1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - The report provides an early morning report on oil and fat options, including market data, option factors, and trading strategies for rapeseed oil, palm oil, peanut, and soybean oil options [1] - The implied volatility of each option type remains above the annual average, and the position PCR of each option is at different levels within the past year [6][18][30][42] 3. Summary by Relevant Catalogs 3.1 Rapeseed Oil Options (OI) - **Market Data**: The Ol605 contract closed at 9884 yuan yesterday, up 51 yuan or 0.51% from the previous day. The trading volume was 201,426 lots, a decrease of 6,379 lots, and the open interest was 195,830 lots, a decrease of 3,815 lots [3][6] - **Option Factors**: The volume PCR was 0.45, a decrease of 0.24; the position PCR was 1.01, an increase of 0.1. The weighted implied volatility was 28.84%, an increase of 0.10%, and the annual average implied volatility was 18.79%. The pressure level was 11,200, and the support level was 9,200 [4][5] - **Strategy Suggestions**: For directional strategies, construct an eagle spread combination strategy, such as S Ol2605C9900 + B Ol2605C10000 + S Ol2605P9500 + B Ol2605P9400. For volatility strategies, strategies dominated by sellers (such as single - selling and double - selling) are not recommended [7] 3.2 Palm Oil Options (P) - **Market Data**: The p2605 contract closed at 9866 yuan yesterday, up 72 yuan or 0.73% from the previous day. The trading volume was 587,524 lots, an increase of 86,323 lots, and the open interest was 245,751 lots, a decrease of 34,398 lots [15][18] - **Option Factors**: The volume PCR was 0.3, a decrease of 0.09; the position PCR was 0.92, a decrease of 0.02. The weighted implied volatility was 39.13%, an increase of 0.09%, and the annual average implied volatility was 21.75%. The pressure level was 10,400, and the support level was 9,000 [16][17] - **Strategy Suggestions**: For directional strategies, construct a bull spread combination strategy of call options, such as B P2605C9000 and S P2605C9800. For volatility strategies, strategies dominated by sellers (such as single - selling and double - selling) are not recommended [19] 3.3 Peanut Options (PK) - **Market Data**: The PK605 contract closed at 8086 yuan yesterday, up 2 yuan or 0.02% from the previous day. The trading volume was 51,197 lots, a decrease of 29,791 lots, and the open interest was 123,409 lots, a decrease of 12,550 lots [27][30] - **Option Factors**: The volume PCR was 0.28, a decrease of 0.17; the position PCR was 0.51, an increase of 0.01. The weighted implied volatility was 16.35%, an increase of 0.39%, and the annual average implied volatility was 14.79%. The pressure level was 8,500, and the support level was 7,900 [28][29] - **Strategy Suggestions**: For directional strategies, construct a bull spread combination strategy of call options, such as B_PK2605P8100, S_PK2605P8500. There is no suggestion for volatility strategies [31] 3.4 Soybean Oil Options (Y) - **Market Data**: The y2605 contract closed at 8668 yuan yesterday, down 10 yuan or 0.11% from the previous day. The trading volume was 272,706 lots, a decrease of 25,494 lots, and the open interest was 464,075 lots, a decrease of 34,825 lots [39][42] - **Option Factors**: The volume PCR was 0.25, a decrease of 0.08; the position PCR was 0.72, an increase of 0.04. The weighted implied volatility was 22.70%, a decrease of 1.95%, and the annual average implied volatility was 15.44%. The pressure level was 9,000, and the support level was 8,400 [40][41] - **Strategy Suggestions**: For directional strategies, construct a bull spread combination strategy of call options, such as B Y2605C8400 + S Y2605C8800. For volatility strategies, strategies dominated by sellers (such as single - selling and double - selling) are not recommended [43]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - No relevant content Group 3: Summary of Related Catalogs Option Quotes - The daily percentage changes of call options for various commodities are as follows: aluminum 110.63%, cast aluminum alloy 52.98%, log 30.00%, polysilicon 25.07%, zinc 24.79%, tin 22.41%, palm oil 21.40%, lithium carbonate 21.29%, gold 20.78%, and ferrosilicon 19.83% [1] - The daily percentage changes of put options for various commodities are as follows: corn 53.85%, caustic soda 43.50%, industrial silicon 41.67%, soda ash 26.67%, corn starch 24.07%, offset printing paper 20.00%, eggs 17.83%, sugar 11.24%, lead 8.19%, and PVC 4.85% [1] Option Positions - The daily changes in call option positions for various commodities are as follows: glass 72484, soda ash 20918, PTA 17053, polysilicon 14673, aluminum 14245, coking coal 14096, rapeseed meal 14071, industrial silicon 12621, corn 12202, and caustic soda 11155 [2] - The daily changes in put option positions for various commodities are as follows: methanol 29780, PTA 14011, glass 11164, lithium carbonate 9399, styrene 7237, ethylene glycol 7034, rapeseed meal 5637, soybean meal 5482, sugar 5166, and iron ore 4908 [2] Option Position Put - Call Ratio (PCR) - High - position PCR varieties and their PCR values are: fuel oil 1.7887, short - fiber 1.5487, styrene 1.5322, methanol 1.5248, crude oil 1.3809, ethylene glycol 1.3654, propylene 1.323, lithium carbonate 1.2158, polypropylene 1.2116, and PTA 1.188 [5] - Low - position PCR varieties and their PCR values are: red dates 0.2068, live pigs 0.207, polysilicon 0.2947, alumina 0.3083, soda ash 0.3261, log 0.3686, urea 0.3696, coking coal 0.3824, apples 0.393, and glass 0.3965 [5] Option Volume Put - Call Ratio (PCR) - High - volume PCR varieties and their PCR values are: propylene 16.4375, short - fiber 7.36, polypropylene 2.0329, iron ore 1.0411, p - xylene 0.9516, cast aluminum alloy 0.9234, copper 0.8426, offset printing paper 0.8077, lead 0.8031, and PTA 0.7501 [6] - Low - volume PCR varieties and their PCR values are: urea 0.1848, polysilicon 0.1914, alumina 0.1967, coking coal 0.2011, live pigs 0.234, palladium 0.2404, tin 0.2569, red dates 0.2611, nickel 0.2795, and aluminum 0.2847 [6] Daily Selections - Call options: manganese silicon (SM606, SM606C6700, trend degree 53, put - call ratio 0.63, remaining days 44), lithium carbonate (lc2607, lc2607 - C - 174000, trend degree 49, put - call ratio 1.22, remaining days 67), synthetic rubber (br2606, br2606C17800, trend degree 49, put - call ratio 0.96, remaining days 56), peanuts (PK610, PK610C8500, trend degree 49, put - call ratio 0.5, remaining days 165), methanol (MA609, MA609C3200, trend degree 45, put - call ratio 1.52, remaining days 135), styrene (eb2606, eb2606 - C - 10800, trend degree 45, put - call ratio 1.53, remaining days 52), urea (UR606, UR606C1900, trend degree 43, put - call ratio 0.37, remaining days 44), polypropylene (pp2606, pp2606 - C - 9600, trend degree 43, put - call ratio 1.21, remaining days 52) [7] - Put options: rapeseed meal (RM609, RM609P2325, trend degree - 55, put - call ratio 0.55, remaining days 135), soybeans No.1 (a2607, a2607 - P - 4400, trend degree - 53, put - call ratio 0.77, remaining days 78), corn (c2607, c2607 - MS - P - 2360, trend degree - 53, put - call ratio 0.53, remaining days 52), alumina (ao2606, ao2606P2850, trend degree - 47, put - call ratio 0.31, remaining days 56), live pigs (lh2607, lh2607 - P - 10800, trend degree - 47, put - call ratio 0.21, remaining days 78), soybean meal (m2607, m2607 - P - 2800, trend degree - 43, put - call ratio 0.85, remaining days 78), soybeans No.2 (b2606, b2606 - P - 3550, trend degree - 37, put - call ratio 0.86, remaining days 52), SSE 50 (IH2606, HO2606 - P - 2800, trend degree - 37, put - call ratio 0.62, remaining days 84) [7] Expiring Options - There are no expiring options on the day [7]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The report provides an in - depth analysis of the futures and options markets of four types of oils (rapeseed oil, palm oil, peanut oil, and soybean oil), including market data, option factors, and offers corresponding option strategy suggestions [7][20][32][44] 3. Summary by Related Catalogs Rapeseed Oil (OI) - **Futures Market Data**: The closing price of the OI605 contract was 9877 yuan, up 1.19% from the previous day. The trading volume was 147,326 lots, a decrease of 14,319 lots, and the open interest was 213,002 lots, a decrease of 5,414 lots [7] - **Option Factor - Volume and Position PCR**: The trading volume of call options was 20,518, with a change of 10,326; the open interest was 21,545, with a change of 1,262. The trading volume of put options was 14,106, with a change of 7,343; the open interest was 19,595, with a change of 370. The trading volume PCR was 0.69, with a change of 0.02; the open interest PCR was 0.91, with a change of - 0.04 [5] - **Option Factor - Pressure and Support**: The pressure level was 11,200, and the support level was 9,200. The weighted implied volatility was 18.76% [6] - **Option Strategy Suggestions**: For directional strategies, construct a condor spread strategy, such as S Ol2605C9900 + B Ol2605C10000 + S Ol2605P9500 + B Ol2605P9400. For volatility strategies, strategies dominated by sellers (such as single - selling and double - selling) are not recommended [8] Palm Oil (P) - **Futures Market Data**: The closing price of the p2605 contract was 9768 yuan, up 2.13% from the previous day. The trading volume was 348,165 lots, an increase of 26,169 lots, and the open interest was 288,414 lots, an increase of 8,470 lots [20] - **Option Factor - Volume and Position PCR**: The trading volume of call options was 123,212, with a change of 43,244; the open interest was 85,212, with a change of 2,236. The trading volume of put options was 47,909, with a change of 15,620; the open interest was 80,534, with a change of 1,652. The trading volume PCR was 0.39, with a change of - 0.01; the open interest PCR was 0.95, with a change of - 0.01 [18] - **Option Factor - Pressure and Support**: The pressure level was 10,000, and the support level was 9,000. The weighted implied volatility was 39.05% [19] - **Option Strategy Suggestions**: For directional strategies, construct a bull call spread strategy, such as B P2605C9000 and S P2605C9800. For volatility strategies, strategies dominated by sellers (such as single - selling and double - selling) are not recommended [21] Peanut Oil (PK) - **Futures Market Data**: The closing price of the PK605 contract was 8122 yuan, down 1.71% from the previous day. The trading volume was 97,480 lots, a decrease of 22,594 lots, and the open interest was 159,715 lots, a decrease of 28,779 lots [32] - **Option Factor - Volume and Position PCR**: The trading volume of call options was 45,526, with a change of 19,176; the open interest was 70,130, with a change of - 462. The trading volume of put options was 20,438, with a change of - 8,463; the open interest was 35,341, with a change of - 194. The trading volume PCR was 0.45, and the open interest PCR was 0.5 [30] - **Option Factor - Pressure and Support**: The pressure level was 8,500, and the support level was 7,900. The weighted implied volatility was 15.97% [31] - **Option Strategy Suggestions**: For directional strategies, construct a bull call spread strategy, such as B_PK2605P8100, S_PK2605P8500. There is no suggestion for volatility strategies [33] Soybean Oil (Y) - **Futures Market Data**: The closing price of the y2605 contract was 8688 yuan, up 0.99% from the previous day. The trading volume was 201,453 lots, an increase of 15,480 lots, and the open interest was 537,668 lots, a decrease of 7,724 lots [44] - **Option Factor - Volume and Position PCR**: The trading volume of call options was 82,469, with a change of 43,338; the open interest was 80,373, with a change of - 524. The trading volume of put options was 27,032, with a change of 11,941; the open interest was 54,771, with a change of 1,220. The trading volume PCR was 0.33, with a change of - 0.06; the open interest PCR was 0.68, with a change of 0.02 [42] - **Option Factor - Pressure and Support**: The pressure level was 9,000, and the support level was 8,200. The weighted implied volatility was 24.65% [43] - **Option Strategy Suggestions**: For directional strategies, construct a bull call spread strategy, such as B Y2605C8400 + S Y2605C8800. For volatility strategies, strategies dominated by sellers (such as single - selling and double - selling) are not recommended [45]

Report Industry Investment Rating - Not available Core Viewpoints - The report provides comprehensive analysis and strategy suggestions for four types of oil options, including rapeseed oil, palm oil, peanut oil, and soybean oil options, covering market data, option factors, and market sentiment analysis [7][19][31][43] Summary by Related Catalogs Rapeseed Oil Options (OI) - **Market Data**: OI605 contract closed at 9840 yuan yesterday, up 80 yuan (0.81%) from the previous day, with a trading volume of 161,645 lots (down 34,893 lots) and an open interest of 218,416 lots (up 1535 lots) [7] - **Option Factors - Volume and Open Interest PCR**: Call option volume was 10,192 (up 832), open interest was 20,283 (up 275); put option volume was 6,763 (down 2,295), open interest was 19,225 (up 34). Volume PCR was 0.66 (down 0.3), open - interest PCR was 0.95 (down 0.01) [5] - **Option Factors - Pressure and Support**: The at - the - money strike price was 9900, resistance was 11200, support was 9200, weighted implied volatility was 28.68% (up 2.91%), and the annual average implied volatility was 18.73% [6] - **Strategy Suggestions**: Directional strategy - construct a condor spread portfolio; volatility strategy - do not recommend seller - based strategies [8] Palm Oil Options (P) - **Market Data**: P2605 contract closed at 9614 yuan yesterday, up 56 yuan (0.58%) from the previous day, with a trading volume of 321,996 lots (down 49,396 lots) and an open interest of 279,944 lots (down 5170 lots) [19] - **Option Factors - Volume and Open Interest PCR**: Call option volume was 79,968 (up 22,694), open interest was 82,976 (up 4587); put option volume was 32,289 (up 6150), open interest was 78,882 (up 3309). Volume PCR was 0.4 (down 0.05), open - interest PCR was 0.95 (down 0.01) [17] - **Option Factors - Pressure and Support**: The at - the - money strike price was 9800, resistance was 10000, support was 9000, weighted implied volatility was 34.92% [18] - **Strategy Suggestions**: Directional strategy - construct a bull call spread portfolio; volatility strategy - do not recommend seller - based strategies [20] Peanut Oil Options (PK) - **Market Data**: PK605 contract closed at 8258 yuan yesterday, up 68 yuan (0.83%) from the previous day, with a trading volume of 120,074 lots (up 69,834 lots) and an open interest of 188,494 lots (up 2905 lots) [31] - **Option Factors - Volume and Open Interest PCR**: Call option volume was 64,702 (down 17,813), open interest was 70,592 (down 191); put option volume was 28,901 (up 770), open interest was 35,535 (down 992). Volume PCR was 0.45 (up 0.11), open - interest PCR was 0.5 (down 0.01) [29] - **Option Factors - Pressure and Support**: The at - the - money strike price was 8100, resistance was 8500, support was 7900, weighted implied volatility was 15.52% [30] - **Strategy Suggestions**: Directional strategy - construct a bull call spread portfolio; volatility strategy - none [32] Soybean Oil Options (Y) - **Market Data**: Y2605 contract closed at 8646 yuan yesterday, up 90 yuan (1.05%) from the previous day, with a trading volume of 185,973 lots (down 24,867 lots) and an open interest of 545,392 lots (down 9356 lots) [43] - **Option Factors - Volume and Open Interest PCR**: Call option volume was 39,131 (up 7868), open interest was 80,897 (up 1906); put option volume was 15,091 (up 4363), open interest was 103. Volume PCR was 0.39 (up 0.04), open - interest PCR was 0.66 (down 0.01) [41] - **Option Factors - Pressure and Support**: The at - the - money strike price was 8700, resistance was 9000, support was 8200, weighted implied volatility was 17.19% [42] - **Strategy Suggestions**: Directional strategy - construct a bull call spread portfolio; volatility strategy - do not recommend seller - based strategies [44]

Report Overview - The report is an early morning report on oil and fat options dated March 27, 2026, covering options on rapeseed oil, palm oil, peanuts, and soybean oil [1] 1. Rapeseed Oil (OI) 1.1. Futures Market Data - The OI605 contract had a closing price of 9707 yuan yesterday, down 94 yuan or 0.95% from the previous day. The trading volume was 196,538 lots, a decrease of 21,544 lots, and the open interest was 216,881 lots, a decrease of 8,749 lots [7] - The trading volume of OI (rapeseed oil options) was 161,645 lots, a decrease of 34,893 lots, and the open interest was 218,416 lots, an increase of 1,535 lots [4] 1.2. Option Factors - Volume and Open Interest PCR - For OI (rapeseed oil call options), the trading volume was 9,360 lots, an increase of 1,449 lots, and the open interest was 20,008 lots, an increase of 394 lots. The trading volume PCR was 0.97, a decrease of 0.21, and the open interest PCR was 0.96 [5] - For OI (rapeseed oil put options), the trading volume was 9,058 lots, a decrease of 246 lots, and the open interest was 19,191 lots, an increase of 360 lots [5] 1.3. Option Factors - Pressure and Support - The flat strike price was 9,800. The resistance level was 11,200, and the support level was 9,200. The weighted implied volatility was 25.77%, an increase of 1.92%, and the annual average implied volatility was 18.69%. HISV20 was 19.29% [6] 1.4. Option Strategies - Directional strategy: Construct a condor spread strategy, such as S Ol2605C9900 + B Ol2605C10000 + S Ol2605P9500 + B Ol2605P9400 [8] - Volatility strategy: Do not recommend strategies dominated by sellers (such as single selling and double selling) [8] 2. Palm Oil (P) 2.1. Futures Market Data - The p2605 contract had a closing price of 9,510 yuan yesterday, down 168 yuan or 1.73% from the previous day. The trading volume was 371,392 lots, a decrease of 140,658 lots, and the open interest was 285,114 lots, a decrease of 5,071 lots [20] - The trading volume of P (palm oil options) was 321,996 lots, a decrease of 49,396 lots, and the open interest was 279,944 lots, a decrease of 5,170 lots [17] 2.2. Option Factors - Volume and Open Interest PCR - For P (palm oil call options), the trading volume was 57,274 lots, a decrease of 4,582 lots, and the open interest was 78,389 lots, an increase of 600 lots. The trading volume PCR was 0.46, a decrease of 0.05, and the open interest PCR was 0.96, a decrease of 0.01 [18] - For P (palm oil put options), the trading volume was 26,139 lots, a decrease of 5,451 lots, and the open interest was 75,573 lots [18] 2.3. Option Factors - Pressure and Support - The flat strike price was 9,600. The resistance level was 10,000, and the support level was 9,000. The weighted implied volatility was 32.23%, an increase of 0.04%, and the annual average implied volatility was 21.58%. HISV20 was 30.76% [19] 2.4. Option Strategies - Directional strategy: Construct a bull call spread strategy, such as B P2605C9000 and S_P2605C9800 [21] - Volatility strategy: Do not recommend strategies dominated by sellers (such as single selling and double selling) [21] 3. Peanuts (PK) 3.1. Futures Market Data - The PK605 contract had a closing price of 8,182 yuan yesterday, down 32 yuan or 0.38% from the previous day. The trading volume was 50,240 lots, an increase of 7,207 lots, and the open interest was 185,589 lots, an increase of 1,881 lots [32] - The trading volume of PK (peanut options) was 120,074 lots, an increase of 69,834 lots, and the open interest was 188,494 lots, an increase of 2,905 lots [29] 3.2. Option Factors - Volume and Open Interest PCR - For PK (peanut call options), the trading volume was 82,515 lots, an increase of 56,817 lots, and the open interest was 70,783 lots, an increase of 8,820 lots. The trading volume PCR was 0.34, a decrease of 0.17, and the open interest PCR was 0.52, a decrease of 0.07 [30] - For PK (peanut put options), the trading volume was 28,131 lots, an increase of 14,956 lots, and the open interest was 36,527 lots, an increase of 353 lots [30] 3.3. Option Factors - Pressure and Support - The flat strike price was 8,300. The resistance level was 8,500, and the support level was 8,000. The weighted implied volatility was 16.03%, an increase of 1.01%, and the annual average implied volatility was 14.75%. HISV20 was 9.34% [31] 3.4. Option Strategies - Directional strategy: Construct a bull call spread strategy, such as B_PK2605P8100, S_PK2605P8500 [33] - Volatility strategy: None [33] 4. Soybean Oil (Y) 4.1. Futures Market Data - The y2605 contract had a closing price of 8,550 yuan yesterday, down 58 yuan or 0.67% from the previous day. The trading volume was 210,840 lots, a decrease of 85,704 lots, and the open interest was 554,748 lots, a decrease of 24,534 lots [44] - The trading volume of Y (soybean oil options) was 185,973 lots, an increase of 24,867 lots, and the open interest was 545,392 lots, a decrease of 9,356 lots [41] 4.2. Option Factors - Volume and Open Interest PCR - For Y (soybean oil call options), the trading volume was 31,263 lots, an increase of 3,717 lots, and the open interest was 78,991 lots, an increase of 1,604 lots. The trading volume PCR was 0.34, a decrease of 0.18, and the open interest PCR was 0.68, a decrease of 0.01 [42] - For Y (soybean oil put options), the trading volume was 10,728 lots, a decrease of 3,576 lots, and the open interest was 53,448 lots, an increase of 270 lots [42] 4.3. Option Factors - Pressure and Support - The flat strike price was 8,600. The resistance level was 9,000, and the support level was 8,200. The weighted implied volatility was 24.11%, an increase of 1.59%, and the annual average implied volatility was 15.34%. HISV20 was 18.69% [43] 4.4. Option Strategies - Directional strategy: Construct a bull call spread strategy, such as B Y2605C8400 + S Y2605C8800 [45] - Volatility strategy: Do not recommend strategies dominated by sellers (such as single selling and double selling) [45]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalogs Option Quotes - The daily percentage changes of call options for various commodities are as follows: eggs 84.52%, peanuts 67.65%, rapeseed oil 39.61%, soybean oil 38.57%, iron ore 30.43%, sugar 29.58%, soybeans No. 2 25.19%, PTA 25.17%, methanol 25.06%, and palm oil 20.60%. The daily percentage changes of put options for some commodities are: polysilicon 37.89%, pulp 28.00%, glass 24.10%, ferrosilicon 22.98%, live pigs 16.79%, soda ash 16.05%, red dates 15.38%, gold 14.75%, platinum 14.23%, and silver 12.70% [1] Option Positions - The daily changes in call option positions for various commodities are: p-xylene 83,519, glass 47,014, methanol 24,394, soda ash 22,192, rapeseed meal 11,805, PTA 10,902, lithium carbonate 10,352, sugar 10,019, eggs 9,598, and peanuts 8,820. The daily changes in put option positions are: p-xylene 93,123, methanol 25,633, glass 16,960, lithium carbonate 13,636, apples 12,627, silver 8,229, iron ore 6,972, PTA 5,813, ethylene glycol 5,665, and synthetic rubber 5,002 [2] Option Position Put - Call Ratio (PCR) - High - position PCR commodities include fuel oil (1.8208), short - fiber (1.5512), apples (1.4966), styrene (1.4678), methanol (1.3547), propylene (1.2939), crude oil (1.2707), lead (1.2553), PTA (1.2307), and ethylene glycol (1.2262). Low - position PCR commodities include live pigs (0.2079), red dates (0.266), soda ash (0.3392), polysilicon (0.3428), alumina (0.347), urea (0.3767), logs (0.3854), coking coal (0.4091), sugar (0.4124), and industrial silicon (0.4383) [5] Option Volume Put - Call Ratio (PCR) - High - volume PCR commodities include short - fiber (31.2564), polypropylene (1.8586), plastic (1.4786), propylene (1.2973), fuel oil (1.103), apples (1.093), silver (0.9911), lead (0.9851), iron ore (0.9787), and copper (0.9743). Low - volume PCR commodities include urea (0.2218), polysilicon (0.2498), live pigs (0.2581), soda ash (0.2601), coking coal (0.2629), synthetic rubber (0.2652), logs (0.2985), sugar (0.306), asphalt (0.3154), and palladium (0.3156) [6] Daily Selections - Call options: methanol (MA609, MA609C3100, trend degree 39, put - call ratio 1.35, remaining days 139), coking coal (jm2606, jm2606 - C - 1280, trend degree 39, put - call ratio 0.41, remaining days 56), ferrosilicon (SF607, SF607C6200, trend degree 39, put - call ratio 0.92, remaining days 77), manganese silicon (SM606, SM606C6500, trend degree 37, put - call ratio 0.65, remaining days 48), corn starch (cs2607, cs2607 - C - 2800, trend degree 37, put - call ratio 0.71, remaining days 82), sugar (SR609, SR609C5500, trend degree 35, put - call ratio 0.41, remaining days 139), polypropylene (pp2606, pp2606 - C - 9300, trend degree 33, put - call ratio 1.2, remaining days 56), industrial silicon (si2606, si2606 - C - 8800, trend degree 29, put - call ratio 0.44, remaining days 47). Put options: soybeans No. 1 (a2607, a2607 - P - 4500, trend degree - 53, put - call ratio 0.79, remaining days 82), soybeans No. 2 (b2606, b2606 - P - 3650, trend degree - 51, put - call ratio 0.86, remaining days 56), rapeseed meal (RM609, RM609P2375, trend degree - 47, put - call ratio 0.59, remaining days 139), aluminum (al2606, al2606P23000, trend degree - 45, put - call ratio 0.62, remaining days 60), SSE 50 (IH2606, HO2606 - P - 2750, trend degree - 45, put - call ratio 0.62, remaining days 88), CSI 300 (IF2606, IO2606 - P - 4400, trend degree - 43, put - call ratio 0.65, remaining days 88), gold (au2606, au2606P968, trend degree - 41, put - call ratio 0.52, remaining days 60), CSI 1000 (IM2606, MO2606 - P - 7300, trend degree - 39, put - call ratio 0.78, remaining days 88) [7] Near - Expiry Options - Call options: for apples (AP605C10000, remaining days 1, option closing price 51.5, underlying settlement price 9949.0, break - even underlying price 10053.5, break - even underlying price increase 1.05%, option doubling underlying price 10107.0, option doubling underlying price increase 1.59%); for red dates (CJ605C8900, remaining days 1, option closing price 28.0, underlying settlement price 8845.0, break - even underlying price 8930.0, break - even underlying price increase 0.96%, option doubling underlying price 8960.0, option doubling underlying price increase 1.30%); for p - xylene (PX605C9600, remaining days 1, option closing price 265.5, underlying settlement price 9552.0, break - even underlying price 9867.5, break - even underlying price increase 3.30%, option doubling underlying price 10135.0, option doubling underlying price increase 6.10%). Put options: for apples (AP605P9900, remaining days 1, option closing price 55.0, underlying settlement price 9949.0, break - even underlying price 9843.0, break - even underlying price decrease - 1.07%, option doubling underlying price 9786.0, option doubling underlying price decrease - 1.64%); for red dates (CJ605P8800, remaining days 1, option closing price 36.0, underlying settlement price 8845.0, break - even underlying price 8762.0, break - even underlying price decrease - 0.94%, option doubling underlying price 8724.0, option doubling underlying price decrease - 1.37%); for p - xylene (PX605P9500, remaining days 1, option closing price 72.0, underlying settlement price 9552.0, break - even underlying price 9426.0, break - even underlying price decrease - 1.32%, option doubling underlying price 9352.0, option doubling underlying price decrease - 2.09%) [8]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The report analyzes the market data, option factors, and provides trading strategies for four types of oil options, including rapeseed oil (OI), palm oil (P), peanut (PK), and soybean oil (Y) options [6][18][30][42]. - For each type of option, it presents the closing price, price change, trading volume, open interest, implied volatility, and pressure - support levels of the underlying contracts [6][18][30][42]. - Different directional and volatility strategies are recommended for each type of option [7][19][31][43]. 3. Summary by Related Catalogs 3.1 Rapeseed Oil (OI) Options - **Underlying Futures Market Data**: The Ol605 contract closed at 9813 yuan yesterday, down 0.83% from the previous day. Trading volume was 218,082 lots, a decrease of 6,912 lots, and open interest was 225,630 lots, a decrease of 14,079 lots [3][6]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of call options was 11,453 lots (down 6,841 lots), and put options was 7,134 lots (down 300 lots). The trading volume PCR was 0.62 (up 0.22), and the open interest PCR was 0.97 [4]. - **Option Factor - Pressure and Support**: The pressure level was 10,000, and the support level was 9,200. The weighted implied volatility was 27.009, and the change was 3,759 [5]. - **Market Interpretation and Strategy Recommendations**: Implied volatility remained above the average of 0.1865. The open interest PCR was at the 24.49% level in the past year. Directional strategy: Construct an eagle - spread combination strategy. Volatility strategy: Do not recommend seller - based strategies [6][7]. 3.2 Palm Oil (P) Options - **Underlying Futures Market Data**: The p2605 contract closed at 9,644 yuan yesterday, down 1.79% from the previous day. Trading volume was 512,050 lots, an increase of 46,898 lots, and open interest was 290,185 lots, a decrease of 27,567 lots [15][18]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of call options was 78,200 lots (down 31,799 lots), and put options was 43,774 lots (down 1,596 lots). The trading volume PCR was 0.56 (up 0.15), and the open interest PCR was 0.96 (up 0.02) [16]. - **Option Factor - Pressure and Support**: The pressure level was 10,400, and the support level was 9,000. The weighted implied volatility was 33.88%, and the change was - 5.41% [17]. - **Market Interpretation and Strategy Recommendations**: Implied volatility remained above the average of 0.2151. The open interest PCR was at the 43.27% level in the past year. Directional strategy: Construct a bull - spread combination strategy of call options. Volatility strategy: Do not recommend seller - based strategies [18][19]. 3.3 Peanut (PK) Options - **Underlying Futures Market Data**: The PK605 contract closed at 8,214 yuan yesterday, down 0.31% from the previous day. Trading volume was 43,033 lots, a decrease of 17,330 lots, and open interest was 183,708 lots, a decrease of 4,804 lots [27][30]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of call options was 28,931 lots (down 12,383 lots), and put options was 11,066 lots (down 5,175 lots). The trading volume PCR was 0.38 (down 0.01), and the open interest PCR was 0.55 (up 0.03) [28]. - **Option Factor - Pressure and Support**: The pressure level was 8,500, and the support level was 8,000. The weighted implied volatility was 15.84%, and the change was - 0.24% [29]. - **Market Interpretation and Strategy Recommendations**: Implied volatility remained above the average of 0.1471. The open interest PCR was at the 62.04% level in the past year. Directional strategy: Construct a bull - spread combination strategy of call options. Volatility strategy: None [30][31]. 3.4 Soybean Oil (Y) Options - **Underlying Futures Market Data**: The y2605 contract closed at 8,594 yuan yesterday, down 0.96% from the previous day. Trading volume was 296,544 lots, an increase of 25,860 lots, and open interest was 579,282 lots, a decrease of 32,990 lots [39][42]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of call options was 48,012 lots (down 29,523 lots), and put options was 16,614 lots (down 281 lots). The trading volume PCR was 0.35 (up 0.13), and the open interest PCR was 0.68 (up 0.01) [40]. - **Option Factor - Pressure and Support**: The pressure level was 9,000, and the support level was 8,200. The weighted implied volatility was 23.88%, and the change was - 4.279 [41]. - **Market Interpretation and Strategy Recommendations**: Implied volatility remained above the average of 0.1528. The open interest PCR was at the 10.61% level in the past year. Directional strategy: Construct a bull - spread combination strategy of call options. Volatility strategy: Do not recommend seller - based strategies [42][43].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The report provides an in - depth analysis of the futures and options markets of rapeseed oil, palm oil, peanut, and soybean oil, including market data, option factors, and strategy recommendations [7][20][33][45]. 3. Summary by Related Catalogs Rapeseed Oil (OI) - **Futures Market Data**: The Ol605 contract closed at 9950 yuan yesterday, up 96 yuan or 0.97% from the previous day. The trading volume was 224,994 lots, an increase of 23,990 lots, and the transfer volume was 239,709 lots, an increase of 2276 lots [4][7]. - **Option Factor - Volume and Position PCR**: The trading volume of call options was 18,294 with a change of 3632, and the position was 19,433 with a change of 1050. The trading volume of put options was 7434 with a change of - 1899, and the position was 18,774 with a change of - 100. The trading volume PCR was 0.41 with a change of - 0.23, and the position PCR was 0.97 with a change of - 0.06 [5]. - **Option Factor - Pressure and Support**: The at - the - money strike price was 9900, the resistance level was 10800, and the support level was 9200. The weighted implied volatility was 30.75% with a change of 6.15%, the annual average implied volatility was 18.62%, and HISV20 was 18.34% [6]. - **Strategy Recommendations**: For directional strategies, construct an eagle spread combination strategy, such as S Ol2605C9900 + B Ol2605C10000 + S Ol2605P9500 + B Ol2605P9400. For volatility strategies, strategies based on selling (such as single - selling and double - selling) are not recommended [8]. Palm Oil (P) - **Futures Market Data**: The p2605 contract closed at 9942 yuan yesterday, up 216 yuan or 2.22% from the previous day. The trading volume was 465,152 lots, an increase of 57,742 lots, and the transfer volume was 317,752 lots, a decrease of 1698 lots [17][20]. - **Option Factor - Volume and Position PCR**: The trading volume of call options was 1,099,999 with a change of 59,363, and the position was 80,038 with a change of 8511. The trading volume of put options was 45,370 with a change of 5313, and the position was 74,948 with a change of 309. The trading volume PCR was 0.41 with a change of - 0.38, and the position PCR was 0.94 with a change of - 0.11 [18]. - **Option Factor - Pressure and Support**: The resistance level was 10400, and the support level was 9000. The weighted implied volatility was 39.28% with a change of 9.96%, the annual average implied volatility was 21.46%, and HISV20 was 27.43% [19]. - **Strategy Recommendations**: For directional strategies, construct a bull spread combination strategy of call options, such as B P2605C9600 and S P2605C10200. For volatility strategies, strategies based on selling (such as single - selling and double - selling) are not recommended [21]. Peanut (PK) - **Futures Market Data**: The PK605 contract closed at 8238 yuan yesterday, up 56 yuan or 0.68% from the previous day. The trading volume was 60,363 lots, an increase of 32,143 lots, and the position was 188,512 lots, a decrease of 39 lots [30][33]. - **Option Factor - Volume and Position PCR**: The trading volume of call options was 41,314 with a change of 21,589, and the position was 64,789 with a change of 3504. The trading volume of put options was 16,241 with a change of 7634, and the position was 33,467 with a change of 275. The trading volume PCR was 0.39 with a change of - 0.04, and the position PCR was 0.52 with a change of - 0.03 [31]. - **Option Factor - Pressure and Support**: The at - the - money strike price was 8200, the resistance level was 8500, and the support level was 7400. The weighted implied volatility was 16.08% with a change of 0.04%, the annual average implied volatility was 14.69%, and HISV20 was 9.03% [32]. - **Strategy Recommendations**: For directional strategies, construct a bull spread combination strategy of call options. For volatility strategies, no recommendation is provided [34]. Soybean Oil (Y) - **Futures Market Data**: The y2605 contract closed at 8740 yuan yesterday, up 142 yuan or 1.65% from the previous day. The trading volume was 270,684 lots, an increase of 44,960 lots, and the position was 612,272 lots, an increase of 18,176 lots [42][45]. - **Option Factor - Volume and Position PCR**: The trading volume of call options was 77,535 with a change of 42,624, and the position was 76,863 with a change of 7605. The trading volume of put options was 16,895 with a change of - 2600, and the position was 51,017 with a change of 1545. The trading volume PCR was 0.22 with a change of - 0.34, and the position PCR was 0.66 with a change of - 0.05 [43]. - **Option Factor - Pressure and Support**: The at - the - money strike price was 8700, the resistance level was 9000, and the support level was 8200. The weighted implied volatility was 28.15% with a change of 6.23%, the annual average implied volatility was 15.25%, and HISV20 was 17.41% [44]. - **Strategy Recommendations**: For directional strategies, construct a bull spread combination strategy of call options, such as B Y2605C8400 + S Y2605C8800. For volatility strategies, strategies based on selling (such as single - selling and double - selling) are not recommended [46].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report No relevant content provided. 3. Summary by Directory 3.1 Market Overview - The trading volume of the entire market this week was 9,012,194.8, a decrease of 0.88% from last week; the open interest was 9,470,619.0, an increase of 0.04% from last week. Among them, the trading volume of agricultural products decreased by 0.97%, energy and chemical products decreased by 1.45%, black products decreased by 0.36%, precious metals increased by 3.71%, and non - ferrous and new energy products increased by 1.36% [4]. 3.2 Market Data 3.2.1 Market Overview - Lists the flat - value volatility, 60 - day quantile, Skew, and 60 - day quantile of various commodity options, such as the flat - value volatility of corn options is 12.54%, and the Skew is 34.99% [7]. 3.2.2 - 3.2.61 Various Commodity Options - For each type of commodity option (such as corn, soybean meal, etc.), it provides detailed data including the closing price, trading volume, open interest, volume PCR, open interest PCR, flat - value volatility, HV - 10 days, HV - 20 days, and Skew of the main and secondary contracts, as well as the overall contract data. For example, for soybean meal options, the main contract m2605 had a closing price of 3029 this week, a decrease of 99 from last week; the trading volume of call options this week was 276,811, a decrease of 221,158 from last week [8][9].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report conducts a comprehensive analysis of four types of oil options, including rapeseed oil, palm oil, peanut, and soybean oil options. It presents the market data, option factors, and provides corresponding trading strategies for each type of option [3][15][27][39]. 3. Summary by Relevant Catalogs 3.1 Rapeseed Oil (OI) - **Market Data**: The OI605 contract closed at 9876 yuan yesterday, up 5 yuan or 0.05% from the previous day. The trading volume was 201,004 lots, an increase of 8,249 lots, and the open interest was 237,433 lots, an increase of 2,919 lots [3][6]. - **Option Factors**: The implied volatility of OI options fluctuates above the average of 0.1858. The OI option's open interest PCR is 1.0267, at the 28.98% level in the past year. The pressure level is 10,000, and the support level is 9,200 [5][6]. - **Strategy Suggestions**: For directional strategies, construct a condor spread strategy, such as S Ol2605C9900 + B Ol2605C10000 + S Ol2605P9500 + B Ol2605P9400. For volatility strategies, strategies based on selling (such as single - selling and double - selling) are not recommended [7]. 3.2 Palm Oil (P) - **Market Data**: The p2605 contract closed at 9718 yuan yesterday, down 100 yuan or 1.01% from the previous day. The trading volume was 407,410 lots, a decrease of 83,790 lots, and the open interest was 319,450 lots, a decrease of 11,646 lots [15][18]. - **Option Factors**: The implied volatility of P options fluctuates above the average of 0.2140. The P option's open interest PCR is 1.0435, at the 53.88% level in the past year. The pressure level is 10,400, and the support level is 9,000 [17][18]. - **Strategy Suggestions**: For directional strategies, construct a bull call spread strategy, such as B P2605C9600 and S P2605C10200. For volatility strategies, strategies based on selling (such as single - selling and double - selling) are not recommended [19]. 3.3 Peanut (PK) - **Market Data**: The PK605 contract closed at 8188 yuan yesterday, down 12 yuan or 0.14% from the previous day. The trading volume was 2,820 lots, a decrease of 10,637 lots, and the open interest was 188,551 lots, a decrease of 1,203 lots [27][30]. - **Option Factors**: The implied volatility of PK options fluctuates above the average of 0.1467. The PK option's open interest PCR is 0.5416, at the 60.41% level in the past year. The pressure level is 8,500, and the support level is 7,400 [29][30]. - **Strategy Suggestions**: For directional strategies, construct a bull call spread strategy. There is no suggestion for volatility strategies [31]. 3.4 Soybean Oil (Y) - **Market Data**: The y2605 contract closed at 8628 yuan yesterday, up 2 yuan or 0.02% from the previous day. The trading volume was 225,724 lots, a decrease of 25,297 lots, and the open interest was 594,096 lots, a decrease of 398 lots [39][42]. - **Option Factors**: The implied volatility of Y options fluctuates above the average of 0.1520. The Y option's open interest PCR is 0.7143, at the 24.08% level in the past year. The pressure level is 9,000, and the support level is 8,200 [41][42]. - **Strategy Suggestions**: For directional strategies, construct a bull call spread strategy, such as B Y2605C8400 + S Y2605C8800. For volatility strategies, strategies based on selling (such as single - selling and double - selling) are not recommended [43].