一是上市乙二醇、苯乙烯期权，实现能化板块实物交割期货品种对应期权工具的全覆盖。2023年5月15 日上市的乙二醇和苯乙烯期权，与相关品种期货形成合力，为液体化工领域构建起了更加丰富的风险管 理工具体系，进一步提升了产业链企业在风险管理上的效率和精度，对于满足企业个性化需求、服务化 工行业高质量发展具有积极意义。 据统计，2025年，乙二醇期权日均成交4.7万手、日均持仓7.1万手，法人客户持仓占比75.4%。苯乙烯 期权日均成交21.2万手、日均持仓11.5万手，法人客户持仓占比51.8%。多家产业企业参与其中。 苯乙烯期权上市以来，中基石化有限公司就在逐步探索利用这一工具升级风险管理方案，比如通过构 建"三领口"期权结构，既实现了风险对冲，也在持有现货或期货多单的同时增厚了收益。 在乙二醇价格在产业估值底部波动时，嘉悦物产集团有限公司利用期权工具在低位价格环境下实施了卖 看涨的套保策略，以此优化贸易成本，增强了贸易活动的灵活性。 通过应用苯乙烯和乙二醇期权，恒力恒源供应链(上海)有限公司将非线性损益嵌入贸易合同中，通过含 权贸易为客户提供保底价销售和封顶价采购等服务，更好地契合上下游企业的需求。 回望"十四 ...

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 ...

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].

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].

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View - No information provided in the given content. 3. Summary by Relevant Catalogs Option Quotes - **Call Options**: Copper had the highest daily increase of 137.59%, followed by tin (59.18%), aluminum (54.56%), etc. [1] - **Put Options**: Caustic soda had the highest daily increase of 42.22%, followed by sugar (23.39%), soybean meal (22.22%), etc. [1] Option Positions - **Call Options**: Silver had the largest daily change in position of 27,327, followed by caustic soda (11,858), rebar (9,163), etc. [2] - **Put Options**: PVC had the largest daily change in position of 7,424, followed by glass (6,201), soybean meal (5,293), etc. [2] Option Position Put - Call Ratio (PCR) - **High - PCR Varieties**: Apple had the highest PCR of 1.5216, followed by propylene (1.2604), offset printing paper (1.0672), etc. [5] - **Low - PCR Varieties**: Alumina had the lowest PCR of 0.2117, followed by live pigs (0.2557), soda ash (0.2706), etc. [5] Option Volume Put - Call Ratio (PCR) - **High - PCR Varieties**: Apple had the highest PCR of 1.5728, followed by silver (1.427), iron ore (1.2379), etc. [6] - **Low - PCR Varieties**: Red dates had the lowest PCR of 0.1912, followed by alumina (0.1944), logs (0.2318), etc. [6] Daily Selections - **Call Options**: PVC, red dates, alumina, etc. were selected, with trend degrees ranging from 21 to 53 and put - call ratios from 0.21 to 0.94 [7] - **Put Options**: Lead, eggs, live pigs, etc. were selected, with trend degrees ranging from - 55 to - 45 and put - call ratios from 0.26 to 0.8 [7] Near - Expiry Options - **Call Options**: For lithium carbonate, industrial silicon, polysilicon, and fuel oil, the remaining days were all 3 days, with different break - even prices and price increase requirements for option doubling [8] - **Put Options**: Similar to call options, for these four varieties, the remaining days were 3 days, with different break - even prices and price decrease requirements for option doubling [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].

Core Viewpoint - The Dalian Commodity Exchange (DCE) announced the listing of pure benzene futures and options, set to commence trading on July 8, 2025, with specific contract details and trading rules provided [1][2]. Futures Summary - The first batch of pure benzene futures contracts includes BZ2603, BZ2604, BZ2605, and BZ2606, with a trading unit of 30 tons per contract and a minimum price fluctuation of 1 yuan per ton [1]. - The trading months for the futures contracts span from January to December, with the last trading day being the fourth trading day before the end of the contract month [1]. - The price limit for futures is set at 4% of the previous day's settlement price, with an initial higher limit of 7% for the early trading phase [2]. Options Summary - The first batch of pure benzene options contracts will be based on the aforementioned futures contracts, maintaining consistency in trading units and price limits [4]. - The options will be American-style, with exercise prices covering a range based on the futures price limits [4]. - The minimum price fluctuation for options is set at 0.5 yuan per ton, which is half of the futures contract's minimum fluctuation [4]. Delivery Standards - The delivery quality standards for pure benzene futures are based on the latest national standards (GB/T3405-2025), ensuring a stable and sufficient supply for delivery [3]. - The delivery method will include both factory storage and warehouse delivery, accommodating various delivery types [3]. Risk Management Measures - The DCE has implemented strict position limits to prevent market manipulation, with varying limits based on the total open interest [2]. - The trading fees for pure benzene futures are set at 0.01% of the transaction amount, while the hedging fee is lower at 0.005% [2]. Additional Information - The DCE will provide further details regarding the benchmark price, delivery areas, and designated quality inspection institutions prior to the listing [5]. - All relevant parties are advised to prepare for the upcoming listing of pure benzene futures and options, ensuring market stability [6].

Core Insights - The launch of pure benzene futures and options on July 8, 2025, marks a significant development in China's financial instruments for the chemical industry, providing a new platform for risk management and price discovery [1][2][3] Group 1: Industry Impact - The introduction of pure benzene futures and options is expected to provide a transparent and efficient risk management platform for upstream and downstream enterprises in the petrochemical industry, positively influencing industry development [3][4] - As the world's largest producer of aromatics, China's need for a public and efficient price discovery mechanism for pure benzene has become urgent, especially in the face of market volatility [3][4] - The listing of these financial instruments is aligned with the goal of enhancing the competitiveness of the petrochemical industry and promoting high-quality development [2][4][5] Group 2: Regional Development - Dalian, as a key petrochemical industry base in China, aims to develop a high-end, intelligent, and green petrochemical industry cluster, with the launch of pure benzene futures and options providing timely support for this initiative [2][3] - The local government emphasizes the importance of these financial tools in enhancing the core competitiveness of the regional petrochemical industry [2][3] Group 3: Market Dynamics - The pure benzene futures and options are expected to help enterprises lock in procurement or sales prices quickly, thereby mitigating risks associated with price fluctuations [4][5] - The establishment of a pricing benchmark through these instruments will enhance the pricing transparency of the industry and increase China's influence in international markets [4][5] Group 4: Future Outlook - The Dalian Commodity Exchange (DCE) aims to deepen its service to the chemical industry, with the launch of pure benzene futures and options being a step towards enhancing the global pricing influence of China's petrochemical sector [5][6] - The DCE has now listed over 40 futures and options products, indicating a significant expansion in its capacity to serve the real economy [6]

Core Viewpoint - The launch of pure benzene futures and options on the Dalian Commodity Exchange has provided a stable trading environment, enhancing risk management capabilities for the industry and boosting confidence in its role in supporting the real economy [1][2][3] Group 1: Market Performance - As of August 7, pure benzene futures have recorded a total trading volume of 478,000 contracts and a transaction value of 88.97 billion yuan, with an average daily trading volume of 21,000 contracts [1] - The closing price of the main pure benzene futures contract on August 7 was 6,248 yuan/ton, reflecting a 5.34% increase from the closing price on the first trading day [1] Group 2: Industry Participation - Companies like Jingbo Petrochemical have actively engaged in pure benzene futures trading, establishing virtual inventory positions and hedging against price fluctuations to secure profits [2][3] - Zhongzhe Material Group, a major importer of pure benzene, has utilized futures for basis trading and price management, indicating a positive outlook on the pricing mechanism of pure benzene futures [2][3] Group 3: Risk Management and Future Outlook - The introduction of pure benzene futures offers flexible risk management tools for the entire supply chain, allowing companies to manage price volatility and credit risks effectively [3][4] - Industry experts anticipate increased trading activity and liquidity in pure benzene futures as companies seek to lock in raw material prices and future production profits [4]

Group 1 - The China Securities Regulatory Commission has approved the registration of pure benzene futures and options on the Dalian Commodity Exchange, which will enhance risk management tools in the chemical industry [1] - Pure benzene is a crucial organic chemical raw material, with a production capacity of 32.34 million tons and a production volume of 25.13 million tons in China for 2024, accounting for 39% of global production [1] - China's apparent consumption of pure benzene is projected to be 29.26 million tons in 2024, representing 43% of global consumption, with an import volume of 4.31 million tons [1] Group 2 - The pure benzene market has a large scale and high standardization, which facilitates the development of standardized futures and options contracts [2] - The introduction of pure benzene futures and options will provide effective tools for enterprises to manage price risks and lock in production profits, enhancing the resilience of the chemical industry [2] - The listing of pure benzene futures is expected to create a transparent and authoritative "China pure benzene price," increasing China's international pricing power in pure benzene trade [2] Group 3 - The listing of pure benzene futures and options will allow industry participants to quickly lock in raw material procurement or product sales prices, mitigating the risks of price volatility [3] - The Dalian Commodity Exchange will prepare for the listing of pure benzene futures and options under the guidance of the China Securities Regulatory Commission to ensure stable market operation [3]