本报讯（记者 张梦）为了进一步打造"期货期权、场内场外"联动贯通的市场格局，近日，郑商所携手 中国期货市场监控中心（下称监控中心）在湖北武汉成功举办玻璃和纯碱产业企业"期权+"专题培训活 动。据期货日报记者了解，本次培训选址玻璃、纯碱主产区，面向产业企业、期现贸易商及期货公司的 风险管理公司，旨在提升企业综合运用期货、期权工具及期现业务的能力与水平，满足企业在风险管理 和贸易模式转型升级中的多样化需求。 "期货市场在发挥功能的同时，因高杠杆、跨市场等特性也具有高风险特征，强化风险防控始终是期货 市场发展的重要任务。"上述监控中心相关负责人称，在现代市场经济条件下，金融市场的复杂性、技 术性特征日益突出，大家要充分了解和全面认识期货市场的总体特征和功能。本次培训正是基于此初衷 给玻璃和纯碱产业企业提供学习、交流和共享的平台，帮助大家充分了解期货市场的运作原理和运行机 制，掌握交易策略的基本规则和风险管理技能。 据记者了解，本次培训从当前宏观经济与大宗商品风险管理实际出发，涵盖玻璃、纯碱期货和期权基础 知识，以及基差贸易、期权体系、含权贸易、交割等内容，系统讲解了期货工具在企业采购、销售和库 存管理中的实际应用， ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The trading volume of the commodity options market remained at a low level this week, with daily average trading volume and open interest showing a decline. Investors are advised to focus on potential market opportunities in actively traded varieties [1][7]. - This week, the underlying futures of commodity options showed mixed performance, with the chemical sector mostly declining and the non - ferrous sector mostly rising. There were 33 varieties with weekly losses. Attention should be paid to the trading opportunities and risks in different sectors [2][16]. - Most commodity options' implied volatility declined this week. For varieties with high implied volatility, investors should be wary of unilateral risks and consider short - selling volatility; for those with low implied volatility, buying options has a higher cost - performance ratio [2][16]. - The PCR indicators of different varieties reflect different market sentiments. For varieties with high PCR, there is a strong bearish sentiment, while for those with low PCR, there is a concentrated bullish sentiment [2][16]. 3. Summary According to Relevant Catalogs 3.1 Commodity Options Market Activity - This week (from September 8th to September 12th, 2025), the daily average trading volume of the commodity options market was 6.53 million lots, and the daily average open interest was 9.21 million lots, with a week - on - week change of - 5.20% and - 1.17% respectively [1][7]. - Actively traded varieties in terms of daily average trading volume this week included glass (940,000 lots), soda ash (540,000 lots), and silver (430,000 lots). Varieties with significant trading volume growth were lead (+143%), apple (+140%), and crude oil (+111%); those with significant trading volume decline were lithium carbonate (-71%), polysilicon (-70%), and industrial silicon (-59%) [1][7]. - Varieties with high daily average open interest this week were soybean meal (880,000 lots), glass (790,000 lots), and soda ash (770,000 lots). Varieties with rapid week - on - week growth in daily average open interest were apple (+46%), lead (+36%), and alumina (+36%) [1][7]. 3.2 Commodity Options Main Data Review 3.2.1 Underlying Price Movements - This week, the underlying futures of commodity options showed mixed performance, with the chemical sector mostly declining and the non - ferrous sector mostly rising. There were 33 varieties with weekly losses. Varieties with high weekly gains included gold (+2.35%), silver (+2.31%), and aluminum (+2.05%); those with high weekly losses included polysilicon (-5.51%), synthetic rubber (-5.20%), and lithium carbonate (-4.17%) [2][16]. 3.2.2 Market Volatility - Most commodity options' implied volatility declined this week, and 35 varieties' current implied volatility was below the 50th percentile of the past year's history. Varieties with implied volatility at a high level in the past year included polysilicon, industrial silicon, lithium carbonate, and eggs; those at a low level included lead, zinc, p - xylene, urea, and oilseeds [2][16]. 3.2.3 Options Market Sentiment - The trading volume PCR of varieties such as bottle chips and plastics was at a historical high, indicating a strong short - term bearish sentiment. The trading volume PCR of non - ferrous metals, live pigs, and glass was at a historical low, indicating a concentrated short - term bullish sentiment. The open interest PCR of polysilicon and lead was at a historical high, while that of rebar, non - ferrous metals, live pigs, and styrene was at a historical 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 can be found on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [20].

Group 1 - The implied volatility of various commodity options has decreased, indicating a cooling market sentiment [1] - As of the latest closing, the implied volatility for crude oil options is 28.91%, down 4.35% from the previous week [1] - Lithium carbonate options implied volatility stands at 42.69%, a decrease of 5.54% week-over-week [1] Group 2 - The trading volume of commodity options has significantly dropped by 24.45% compared to the previous week [1] - Open interest in commodity options has also decreased by 24.29% week-over-week, reflecting a notable decline in market activity [1] - The implied volatility for lithium carbonate and soda ash options has fallen by over 4 percentage points, currently positioned in the historical 60%-70% and 30%-40% percentile levels, respectively [1]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - This week, the trading volume of commodity options decreased significantly by 24.45% compared to last week, and the open interest decreased by 24.29%. The market sentiment of commodity options cooled significantly, and the implied volatility of options generally declined [2][4]. - The implied volatility of lithium carbonate and soda ash options decreased by more than 4 percentage points compared to last Friday and are currently at the 60%-70% and 30%-40% historical quantile levels respectively [2][4]. 3. Summary of Relevant Content Volatility - As of Friday's close, the implied volatility of crude oil options was 28.91%, a decrease of 4.35% from a week ago; lithium carbonate options was 42.69%, a decrease of 5.54%; rebar options was 11.35%, a decrease of 0.46%; soda ash options was 18.20%, a decrease of 1.48%; gold options was 15.51%, a decrease of 0.25%; silver options was 18.06%, a decrease of 0.21%; palm oil options was 15.61%, an increase of 0.14%; soybean oil options was 21.60%, an increase of 2.06%; rapeseed oil options was 19.84%, a decrease of 0.35%; rubber options was 12.69%, a decrease of 2.85% [1][4]. Figures - There are multiple figures in the report, including those showing the trading volume and open interest, implied volatility and historical volatility, skewness structure, and term structure of various commodity options such as crude oil, lithium carbonate, rebar, soda ash, gold, silver, palm oil, soybean oil, rapeseed oil, and rubber [5][13][20].

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].

Report Title - "Commodity Options Weekly Report: Week 33 of 2025" [1] 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The activity level of the commodity options market in the week from August 11 - 15, 2025, was basically flat compared to the previous week. Investors are advised to focus on potential market opportunities in actively - traded varieties [2][9] - The underlying futures of commodity options showed mixed performance this week, with the energy - chemical and non - ferrous sectors mainly rising. Attention should be paid to risks and opportunities based on factors such as price fluctuations, implied volatility, and market sentiment [3][17][18] 3. Summary by Relevant Catalogs 3.1 Commodity Options Market Activity - The average daily trading volume was 8.81 million lots, with a week - on - week increase of 4.19%, and the average daily open interest was 10.2 million lots, with a week - on - week decrease of 18.19% [2][5][9] - Actively - traded varieties in terms of average daily trading volume included glass (1.07 million lots), soda ash (1.06 million lots), and soybean meal (0.6 million lots) [2][5][9] - Five varieties had trading volume growth of over 100%, with significant growth in synthetic rubber (+362%), Shanghai tin (+265%), and apples (+108%). Meanwhile, polycrystalline silicon (-77%), industrial silicon (-66%), and urea (-53%) had obvious trading volume declines [2][9] - Varieties with high average daily open interest were soybean meal (1.07 million lots), glass (0.96 million lots), and soda ash (0.87 million lots). Synthetic rubber (+58%), Shanghai tin (+37%), and p - xylene (+37%) had rapid week - on - week growth in average daily open interest [2][9] 3.2 This Week's Commodity Options Main Data Review 3.2.1 Underlying Price Fluctuations - There were 28 varieties with weekly gains, including lithium carbonate (+12.92%), palm oil (+5.11%), and soda ash (+4.73%); 23 varieties had weekly losses, including methanol (-2.55%), eggs (-2.30%), and logs (-1.87%) [3][17] 3.2.2 Market Volatility - The implied volatility of some commodity options varieties rebounded this week, with 23 varieties having current implied volatility above the 50th percentile of the past year. High - implied - volatility varieties included corn starch, eggs, logs, etc., and short - volatility opportunities were recommended. Low - implied - volatility varieties included non - ferrous metals, precious metals, plastics, etc., where buying options had a higher cost - performance ratio [3][17] 3.2.3 Options Market Sentiment - Varieties such as p - xylene, bottle chips, and soybean meal had a high volume PCR, indicating strong short - term bearish sentiment. Glass, rubber, soda ash, and rapeseed oil had a low volume PCR, showing concentrated short - term bullish sentiment [3][18] - P - xylene, lithium carbonate, and soda ash had a high open - interest PCR, indicating a high level of accumulated bearish sentiment. Nickel, logs, sugar, and rubber had a low open - interest PCR, indicating accumulated bullish sentiment [3][18] 3.3 Key Data Overview of Main Varieties - This chapter presents key data of main varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data can be accessed on the Dongzheng Finoview official website (https://www.finoview.com.cn/) [22]

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - The trading volume of commodity options reached 6.34 million contracts. Some varieties had relatively large trading volumes, such as soybean meal options with 670,000 contracts, palm oil options with 580,000 contracts, and soda ash options with 430,000 contracts. In terms of open interest, soybean meal options exceeded 1.09 million contracts, and rebar options exceeded 550,000 contracts. Regarding the trading volume PCR, some varieties deviated significantly, presenting trading opportunities but also liquidity risks [1][3]. - In the agricultural product sector, the IV of corn options rose by 5.86%, while that of egg options fell by 4.88%. In the energy and chemical sector, the IV of caustic soda options increased by 3.06%, and that of lithium carbonate options decreased by 4.47%. In the metal sector, the IV of each variety showed mixed trends, with the IV of Shanghai silver options dropping by 0.69% [3]. 3. Summary According to the Directory 3.1. Market Quick View 3.1.1. Trading Volume and Open Interest - The report provides detailed trading volume and open - interest data for various commodity options, including information on the underlying asset's closing price, price change, option trading volume, call and put trading volumes, option open interest, call and put open interests, and trading volume and open - interest PCR for each variety [5]. 3.1.2. Volatility - The report presents the implied volatility (IV) data of various commodity options, including the flat - strike IV, IV change in absolute value, historical volatility (30 - day, 60 - day, and 90 - day), and the difference between implied and historical volatility (IV - HV) for each variety [11]. 3.2. Variety Research 3.2.1. Soybean Meal Options - The report includes charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference trend for soybean meal options [13]. 3.2.2. Rapeseed Meal Options - It provides charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference trend for rapeseed meal options [17]. 3.2.3. PTA Options - The report contains charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference trend for PTA options [21]. 3.2.4. Methanol Options - It offers charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference trend for methanol options [23]. 3.2.5. Sugar Options - The report includes charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference trend for sugar options [26]. 3.2.6. Soda Ash Options - It provides charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference trend for soda ash options [31]. 3.2.7. Iron Ore Options - The report contains charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference trend for iron ore options [35]. 3.2.8. Shanghai Silver Options - It offers charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference trend for Shanghai silver options [38]. 3.2.9. Rebar Options - The report includes charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference trend for rebar options [42].

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The commodity options market remained highly active this week, with an average daily trading volume of 10.36 million lots and an average daily open interest of 11.49 million lots, showing a -11.14% and +12.58% change respectively. Traders are advised to focus on potential market opportunities in actively - traded varieties [1][8]. - This week, the underlying futures of commodity options pulled back, with 44 varieties closing lower. High - volatility risks should be noted, and short - selling volatility opportunities are recommended. Attention should also be paid to the callback risks of underlying prices and the accumulation of bullish or bearish sentiment in different varieties [2][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 10.36 million lots, and the average daily open interest was 11.49 million lots, with a -11.14% and +12.58% change respectively. The market speculation degree was relatively high [1][8]. - Actively - traded varieties in terms of average daily trading volume included glass (1.73 million lots), soda ash (1.3 million lots), and polysilicon (0.88 million lots). Varieties with significant trading volume growth were p - xylene (+158%), red dates (+157%), and apples (+144%), while those with significant declines were tin (-88%) and synthetic rubber (-85%) [1][8]. - Varieties with high average daily open interest were glass (1.24 million lots), soda ash (1.2 million lots), and soybean meal (1.03 million lots). Varieties with rapid open - interest growth were ferrosilicon (+68%) and LPG (+60%) [1][8]. 3.2 Main Data Review of Commodity Options 3.2.1 Underlying Price Movements - This week, the underlying futures of commodity options pulled back, with 44 varieties closing lower. Varieties with high weekly declines included glass (-19.09%), lithium carbonate (-14.41%), soda ash (-12.78%), and industrial silicon (-12.60%) [2][17]. 3.2.2 Market Volatility - The implied volatility of commodity options declined from a high level this week. 34 varieties' current implied volatility was below the 50% percentile of the past - year history. Varieties with high implied volatility included polysilicon, lithium carbonate, ferrosilicon, and industrial silicon [2][17]. 3.2.3 Options Market Sentiment - The volume PCR of varieties such as staple fiber, copper, and p - xylene was at a historical high, indicating strong short - term bearish sentiment. The volume PCR of gold, oilseeds, and synthetic rubber was at a historical low, showing concentrated short - term bullish sentiment [2][17]. - The open - interest PCR of polysilicon, lithium carbonate, and soda ash was at a historical high, indicating a high level of accumulated bearish sentiment. The open - interest PCR of nickel, LPG, and rubber was at a historical low, indicating accumulated bullish sentiment [2][17]. 3.3 Key Data Overview of Main Varieties This chapter 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].

1. Report Industry Investment Rating - Not provided in the documents 2. Core Viewpoints of the Report - The current situation is characterized by weak reality and strong expectations, with policy expectations yet to be disproven, and there is a contradiction between macro - expectations and industrial logic [2] - Bullish factors include anti - involution expectations, rising coal costs, commodity resonance, and the upward movement of the futures market stimulating speculative demand and driving a positive feedback between futures and spot prices [2] - Bearish factors are that the medium - to - long - term fundamentals have not improved [2] - Policy expectations persist, and the futures market remains strong. Attention should be paid to the amplitude of the resonance between the macro and industrial sectors and wait for the next policy guidance [2] 3. Summary by Related Content Glass and Soda Ash Price Forecast - The monthly price forecast for glass is in the range of 1200 - 1500, with a current 20 - day rolling volatility of 51.76% and a 3 - year historical percentile of 97.8%. The monthly price forecast for soda ash is in the range of 1200 - 1600, with a current 20 - day rolling volatility of 39.03% and a 3 - year historical percentile of 75.6% [1] Glass and Soda Ash Hedging Strategies Glass - **Inventory Management**: When the finished - product inventory is high and there are concerns about falling glass prices, short glass futures (FG2509) with a 25% hedging ratio at 1500 and sell call options (FG509C1500) with a 50% hedging ratio at 50 - 60 to lock in profits and reduce costs. When the procurement inventory is low and there are concerns about rising glass prices, buy glass futures (FG2509) with a 25% hedging ratio at 1200 and sell put options (FG509P1200) with a 50% hedging ratio at 30 - 50 to lock in procurement costs [1] Soda Ash - **Inventory Management**: When the finished - product inventory is high and there are concerns about falling soda ash prices, short soda ash futures (SA2509) with a 25% hedging ratio at 1600 and sell call options (SA509C1600) with a 50% hedging ratio at 40 - 60. When the procurement inventory is low and there are concerns about rising soda ash prices, buy soda ash futures (SA2509) with a 25% hedging ratio at 1200 - 1250 and sell put options (SA509P1300) with a 50% hedging ratio at 30 - 50 [1] Glass Futures Prices and Spreads - On July 25, 2025, the prices of glass 05, 09, and 01 contracts were 1461, 1362, and 1426 respectively, with daily increases of 1.67%, 4.21%, and 1.71%. The spreads (5 - 9), (9 - 1), and (1 - 5) were 99, - 64, and - 35 respectively, with the (5 - 9) spread decreasing by 31 and the (9 - 1) spread increasing by 31 [2] Glass Spot Prices - On July 25, 2025, the average price of glass in Shahe was 1289.4, an increase of 52.6 from the previous day. The prices in different regions also showed varying degrees of increase, such as a 30 increase in North China and a 10 increase in South China [5] Soda Ash Futures Prices and Spreads - On July 25, 2025, the prices of soda ash 05, 09, and 01 contracts were 1539, 1440, and 1516 respectively, with daily increases of 1.38%, 2.27%, and 2.09%. The spreads (5 - 9), (9 - 1), and (1 - 5) were 99, - 76, and - 23 respectively, with varying degrees of change [6] Soda Ash Spot Prices - On July 25, 2025, the prices of heavy soda ash and light soda ash in different regions all increased to varying degrees, such as a 50 increase in North China and a 70 increase in East China [7] Seasonal Data - There are seasonal data on the daily output of float glass in China, the daily melting volume of photovoltaic glass in China, the capacity utilization rate of soda ash in China, and the loss volume of soda ash in China, as well as the seasonal data of the basis of glass and soda ash contracts in different regions and the seasonal data of the daily sales - to - production ratio of glass in different regions [8][23][28]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The commodity options market showed increased activity this week, with significant growth in both trading volume and open interest. Traders are advised to focus on actively - traded varieties for potential market opportunities [1][7]. - This week, most underlying futures of commodity options rose. Some commodities saw a significant increase in implied volatility, and different strategies are recommended based on high - and low - volatility varieties. The PCR indicators reflect different market sentiment for various commodities, and investors should pay attention to the corresponding risks [2][15]. 3. Summary by Directory 3.1 Commodity Options Market Activity - From June 28 to July 4, 2025, the average daily trading volume of the commodity options market was 6.82 million lots, and the average daily open interest was 9.86 million lots, with a week - on - week increase of 31.43% and 14.86% respectively [1][7]. - Actively - traded varieties in terms of daily average trading volume included industrial silicon (780,000 lots), glass (770,000 lots), and soda ash (750,000 lots). There were 8 varieties with a trading volume increase of over 100%, such as polysilicon (+332%), industrial silicon (+227%), and glass (+116%). The varieties with a significant decline in trading volume were p - xylene (-96%), synthetic rubber (-70%), and tin (-61%) [1][7]. - In terms of open interest, the varieties with high average daily open interest were soda ash (1.1 million lots), glass (930,000 lots), and soybean meal (890,000 lots). The variety with a rapid week - on - week increase in average daily open interest was polysilicon (+121%) [1][7]. 3.2 This Week's Commodity Options Main Data Review - **Underlying Price Movements**: Most underlying futures of commodity options rose this week. The varieties with high weekly increases were industrial silicon (+6.59%), caustic soda (+2.63%), and rebar (+2.57%), while the variety with a high decline was red dates (-2.34%) [2][15]. - **Market Volatility**: Affected by the "anti - involution", the implied volatility of some commodities increased significantly this week, but 39 varieties still had their current implied volatility below the historical 50th percentile. High - volatility varieties included industrial silicon, eggs, and red dates, and investors were advised to beware of one - sided risks and consider short - volatility opportunities. Low - volatility varieties included iron ore, rebar, and vegetable oils, and industrial customers could consider insurance strategies due to the low option - buying prices [2][15]. - **Options Market Sentiment**: The trading volume PCR of varieties such as red dates was at a historical high, indicating a strong short - term bearish sentiment and the need to pay attention to the risk of underlying price corrections. The trading volume PCR of nickel, methanol, ethylene glycol, and styrene was at a historical low, showing a concentrated short - term bullish sentiment. The open interest PCR of lithium carbonate, industrial silicon, and cotton was at a historical high, indicating a high - level accumulated bearish sentiment, while the open interest PCR of copper, nickel, styrene, LPG, and soda ash was at a historical low, indicating an accumulated bullish sentiment [2][15]. 3.3 Main Varieties Key Data Overview This chapter mainly presents the 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 Fancy Micro official website (https://www.finoview.com.cn/) [19]. 3.3.1 Energy No specific data analysis is provided in the text, only chart references are given, including the total trading volume, volatility, open interest PCR, and trading volume PCR of crude oil [20][22][23]. 3.3.2 Chemicals - **PTA**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of PTA [27][28][35]. - **Caustic Soda**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of caustic soda [37][38][39]. - **Glass**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of glass [43][44][45]. - **Soda Ash**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of soda ash [51][52][53]. 3.3.3 Precious Metals The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of silver [57][61][58]. 3.3.4 Ferrous Metals - **Iron Ore**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of iron ore [64][65][70]. - **Silicomanganese**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of silicomanganese [72][73][74]. 3.3.5 Non - Ferrous Metals - **Copper**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of copper [80][81][85]. - **Alumina**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of alumina [88][89][91]. 3.3.6 Agricultural Products - **Soybean Meal**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of soybean meal [97][99]. - **Palm Oil**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of palm oil [103][104][105]. - **Cotton**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of cotton [111][112][113].