1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the past week, the trading volume of commodity options increased slightly, mainly due to the increment brought by the rising volatility of the agricultural products sector. Meanwhile, the trading volume of the non - ferrous and new energy sectors decreased along with the decline of implied volatility. The implied volatility of non - ferrous sector options is at a relatively low level recently, and buying options for price reversal trading can be considered [5]. - The options of contracts such as soybean meal, corn, starch, iron ore, liquefied gas, polypropylene, PVC, plastic, palm oil, soybean No.1, soybean No.2, soybean oil, styrene, ethylene glycol, eggs, live pigs, and log 509 are about to expire. Attention should be paid to the end - of - month risks when changing contracts [5]. 3. Summary According to the Table of Contents 3.1 Market Overview - The trading volume of commodity options increased slightly last week, mainly due to the increment from the agricultural products sector. The trading volume of non - ferrous and new energy sectors decreased, and their implied volatility also declined. The implied volatility of non - ferrous sector options is at a recent low [5]. - The options of certain contracts are about to expire, and attention should be paid to the end - of - month risks [5]. 3.2 Market Data 3.2.1 Market Overview - The trading volume of the overall market this week was 8,808,344.8, with a week - on - week increase of 0.17%. The open interest was 8,996,228, with a week - on - week decrease of 0.27%. Among them, the trading volume of the agricultural products sector increased by 2.45%, that of the energy and chemical sector increased by 0.17%, that of the black sector increased by 0.4%, and that of the precious metals sector increased by 1.26%. The trading volume of the non - ferrous and new energy sectors decreased by 1.82%. The open interest of the agricultural products sector decreased by 0.1%, that of the energy and chemical sector decreased by 0.55%, that of the black sector decreased by 0.19%, and that of the non - ferrous and new energy sectors increased by 0.41% [6]. 3.2.2 - 3.2.55 Various Option Market Data - For each type of option (such as corn, soybean meal, etc.), detailed data on trading volume, open interest, volume PCR, open interest PCR, at - the - money volatility, HV - 10 days, HV - 20 days, and Skew are provided, including data for this week, last week, and their changes [12 - 44]. 3.3 Chart Analysis No relevant content provided.

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The trading enthusiasm in the commodity options market has declined, with implied volatility falling along with trading volume. The actual volatility of most varieties remains at a relatively high level, and the decline rate of implied volatility is gradually slowing down. Additionally, the fluctuations in futures prices and the spread of hot - spot varieties have increased commodity arbitrage opportunities [5]. - The near - month options contracts of the Guangzhou Futures Exchange will expire on Thursday. The trading volume and open - interest ratios of the call options of the double - silicon varieties continue to increase, and the skew is also rising in a high - level oscillation. It is advisable to consider buying a bull spread portfolio for short - term speculation [5]. - The skew center of the black sector options has declined, and the implied volatility is at a high level, but the premium space compared with the actual volatility is limited. One can consider selling out - of - the - money call options and buying out - of - the - money put options for a skew regression arbitrage strategy, while paying attention to appropriate Delta - neutral hedging. The arbitrage space for rebar options is relatively large [5]. 3. Summary by Relevant Catalogs 3.1 Market Overview - The trading volume of the overall market decreased by 0.45%, while the open interest increased by 0.21%. Among different sectors, the trading volume of agricultural products increased by 0.68%, energy and chemical decreased by 0.19%, black decreased by 0.14%, precious metals decreased by 2.76%, and non - ferrous and new energy decreased by 0.98%. The open interest of agricultural products increased by 0.09%, energy and chemical increased by 0.29%, black increased by 0.21%, precious metals increased by 0.48%, and non - ferrous and new energy increased by 0.25% [6]. 3.2 Commodity - Specific Option Data - **Corn Options**: The trading volume and open interest of call and put options showed different changes. The implied volatility of at - the - money options decreased, and the skew also decreased [18][19]. - **Soybean Meal Options**: The trading volume decreased, while the open interest increased. The implied volatility of at - the - money options decreased, and the skew also decreased [20]. - **Rapeseed Meal Options**: The trading volume and open interest increased. The implied volatility of at - the - money options decreased, and the skew also decreased [22]. - **Palm Oil Options**: The trading volume and open interest increased. The implied volatility of at - the - money options decreased, and the skew decreased significantly [23]. - **Soybean Oil Options**: The trading volume and open interest showed mixed changes. The implied volatility of at - the - money options increased slightly, and the skew decreased [24]. - **Rapeseed Oil Options**: The trading volume decreased, and the open interest increased. The implied volatility of at - the - money options decreased, and the skew decreased [25]. - **Peanut Options**: The trading volume and open interest increased. The implied volatility of at - the - money options decreased slightly, and the skew increased [26]. - **Yellow Soybean No. 1 Options**: The trading volume decreased, and the open interest increased. The implied volatility of at - the - money options decreased, and the skew increased significantly [27]. - **Yellow Soybean No. 2 Options**: The trading volume and open interest increased. The implied volatility of at - the - money options decreased, and the skew increased [28]. - **Ethylene Glycol Options**: The trading volume decreased, and the open interest increased. The implied volatility of at - the - money options decreased significantly, and the skew decreased [29]. - **Styrene Options**: The trading volume decreased, and the open interest increased. The implied volatility of at - the - money options decreased significantly, and the skew decreased [30]. - **Sugar Options**: The trading volume and open interest increased. The implied volatility of at - the - money options decreased, and the skew decreased significantly [31]. - **Cotton Options**: The trading volume and open interest increased. The implied volatility of at - the - money options decreased significantly, and the skew decreased [32]. - **PTA Options**: The trading volume decreased, and the open interest increased. The implied volatility of at - the - money options decreased significantly, and the skew decreased [33]. - **PX Options**: The trading volume and open interest showed significant changes. The implied volatility of at - the - money options had some fluctuations, and the skew had some changes [34]. - **Caustic Soda Options**: The trading volume decreased, and the open interest increased. The implied volatility of at - the - money options decreased significantly, and the skew decreased [35]. - **Rubber Options**: The trading volume decreased, and the open interest increased slightly. The implied volatility of at - the - money options decreased significantly, and the skew decreased [36]. - **BR Rubber Options**: The trading volume decreased significantly, and the open interest increased. The implied volatility of at - the - money options decreased, and the skew decreased [37]. - **Polyethylene Options**: The trading volume decreased, and the open interest increased. The implied volatility of at - the - money options decreased, and the skew decreased [38]. - **Polypropylene Options**: The trading volume decreased, and the open interest increased. The implied volatility of at - the - money options decreased, and the skew decreased [39]. - **Methanol Options**: The trading volume decreased significantly, and the open interest increased. The implied volatility of at - the - money options decreased significantly, and the skew decreased [40]. - **Liquefied Petroleum Gas Options**: The trading volume decreased slightly, and the open interest increased. The implied volatility of at - the - money options decreased, and the skew decreased [41]. - **PVC Options**: The trading volume decreased, and the open interest increased. The implied volatility of at - the - money options decreased significantly, and the skew decreased [42]. - **Crude Oil Options**: The trading volume and open interest increased. The implied volatility of at - the - money options increased slightly, and the skew decreased [43]. - **Iron Ore Options**: The trading volume decreased, and the open interest increased. The implied volatility of at - the - money options decreased, and the skew decreased significantly [44].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The report analyzes the fundamentals, market trends, and volatility of various energy and chemical options, and provides corresponding strategy recommendations [3] 3. Summary by Relevant Catalogs 3.1 Energy and Chemical Option Classification - Energy and chemical options are mainly divided into five categories: basic chemicals, energy, polyester chemicals, polyolefin chemicals, and other chemicals [3] 3.2 Basic Chemicals Sector - **Methanol Options**: The price is under pressure and shows a weak and bearish trend. Implied volatility is above the historical average. A bearish combination strategy of call + put options is recommended [3] - **Rubber Options/Synthetic Rubber Options**: The market shows a weak consolidation and oscillation pattern under bearish pressure. Implied volatility is at a relatively high historical level. A bearish volatility - selling strategy is recommended [3] - **Styrene Options**: Affected by the Sino - US tariff war, downstream demand is weak. The market shows a large - fluctuation and weak trend. Implied volatility remains at a relatively high historical level. A volatility - selling option combination strategy is recommended [4] 3.3 Oil and Gas Sector - **Crude Oil Options**: OPEC+ increases supply, but exports do not increase significantly. The market shows a large - fluctuation pattern under bearish pressure. Implied volatility remains at a relatively high level. A volatility - selling strategy is recommended [4] - **Liquefied Gas Options**: The price has a short - term weak rebound under pressure. Implied volatility is above the historical average. A bearish call + put option combination strategy is recommended, and the position delta should be adjusted dynamically [4] 3.4 Polyester Chemicals Sector - **PX Options/PTA Options**: PTA load is decreasing, and inventory is decreasing year - on - year. The market shows a mild bullish trend under bearish pressure. Implied volatility remains at a relatively high level. A volatility - selling strategy is recommended [5] - **Ethylene Glycol Options**: Port inventory is increasing, and downstream inventory days are rising. The market shows a large - oscillation and short - term weak bearish trend. Implied volatility has risen rapidly to a relatively high historical level. A volatility - selling strategy is recommended [5] - **Short - Fiber Options**: Polyester load is high, but short - fiber load is slightly decreasing. The market shows a rebound pattern under bearish pressure. Implied volatility remains at a relatively high average level. A volatility - selling call + put option combination strategy is recommended [5] 3.5 Polyolefin Chemicals Sector - **Polypropylene Options**: Inventory shows different trends among producers, traders, and ports. The market shows a large - oscillation and weak pattern. Implied volatility is at a relatively high historical level. A bearish call + put option combination strategy is recommended, and the position delta should be adjusted dynamically [6] - **Polyethylene Options**: Producer and trader inventories are increasing. The market shows a weak consolidation pattern under pressure. Implied volatility has risen rapidly to a relatively high level. A bearish directional strategy is recommended [6] - **PVC Options**: Factory and social inventories are decreasing year - on - year. The market shows a weak bearish downward trend. Implied volatility remains at a relatively low level. A bearish directional strategy is recommended [6] 3.6 Data Summary - **Option Underlying Market Data**: Includes closing prices, price changes, trading volumes, and open interest of various option underlying assets [8] - **Option Volume, Open Interest, and Turnover Data**: Volume, open interest, and turnover data of various options, as well as their changes [9] - **Option Volume, Open Interest, and Turnover PCR Data**: PCR data and their changes of various options [10] - **Option Maximum Open Interest at Strike Prices**: Maximum open interest at strike prices, pressure points, and support points of various options [11] - **Option Implied Volatility Data**: Implied volatility, its changes, annual average, call and put implied volatilities, and historical volatility of various options [13]

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The report conducts fundamental, market, and volatility analyses of various energy and chemical options, and provides corresponding strategy operations and suggestions [2] 3. Summary by Relevant Catalogs 3.1 Energy and Chemical Option Classification - Energy and chemical options are mainly divided into 5 categories: basic chemicals, energy, polyester chemicals, polyolefin chemicals, and other chemicals [2] 3.2 Option Analysis and Strategy Suggestions for Each Category 3.2.1 Basic Chemicals Sector - **Methanol Option**: Last week, port inventory increased by 1.58 tons to 58.56 tons, enterprise inventory decreased by 0.19 tons to 31.24 tons, and enterprise orders to be delivered increased by 1.99 tons to 27.44 tons. The market continued to fluctuate weakly under the bearish pressure line. The implied volatility remained above the historical average. Suggest to construct a bearish combination strategy of call + put options to obtain time - value and directional returns, such as S_MA2506P2275, etc. [2] - **Rubber/Synthetic Rubber Option**: As of April 18, the all - steel tire operating rate was 67.44% (+0.23%), and the semi - steel tire operating rate was 72.40% (-1.99%). Qingdao port inventory decreased slightly, while social inventory increased slightly. The market showed a weak consolidation and oscillation pattern under the bearish pressure line. The implied volatility of rubber options was at a relatively high historical level. Suggest to construct a bearish volatility - selling strategy to obtain directional and time - value returns, such as S_RU2509P14250, etc. [2] - **Styrene Option**: As of April 17, 2025, the sample inventory of Chinese styrene factories was 21.84 tons, a decrease of 0.98 tons (-4.30%) from the previous period, and the sample port inventory in Jiangsu was 9.56 tons, a decrease of 2.34 tons (-19.66%). After reaching a high in late February, it continued to decline weakly, and after an accelerated decline in early April, it rebounded and oscillated in a range. The implied volatility continued to fluctuate at a relatively high historical level. Suggest to construct a volatility - selling option combination strategy to obtain time - value and directional returns, such as S_EB2506P7100, etc. [3] 3.2.2 Oil and Gas Sector - **Crude Oil Option**: OPEC plans to increase oil production by 411,000 barrels per day in May. US supply has declined. The short - term supply negatives have been fully released, and shale oil has started to cut production. The market showed large fluctuations under the bearish pressure line. The implied volatility remained at a relatively high level. Suggest to construct a volatility - selling strategy: a combination of selling put and call options to obtain time - value returns, such as S_SC2506P4 and S_SC2506C [3] - **Liquefied Gas Option**: Port storage capacity utilization was at a multi - year low, refinery storage capacity utilization was near the multi - year low, and gas station storage capacity utilization was at a one - year low. Port inventory was at a low level. The market showed a short - term weak rebound pattern with upper pressure. The implied volatility remained above the historical average. Suggest to construct a bearish call + put option combination strategy to obtain directional and time - value returns, adjust the position delta dynamically according to market changes, and close the position if the market rises or falls sharply, such as S_PG2506P4250, etc. [3] 3.2.3 Polyester Chemicals Sector - **PX/PTA Option**: The overall social inventory of PTA (excluding credit warehouse receipts) was 297.7 tons, a decrease of 7.3 tons from the previous period, continuing the de - stocking trend. The downstream load continued to rise, and the PTA maintenance season continued. The market showed a pattern of bearish decline with upper pressure, and then a sharp oscillation in the low - level range after an oversold rebound. The implied volatility of PTA options rose rapidly to a relatively high level. Suggest to construct a volatility - selling strategy to obtain time - value returns, such as S_TA2506P4250 [4] - **Ethylene Glycol Option**: As of April 14, port inventory was 77.1 tons, a decrease of 2.9 tons from the previous period; downstream factory inventory days were 13.5 days, an increase of 0.3 days. In the short term, port inventory is expected to accumulate. The market showed a pattern of short - term weak bearish large - scale oscillation with upper pressure. The implied volatility rose rapidly to a relatively high historical level. Suggest to construct a volatility - selling strategy to obtain time - value returns, such as S_EG2506P4050 [4] - **Short - Fiber Option**: Polyester load was 93.8%, an increase of 0.5%. Among them, filament load was 92.5%, a decrease of 2.5%; short - fiber load was 88.9%, unchanged; bottle chip load was 75.9%, unchanged. The market showed a pattern of bearish decline with upper pressure and low - level consolidation after an accelerated decline in April. The implied volatility remained at a relatively high average level. Suggest to construct a volatility - selling call + put option combination strategy to obtain time - value returns, such as S_PF2506P5800 [4] 3.2.4 Polyolefin Chemicals Sector - **Polypropylene Option**: PP production enterprise inventory was 61.91 tons, a week - on - week de - stocking of 2.83%, and a year - on - year stocking of 12.09%; PP trader inventory was 14.38 tons, a de - stocking of 4.26% from the previous week; PP port inventory was 7.60 tons, a de - stocking of 0.26% from the previous week. The market showed a pattern of large - scale oscillation with upper pressure and weakness. The implied volatility was fluctuating at a relatively high historical level. Suggest to construct a bearish call + put option combination strategy to obtain directional and time - value returns, adjust the position delta dynamically according to market changes, and close the position if the market rises or falls sharply, such as S_PP2506P7100 [5] - **Polyethylene Option**: PE production enterprise inventory was 49.7 tons, a week - on - week stocking of 3.41%, and a year - on - year stocking of 2.58%; PE trader inventory was 5.39 tons, a stocking of 4.58% from the previous week. The market showed a pattern of weak consolidation with upper pressure. The implied volatility of plastic options rose rapidly to a relatively high level. Suggest to construct a bearish directional strategy to obtain directional returns, such as B_L2506P7200 [5] - **PVC Option**: Factory inventory was 41.1 tons, a de - stocking of 4 tons; social inventory was 72.5 tons, a de - stocking of 2.8 tons; overall inventory was 113.6 tons, a de - stocking of 6.8 tons; the number of warehouse receipts increased. The market showed a pattern of oscillatory rebound with upper pressure. The implied volatility remained at a relatively low level. Suggest to construct a bearish directional strategy to obtain directional returns, such as B_V2506P4900 [5] 3.3 Option Data Summary - **Option Underlying Market Data**: Provides closing prices, price changes, trading volumes, and open interest changes of various option underlying assets [7] - **Option Volume, Open Interest, and Turnover Data**: Includes volume, volume changes, open interest, open interest changes, turnover, and turnover changes of various options [8] - **Option Volume, Open Interest, and Turnover PCR**: Presents volume - PCR, volume - PCR changes, open interest - PCR, open interest - PCR changes, turnover - PCR, and turnover - PCR changes of various options [9] - **Option Maximum Open Interest at Strike Price**: Lists the pressure points, support points, maximum call open interest, and maximum put open interest of various options [10] - **Option Implied Volatility**: Shows implied volatility, implied volatility changes, annual averages, call implied volatility, put implied volatility, HISV - 20, and volatility differences of various options [12]

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoint The report conducts a comprehensive analysis of various energy - chemical options, including fundamental, market, and volatility analyses, and provides corresponding strategy suggestions for each type of option [3]. 3. Summary by Category 3.1 Basic Chemicals Sector - **Methanol Option**: Port and enterprise inventories are decreasing, and the market is in a state of recovery with upward pressure. It is recommended to construct a neutral combination of call and put options [3]. - **Rubber/Synthetic Rubber Option**: Tire production rates are declining, and the market shows a weak downward trend. A bear - spread put option strategy is recommended [3]. - **Styrene Option**: Port and factory inventories are decreasing, and the market is in a weak bearish state. A neutral wide - straddle option selling strategy is recommended [4]. 3.2 Oil and Gas Sector - **Crude Oil Option**: OPEC + production is increasing, and the market has short - term recovery characteristics. A volatility strategy of selling put and call options is recommended [4]. - **LPG Option**: Russian exports are decreasing, and domestic inventories are changing. The market shows short - term weakness and recovery. A neutral combination of selling call and put options is recommended [4]. 3.3 Polyester Chemicals Sector - **PX/PTA Option**: PTA inventory is decreasing, and the market is in a weak bearish and volatile state. A neutral option selling strategy is recommended [5]. - **Ethylene Glycol Option**: Inventory trends are mixed, and the market is in a short - term weak state. A neutral option selling strategy is recommended [5]. - **Short - Fiber Option**: Polyester production rates and inventory days are changing, and the market has support and pressure. A neutral option selling strategy is recommended [5]. 3.4 Polyolefin Chemicals Sector - **Polypropylene Option**: Inventories are decreasing, and the market shows a large - amplitude bearish trend. A bearish combination of selling call and put options is recommended [6]. - **Polyethylene Option**: Inventories are changing, and the market is in a weak consolidation state. A bearish directional strategy is recommended [6]. - **PVC Option**: Inventories are decreasing, and the market shows a volatile upward trend. A neutral combination of selling call and put options is recommended [6].

Investment Rating - The report does not explicitly provide an overall investment rating for the energy and chemical options industry Core Insights - The energy and chemical options market is segmented into five main categories: basic chemicals, energy, polyester chemicals, polyolefins, and other chemicals, each with specific strategies and recommendations based on market conditions [2][3][4][5] Summary by Sections Basic Chemicals - **Methanol Options**: The operating rate is at 71.64%, showing a slight decrease. The market is experiencing a weak consolidation phase after a high rebound [2] - **Rubber Options**: The operating rate for steel tires is 68.71%, with a slight recovery in downstream tire production. However, export orders are below expectations [2] - **Styrene Options**: The operating rate is at 78.45%, with a slight decrease. Inventory levels are showing signs of seasonal accumulation [3] Energy Sector - **Crude Oil Options**: U.S. crude oil inventories are reported at 83 million barrels, with a mixed trend in inventory changes. The market is experiencing a significant downward trend after a brief rally [3] - **Liquefied Gas Options**: The market is recovering from temporary supply disruptions due to weather, with a reported increase in domestic supply [3] Polyester Chemicals - **PTA Options**: The operating rate is at 73.6%, with a notable decrease. The market is showing signs of a bearish trend after a brief period of high prices [4] - **Ethylene Glycol Options**: Inventory levels are reported at 75.9 thousand tons, with a slight decrease. The market is experiencing a weak consolidation phase [4] Polyolefins - **Polypropylene Options**: Production is expected to increase by 10.85% in March. The market is currently in a wide fluctuation phase with bearish tendencies [5] - **PVC Options**: The operating rate is at 78.7%, with a slight decrease. The market is showing signs of weak consolidation [5] Other Chemicals - **Soda Ash and Urea Options**: The report provides insights into the operational metrics and market conditions for these chemicals, indicating a mixed performance across the board [5] Market Strategies - Various strategies are recommended for different options, including constructing neutral or bearish spreads to capitalize on market movements and volatility [2][3][4][5]

Investment Rating - The report suggests a cautious approach towards the agricultural commodities sector, recommending selling out-of-the-money call options for glass and considering buying out-of-the-money options for soybean meal and soybean oil as potential hedging strategies [2]. Core Insights - The report highlights a downward trend in futures prices for various agricultural commodities, with specific recommendations for trading strategies based on market volatility and price movements [2][3]. - It emphasizes the potential for price increases in soybean meal and soybean oil, suggesting that investors may benefit from buying options to hedge against risks [2]. Agricultural Data Summary - **Futures Market Statistics**: - Corn (c2505) closed at 2308 with no change, while soybean meal (m2505) decreased by 8 to 2885. Palm oil (p2505) saw an increase of 144 to 9106, indicating mixed performance across different commodities [3]. - **Options Market Statistics**: - The trading volume for corn options was 51,926, down by 40,988, with a put-call ratio (PCR) of 0.9533. Soybean meal options showed a significant drop in trading volume, indicating reduced market activity [6]. - **Volatility Indicators**: - The report provides insights into the implied volatility for various commodities, with soybean meal showing a 60-day historical volatility of 22.28% and corn at 10.98%, suggesting varying levels of market uncertainty [8]. Energy and Chemical Data Summary - **Futures Market Statistics**: - PTA (ta2505) closed at 4864, up by 22, while ethylene glycol (eg2505) decreased by 6 to 4538. The report notes significant changes in trading volumes across various chemical commodities [9]. - **Options Market Statistics**: - The trading volume for PTA options was 214,104, down by 111,296, indicating a decline in market engagement [10]. - **Volatility Indicators**: - PTA options showed a 60-day historical volatility of 14.64%, reflecting market expectations of price fluctuations [11]. Metal Data Summary - **Futures Market Statistics**: - Iron ore (i2505) closed at 774.0, with a slight increase of 1.0, while rebar (rb2505) decreased by 30 to 3252, indicating mixed performance in the metal sector [12]. - **Options Market Statistics**: - The trading volume for iron ore options was 124,608, down by 67,787, suggesting reduced trading activity [13]. - **Volatility Indicators**: - Iron ore options displayed a 60-day historical volatility of 15.68%, indicating moderate market uncertainty [14]. Precious Metals Data Summary - **Futures Market Statistics**: - Gold (au2506) closed at 681.24, down by 1.16, while silver (ag2506) decreased by 7 to 8069, reflecting a downward trend in precious metals [16]. - **Options Market Statistics**: - The trading volume for gold options was 70,981, down by 21,215, indicating a decline in market participation [18]. - **Volatility Indicators**: - Gold options showed a PCR of 1.593, suggesting a higher level of put options relative to calls, indicating bearish sentiment in the market [18].