Report Industry Investment Rating - No relevant information provided Core Viewpoints - In the past week, trading volume and implied volatility of commodity options decreased in almost all sectors. In the energy and chemical sector, the trading volume of p-xylene at the end of its option cycle significantly boosted the trading enthusiasm of the entire sector. The option trading volume of glass and soda ash returned to a high level. Given the pressure in the futures market, using options to capture trading opportunities is relatively safe. [5] - Due to the impact of interest rate cuts, the implied volatility of precious metal options rose in direct proportion to the futures price, and the skewness was at a relatively high level. Attention could be paid to the signal of volatility decline for right-side trading. [5] - In the agricultural products sector, the long position of cotton call options increased, and the trading volume of put options increased significantly. The volatility skewness declined from a high level. Consider selling at-the-money call options and buying out-of-the-money call options for protection. [5] Summary by Directory 1. Market Overview - The trading volume and implied volatility of commodity options decreased in almost all sectors last week. The end-of-cycle trading volume of p-xylene in the energy and chemical sector boosted the trading enthusiasm of the entire sector. The option trading volume of glass and soda ash returned to a high level. The futures market still faced pressure, and using options to capture trading opportunities was relatively safe. [5] - Affected by interest rate cuts, the implied volatility of precious metal options rose in direct proportion to the futures price, and the skewness was at a relatively high level. Attention could be paid to the signal of volatility decline for right-side trading. [5] - In agricultural products, the long position of cotton call options increased, and the trading volume of put options increased significantly. The volatility skewness declined from a high level. Consider selling at-the-money call options and buying out-of-the-money call options for protection. [5] 2. Market Data 2.1 Market Overview - Provided the quantitative data of commodity options, including the volatility, 60-day quantile, skewness, and 60-day quantile of various commodities such as corn, soybean meal, and palm oil [13]. 2.2 - 2.55 Individual Option Market Data - Detailed market data for various options were presented, including contract information, trading volume, open interest, volume PCR, open interest PCR, implied volatility, historical volatility, and skewness. For example, in the corn option market, the trading volume and open interest of call and put options, as well as their changes compared to the previous week, were provided [14][15][16].

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].

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - Fundamentally, the near - term pure benzene surplus pattern remains unchanged, but downstream new production news strengthens the expectation of improved future demand. Styrene ports have significantly accumulated inventory, with large traders starting to sell near - month goods this week, causing the near - month basis to weaken rapidly. Also, there have been frequent news of styrene plant overhauls this week, disturbing market sentiment. Against the backdrop of weakening crude oil, both pure benzene and styrene futures show a weakening and oscillating trend [4]. 3. Summaries by Related Catalogs 3.1 Price Forecast and Hedging Strategies - **Price Forecast**: The monthly price forecast for pure benzene is 5800 - 6400 yuan/ton, and for styrene is 6900 - 7500 yuan/ton. The current 20 - day rolling volatility of styrene is 29.40%, and its historical percentile over 3 years is 85.8% [3]. - **Hedging Strategies**: - **Inventory Management**: For high finished - product inventory and concerns about styrene price decline, it is recommended to short styrene futures (EB2509) with a 25% hedging ratio at an entry range of 7250 - 7350 yuan/ton and sell call options (EB2509C7500) with a 50% ratio at 60 - 90 yuan [3]. - **Procurement Management**: For low procurement standing inventory, to prevent cost increases from styrene price hikes, it is recommended to buy styrene futures (EB2509) with a 50% hedging ratio at an entry range of 7050 - 7150 yuan/ton and sell put options (EB2509P7100) with a 75% ratio at 90 - 120 yuan [3]. 3.2 Market News and Influencing Factors - **Positive Factors**: There were market rumors yesterday that the POSM unit of Zhejiang Petrochemical had a malfunction, resulting in a loss of 10,000 tons of styrene production. Jieyang Petrochemical's styrene plant will start an overhaul at the end of August, expected to last for half a month [5]. - **Negative Factors**: As of July 14, 2025, the styrene inventory at Jiangsu ports was 138,500 tons, an increase of 27,000 tons or 24.22% from the previous period. This week, styrene inventory has significantly increased, and large industrial traders have started to sell near - month goods, improving near - end liquidity. Crude oil prices have been oscillating weakly this week, weakening cost support. The latest production schedules of three major white - goods have been significantly revised down compared to the previous period, and the terminal consumption demand for styrene in the third quarter is pessimistically expected [6][8]. 3.3 Basis and Spread Changes - **Pure Benzene Basis**: On July 17, 2025, the basis of East China - BZ03 was - 202 yuan/ton (up 4 yuan from the previous day), East China - BZ04 was - 188 yuan/ton (up 19 yuan), East China - BZ05 was - 200 yuan/ton (down 5 yuan), and East China - BZ06 was - 195 yuan/ton [9]. - **Styrene Basis**: On July 17, 2025, the basis of East China - EB07 was 260 yuan/ton (unchanged from the previous day), East China - EB08 was 236 yuan/ton (up 59 yuan), East China - EB09 was 299 yuan/ton (up 42 yuan), and East China - EB10 was 353 yuan/ton [9]. - **Industry Chain Spreads**: Various spreads in the pure benzene - styrene industry chain have changed. For example, the styrene spot - pure benzene spot spread decreased by 85 yuan/ton to 1450 yuan/ton [9]. 3.4 Industry Chain Price Changes - **Crude Oil and Related Products**: On July 17, 2025, the price of Brent crude oil was 68.71 US dollars/barrel, unchanged from the previous day. The prices of some related products such as naphtha CFR Japan, ethylene CFR Northeast Asia, etc., also showed different degrees of change [10]. - **Pure Benzene and Styrene**: The prices of pure benzene and styrene in different markets and futures contracts have generally declined. For example, the pure benzene East China market price dropped by 40 yuan/ton to 5920 yuan/ton, and the styrene East China price dropped by 120 yuan/ton to 7400 yuan/ton [11]. - **Downstream Products**: The prices and profits of downstream products such as caprolactam, phenol, aniline, etc., also showed different trends. For example, the EPS profit in East China increased by 110.4 yuan/ton to 429 yuan/ton [11].

Core Viewpoint - The upcoming launch of pure benzene futures and options on the Dalian Commodity Exchange is expected to enhance risk management tools for the aromatic industry and stabilize supply chains in the sector [2][3][4]. Industry Impact - The volatility of pure benzene prices, influenced by oil price fluctuations and market supply-demand changes, has been significant, with prices ranging from 2,380 yuan/ton in 2020 to 10,305 yuan/ton in 2022, reflecting an annual volatility rate exceeding 40% [2]. - The introduction of futures and options is seen as a strategic move to provide companies with better tools for managing price fluctuations, moving away from limited methods such as long-term contracts and dynamic inventory adjustments [2][3]. Company Strategies - Companies like Sinopec Sales and Northeast Petroleum International are planning to utilize the new futures and options for hedging against price volatility, transitioning from fixed-price contracts to a model based on "futures price + premium/discount" [3]. - Sinopec Sales aims to integrate pure benzene futures into their inventory and trading processes, while other companies are establishing specialized teams to explore combinations of futures pricing and options protection [3]. Global Pricing Dynamics - The launch of pure benzene futures and options is expected to reshape the global chemical pricing landscape, moving China from a position of "Chinese demand, international pricing" to establishing a "Chinese pricing" system [4]. - Currently, China's import dependency for pure benzene is around 15%, with over 4 million tons imported annually, primarily priced based on Korean offshore prices. The development of a domestic pricing system is deemed essential for aligning with China's industrial strength [4]. - The core value of the new futures and options lies in price discovery and innovation, promoting a more resilient "Chinese pricing system" within the global chemical industry [4].

Core Viewpoint - The approval of pure benzene futures and options by the China Securities Regulatory Commission is expected to enhance risk management tools in the chemical industry, support high-quality development, ensure supply chain stability, and improve international price influence [1][2]. Industry Overview - Pure benzene is a crucial organic chemical raw material, linking petroleum and coal as primary energy sources to downstream industries such as synthetic resins, fibers, and rubber, with end products used in textiles, home appliances, tires, and dyes [1]. - China is the world's largest producer, consumer, and importer of pure benzene, with a production capacity of 32.34 million tons and a production volume of 25.13 million tons in 2024, accounting for 39% of global production [1]. - The apparent consumption of pure benzene in China is projected to be 29.26 million tons, representing 43% of global consumption, with an import volume of 4.31 million tons and a dependency rate of 15% [1]. Market Dynamics - The pure benzene industry has experienced uneven capacity adjustments and declining overall profits, highlighting the need for standardized futures and options trading [2]. - The introduction of pure benzene futures and options will create a "combination punch" with styrene futures and options, providing effective tools for price risk management and profit locking for enterprises during expansion cycles [2][3]. - The listing of pure benzene futures is expected to establish a transparent and authoritative "China pure benzene price," enhancing China's international pricing power in pure benzene trade [2]. Strategic Implications - The listing of pure benzene futures and options is seen as a critical transition point for the industry from "extensive gaming" to refined management, enhancing profit locking and risk resistance for enterprises [3]. - The price discovery function of futures will help enterprises adjust supply and demand more efficiently, ensuring stability in production and operations [2][3]. - Future efforts will focus on ensuring a smooth market operation post-listing, contributing to supply chain security and the goal of establishing China as a "chemical power" [3].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - On June 16, 2025, the trading volume of commodity options reached 6.75 million contracts. The trading volume of some varieties was relatively large, such as styrene options with 1.24 million contracts, PTA options with 480,000 contracts, and silver options with 430,000 contracts. In terms of open interest, soybean meal options exceeded 1.03 million contracts, and soda ash options exceeded 760,000 contracts. In terms of trading volume PCR, some varieties deviated significantly, such as zinc options with a PCR of 1.59 and urea options with a PCR of 0.39, presenting trading opportunities but also requiring caution regarding liquidity risks [1][3]. - In the agricultural products sector, the IV of hog options increased by 8.74%, and the IV of corn starch decreased by 2.48%. In the energy and chemical sector, the IV of styrene options increased by 9.24%, and the IV of manganese silicon options decreased by 1.18%. In the metal sector, the IV of each variety fluctuated, with the IV of iron ore options decreasing by 5.33% [3]. Group 3: Summary by Directory 1. Market Quick View 1.1 Trading Volume and Open Interest - Provided detailed trading volume, open - interest, and other data for various option varieties, including soybean meal, corn, palm oil, etc. The trading volume and open - interest of different varieties showed significant differences, and the trading volume PCR and open - interest PCR also varied widely [6]. 1.2 Volatility - Presented the flat - strike IV, IV change (absolute value), historical volatility (30 - day, 60 - day, 90 - day), and implied - historical volatility difference for various option varieties. Different varieties had different trends in IV changes, such as an 8.74% increase in the IV of hog options and a 5.33% decrease in the IV of iron ore options [12]. 2. Variety Research - For each option variety (soybean meal options, rapeseed meal options, PTA options, etc.), it provided charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference [15][19][23].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week (May 19 - May 23, 2025), the trading volume of the commodity options market declined, with an average daily trading volume of 5.91 million lots and an average daily open interest of 8.29 million lots, showing a -11% and +10% change respectively compared to the previous period. Investors are advised to focus on potential market opportunities in actively traded varieties [1][8]. - This week, the underlying futures of commodity options showed mixed performance, with most chemical and non - ferrous metals declining, and 37 varieties closing higher for the week. Many varieties' implied volatility continued to decline, and the trading and open - interest PCR of some varieties indicated strong short - term bullish or bearish sentiment [2][16]. 3. Summary According to Relevant Catalogs 3.1 Commodity Options Market Activity - This week, the average daily trading volume of actively traded varieties included styrene (750,000 lots), alumina (740,000 lots), and silver (360,000 lots). Alumina had a significant trading volume increase of +165%, while polysilicon decreased by -69% [1][8]. - The varieties with high average daily open interest were soybean meal (790,000 lots), soda ash (490,000 lots), and glass (480,000 lots). Alumina's open interest increased by +107% [1][8]. 3.2 Commodity Options Main Data Review - **Underlying Price Changes**: This week, the underlying futures of commodity options showed mixed performance. The varieties with high weekly gains were alumina (+9.65%), gold (+3.76%), and silver (+2.00%); those with high losses were synthetic rubber (-3.96%), LPG (-3.63%), and ferrosilicon (-3.37%) [2][16]. - **Market Volatility**: Most commodity implied volatilities continued to decline this week, with 39 varieties showing a decline in implied volatility. High - volatility varieties include gold, and low - volatility varieties include oilseeds, rebar, and iron ore [2][16]. - **Options Market Sentiment**: The trading volume PCR of some varieties such as p - xylene, LPG, and polypropylene is at a historical high, indicating strong short - term bearish sentiment. The trading volume PCR of glass and rubber is at a historical low, showing concentrated short - term bullish sentiment [2][16]. 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 Fanwei official website (https://www.finoview.com.cn/) [20].

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]

Report Date and Title - The report is titled "Energy and Chemical Options Daily Report 2025 - 05 - 08" and is an options strategy morning report for energy and chemical products [2] Core Viewpoint - The report analyzes the fundamentals, market trends, and volatility of various energy and chemical options, and provides corresponding option trading strategies and suggestions for different types of energy and chemical options [3] Industry Classification and Options Included - Energy and chemical options are mainly divided into five categories: basic chemicals (methanol, rubber, synthetic rubber, styrene options), energy (crude oil, liquefied gas options), polyester chemicals (paraxylene, PTA, ethylene glycol, short - fiber options), polyolefin chemicals (polypropylene, PVC, polyethylene options), and other chemicals (caustic soda, soda ash, urea options) [3] Summary by Industry Group Basic Chemicals Sector - **Methanol Options**: The price in Shandong on May 6 showed different levels in different regions. The market has been in a weak and bearish trend since the high in March. The implied volatility is above the historical average. A combination strategy of long - put and short - call options is recommended to obtain time - value and directional returns, such as S_MA2506P2225, etc. [3] - **Rubber/Synthetic Rubber Options**: The price of high - cis butadiene rubber in Shandong and other regions decreased. The market is in a weak consolidation and rebound pattern under bearish pressure. The implied volatility is at a relatively high historical level. A bearish volatility - selling strategy is recommended to obtain directional and time - value returns, such as S_RU2509P14250, etc. [3] - **Styrene Options**: In April, downstream demand was affected by the China - US tariff war, with high inventories. The market has been in a weak and volatile pattern since the high in late February. The implied volatility remains at a relatively high historical level. A volatility - selling option combination strategy is recommended to obtain time - value and directional returns, such as S_EB2506P6700, etc. [4] Oil and Gas Sector - **Crude Oil Options**: OPEC+ increased supply in June, but exports did not increase significantly, and the US maintained production cuts. The market has shown large fluctuations under bearish pressure. The implied volatility is at a relatively high level. A volatility - selling strategy is recommended to obtain time - value returns, such as S_SC2506P450 [4] - **Liquefied Gas Options**: The benchmark price increased slightly compared to the beginning of last month. The market has shown a short - term weak rebound pattern with pressure. The implied volatility is above the historical average. A strategy of selling a bearish combination of call and put options is recommended, adjusting the position delta according to market changes, and closing the position if the market fluctuates sharply, such as S_PG2506P4350 [4] Polyester Chemicals Sector - **PX/PTA Options**: The PTA load decreased in April and is expected to decline further in May. The inventory showed a mixed situation. The market has been in a mild bullish pattern under bearish pressure. The implied volatility is at a relatively high level. A volatility - selling strategy is recommended to obtain time - value returns, such as S_TA2506P4450 [5] - **Ethylene Glycol Options**: As of April 28, port and downstream inventories changed. The domestic supply - demand balance is expected to strengthen in May. The market has shown a large - scale volatile pattern under short - term bearish pressure. The implied volatility has risen rapidly to a relatively high historical level. A volatility - selling strategy is recommended to obtain time - value returns, such as S_EG2506P4100 [5] - **Short - Fiber Options**: The polyester load showed different trends in different products. The market has shown a rebound pattern under bearish pressure since late February. The implied volatility is at a relatively high average level. A volatility - selling strategy of selling call and put options is recommended to obtain time - value returns, such as S_PF2506P6000 [5] Polyolefin Chemicals Sector - **Polypropylene Options**: The inventory of PP production enterprises, traders, and ports showed different changes. The market has shown a weak and volatile pattern with pressure. The implied volatility is at a relatively high historical level. A strategy of selling a bearish combination of call and put options is recommended, adjusting the position delta according to market changes, and closing the position if the market fluctuates sharply, such as S_PP2506P7100 [6] - **Polyethylene Options**: The inventory of PE production enterprises and traders changed. The market has shown a weak consolidation pattern with pressure. The implied volatility has risen rapidly to a relatively high level. A bearish directional strategy is recommended to obtain directional returns, such as B_L2506P7200 [6] - **PVC Options**: The factory and social inventories decreased in April. The market has shown a volatile and rebound pattern with pressure. The implied volatility is at a relatively low level. A bearish directional strategy is recommended to obtain directional returns, such as B_V2506P4900 [6] Data Tables - **Option Underlying Market Data**: It includes the closing price, change, trading volume, and open interest of various option underlying assets [8] - **Option Volume, Open Interest, and Turnover Data**: It shows the volume, open interest, and turnover of different options, as well as their changes [9] - **Option Volume, Open Interest, and Turnover PCR Data**: It presents the PCR values and their changes of different options [10] - **Option Maximum Open Interest at Strike Prices**: It shows the pressure points, support points, and maximum open interest of call and put options for different underlying assets [11] - **Option Implied Volatility Data**: It includes the implied volatility, its change, annual average, and other related data of different options [13]