]. 3.3. Option Factors - Pressure and Support Levels - **Copper**: The pressure point is 80,000, and the support point is 78,000 [5]. - **Aluminum**: The pressure point is 20,800, and the support point is 20,000 [5]. 3.4. Option Factors - Implied Volatility - **Copper**: The at - the - money implied volatility is 8.38%, and the weighted implied volatility is 13.00% (down 0.73%) [6]. - **Aluminum**: The at - the - money implied volatility is 9.10%, and the weighted implied volatility is 12.07% (down 0.58%) [6]. 3.5. Strategy and Recommendations - **Non - ferrous Metals (e.g., Copper)**: - **Fundamentals**: The combined inventory of the three major exchanges increased by 0.7 million tons, with the SHFE inventory increasing by 0.4 million tons to 8.6 million tons [7]. - **Market Analysis**: Since June, it has shown a bullish trend, with a high - level consolidation pattern since August [7]. - **Option Strategy**: Build a short - volatility seller's option portfolio strategy and a spot long - hedging strategy [7]. - **Precious Metals (e.g., Gold)**: - **Fundamentals**: The US CPI and core CPI data in July have different year - on - year and month - on - month changes [12]. - **Market Analysis**: Shanghai gold has been in a high - level consolidation and decline recently [12]. - **Option Strategy**: Construct a neutral short - volatility option seller's portfolio strategy and a spot hedging strategy [12]. - **Black Metals (e.g., Rebar)**: - **Fundamentals**: The social inventory of rebar increased by 6.8% week - on - week, and the factory inventory increased by 2.4% week - on - week [13]. - **Market Analysis**: Since June, it has been in a low - level consolidation and then a rebound, followed by a decline recently [13]. - **Option Strategy**: Build a bear - spread option strategy, a short - volatility strategy, and a spot long - covered call strategy [13].