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]

Group 1: Volatility Index Explanation - The implied volatility index of financial options reflects the 30 - day implied volatility trend as of the previous trading day. The implied volatility index of commodity options is obtained by weighting the implied volatilities of the two - strike options above and below the at - the - money option of the main contract month, reflecting the implied volatility change trend of the main contract [1] - The difference between the implied volatility index and historical volatility indicates the relative level of implied volatility compared to historical volatility. A larger difference means the implied volatility is relatively higher, and a smaller difference means it is relatively lower [1] Group 2: Implied Volatility Quantile Explanation - The implied volatility quantile represents the current level of a variety's implied volatility in history. A high quantile means the current implied volatility is high, and a low quantile means it is low [3] - Volatility spread is the implied volatility index minus historical volatility [3]

Group 1: Report Summary - The report is the Commodity Options Daily Report on March 26, 2026, providing data on option quotes, positions, and other aspects [1] Group 2: Option Quotes - Among call options, industrial silicon had the highest daily increase of 53.11%, followed by lithium carbonate at 51.40%, and synthetic rubber at 44.05%. Among put options, iron ore had the highest daily increase of 47.75%, followed by fuel oil at 42.12%, and asphalt at 36.38% [1] Group 3: Option Positions - In terms of call option position daily changes, p-xylene had the largest increase of 23,812, followed by corn at 20,719, and soda ash at 20,087. For put options, coking coal had an increase of 5,133, methanol had an increase of 4,572, and ethylene glycol had an increase of 4,070 [2] Group 4: Option Position Put - Call Ratio (PCR) - High - position PCR varieties include fuel oil with a PCR of 1.8962, short - fiber with 1.5285, and apple with 1.4112. Low - position PCR varieties include live pigs with 0.2019, red dates with 0.2475, and alumina with 0.3471 [5] Group 5: Option Volume Put - Call Ratio (PCR) - High - volume PCR varieties include propylene with a PCR of 9.625, short - fiber with 9.5778, and polypropylene with 2.3977. Low - volume PCR varieties include red dates with 0.1836, soda ash with 0.2033, and polysilicon with 0.2218 [6] Group 6: Daily Selections - Call option selections include synthetic rubber, ferromanganese silicon, and coking coal. Put option selections include soybeans No.1, soybeans No.2, and rapeseed meal [7] Group 7: Near - Expiry Options - For call options, p - xylene, red dates, and apples are near - expiry. For put options, p - xylene, red dates, and apples are also near - expiry, with corresponding break - even prices and price increase/decrease rates provided [8]

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].

Group 1: Volatility Index Explanation - The implied volatility index of financial options reflects the 30 - day implied volatility trend as of the previous trading day, while the implied volatility index of commodity options is obtained by weighting the implied volatilities of the two - step up and down of the at - the - money options of the main contract month, reflecting the implied volatility change trend of the main contract [1] - The difference between the implied volatility index and historical volatility: a larger difference indicates that the implied volatility is relatively higher than historical volatility, and a smaller difference means the opposite [1] Group 2: Volatility Data Visualization - The document presents multiple charts showing the implied volatility (IV), historical volatility (HV), and the difference between them (IV - HV) for various financial and commodity options, including 300股指, 50ETF, 1000股指, 500ETF, corn, cotton, Chinese Yen, rubber, iron ore, PTA, crude oil, aluminum, PVC, rebar, urea, rapeseed, and palm oil [2] Group 3: Implied Volatility Quantile - Implied volatility quantiles represent the current level of a variety's implied volatility in history. A high quantile indicates high implied volatility, and a low quantile indicates low implied volatility [3] - The document also shows the ranking of implied volatility quantiles [3]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report presents the daily data on commodity options, including option quotes, positions, put - call ratios of positions and trading volumes, daily selections, and information on near - expiration options [1] 3. Summary by Directory 3.1 Option Quotes - Among call options, asphalt had the highest daily increase of 68.16%, followed by log at 51.79% and plastic at 46.71%. Among put options, lead had the highest daily increase of 82.89%, followed by rapeseed meal at 60.95% and live pigs at 56.25% [1] 3.2 Option Positions - For call options, styrene had the largest daily change in position of 85,909, followed by PVC at 54,660 and soybean meal at 39,675. For put options, styrene had a daily change in position of 61,647, PVC at 45,757 and PTA at 16,271 [2] 3.3 Option Position Put - Call Ratio (PCR) - High - position PCR varieties included p - xylene with a PCR of 1.9246, fuel oil at 1.8953, and apple at 1.6672. Low - position PCR varieties included live pigs with a PCR of 0.2292, red dates at 0.2309, and urea at 0.3616 [5] 3.4 Option Trading Volume Put - Call Ratio (PCR) - High - trading - volume PCR varieties included short - fiber with a PCR of 2.2882, silver at 1.3686, and copper at 1.3311. Low - trading - volume PCR varieties included red dates with a PCR of 0.1402, alumina at 0.2019, and industrial silicon at 0.2037 [6] 3.5 Daily Selections - Call option selections included PTA, ethylene glycol, sugar, etc., all with a trend degree of 55. Put option selections included zinc, gold, lead, etc., with trend degrees ranging from - 9 to - 55 [7] 3.6 Near - Expiration Options - For call options, iron ore needed the underlying price to rise by 2.11% to break even, ethylene glycol by 2.18%, and styrene by 2.49%. For put options, iron ore needed the underlying price to fall by 0.99% to break even, ethylene glycol by 2.24%, and styrene by 2.61% [8][9]

1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - The report presents the daily situation of commodity options on March 16, 2026, including option quotes, positions, position put - call ratios (PCR), trading volume put - call ratios (PCR), daily selections, and near - expiration options [1] 3. Summary by Relevant Catalogs Option Quotes - **Call Options**: The daily percentage increases of call options for various commodities are as follows: rapeseed meal 62.29%, iron ore 59.89%, asphalt 58.02%, soybean meal 43.81%, etc. [1] - **Put Options**: The daily percentage increases of put options for various commodities are as follows: tin 66.65%, pure benzene 44.32%, gold 30.33%, etc. [1] Option Positions - **Call Options**: The daily changes in call option positions for various commodities are as follows: rapeseed meal 14484, methanol 11657, corn 9878, etc. [2] - **Put Options**: The daily changes in put option positions for various commodities are as follows: soybean meal 39586, styrene 23353, PVC 22735, etc. [2] Option Position Put - Call Ratio (PCR) - **High - position PCR**: Fuel oil 2.2344, styrene 2.0807, pure benzene 1.812, etc. [5] - **Low - position PCR**: red dates 0.2342, live pigs 0.2397, urea 0.3709, etc. [5] Option Trading Volume Put - Call Ratio (PCR) - **High - trading volume PCR**: pure benzene 3.4683, short - fiber 1.5478, propylene 1.4091, etc. [6] - **Low - trading volume PCR**: red dates 0.1064, polysilicon 0.1184, live pigs 0.1523, etc. [6] Daily Selections - **Call Options**: Selected call options include soybean No. 2, iron ore, soybean No. 1, etc., with a trend degree of 55 and different put - call ratios and remaining days [7] - **Put Options**: Selected put options include lead, zinc, Shanghai Stock Exchange 50, etc., with negative trend degrees and different put - call ratios and remaining days [7] Near - Expiration Options - **Call Options**: For near - expiration call options such as iron ore, ethylene glycol, styrene, etc., information on remaining days, option closing prices, underlying settlement prices, break - even points, and option doubling conditions is provided [8] - **Put Options**: For near - expiration put options such as iron ore, ethylene glycol, styrene, etc., information on remaining days, option closing prices, underlying settlement prices, break - even points, and option doubling conditions is provided [9]

1. Market Overview - The trading volume of the market this week was 11,521,370.6, with a week - on - week increase of 0.51%, and the open interest was 8,953,943, with a week - on - week decrease of 0.01% [4]. - The trading volume of agricultural products this week was 2,487,110.4, with a week - on - week increase of 2.76%, and the open interest was 3,248,462, with a week - on - week increase of 0.16% [4]. - The trading volume of energy and chemical products this week was 7,108,318.2, with a week - on - week increase of 0.61%, and the open interest was 3,498,076, with a week - on - week decrease of 0.15% [4]. - The trading volume of black commodities this week was 531,268.4, with a week - on - week increase of 1.04%, and the open interest was 825,749, with a week - on - week decrease of 0.05% [4]. - The trading volume of precious metals this week was 325,839.8, with a week - on - week decrease of 1.22%, and the open interest was 341,823, with a week - on - week increase of 0.05% [4]. - The trading volume of non - ferrous metals and new energy products this week was 1,068,833.8, with a week - on - week decrease of 1.45%, and the open interest was 1,039,833, with a week - on - week increase of 0.14% [4]. 2. Market Data 2.1 Market Overview - The report provides the implied volatility, quantile, and skew of various commodity options, such as the implied volatility of corn options was 15.72%, and the skew was 47.0% [5]. 2.2 - 2.61 Option Data of Each Commodity - For each commodity option (such as corn, soybean meal, etc.), the report details the closing price, trading volume, open interest, volume PCR, open interest PCR, implied volatility, HV - 10 days, HV - 20 days, and skew of the main and secondary contracts, as well as the overall contract data [6][7][8]...[65].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - After the holiday, the overall volatility of the commodity options market decreased. The trading volume of agricultural product options increased due to contract roll - over. Some varieties in the black and non - ferrous sectors experienced increased volatility and higher open interest. The geopolitical risks over the weekend led to increased expected volatility in the precious metals, non - ferrous metals, and chemical sectors. Considering the high implied volatility of call options, a bull call spread strategy can be considered for long positions, and the strike price of the long call option can be gradually raised to reduce the maximum risk of the position [5]. 3. Summary by Directory 3.1 Market Overview - The overall volatility of the commodity options market decreased after the holiday. The trading volume of agricultural product options increased during the contract roll - over. Some varieties in the black and non - ferrous sectors saw increased volatility and higher open interest. Due to weekend geopolitical risks, the expected volatility of precious metals, non - ferrous metals, and the chemical sector increased. A bull call spread strategy can be used for long positions, and the strike price of the long call option can be gradually raised to reduce the maximum risk of the position [5]. - Market data shows that the trading volume of the entire market decreased by 0.67% to 5,512,888.0, while the open interest increased by 0.09% to 7,701,848. Among different sectors, the trading volume of agricultural products increased by 0.06% to 1,422,480.75, and the open interest decreased by 0.14% to 2,507,785; the trading volume of energy and chemicals decreased by 0.43% to 2,419,537.25, and the open interest increased by 0.23% to 3,144,995; the trading volume of the black sector increased by 3.82% to 488,594.0, and the open interest increased by 0.13% to 766,022; the trading volume of precious metals decreased by 2.71% to 307,045.75, and the open interest increased by 0.2% to 309,152; the trading volume of non - ferrous and new energy decreased by 1.33% to 875,230.25, and the open interest increased by 0.46% to 973,894 [6]. 3.2 Market Data 3.2.1 Market Overview - The report provides the implied volatility, 60 - day percentile of implied volatility, skew, and 60 - day percentile of skew for various commodity options, including corn, soybean meal, rapeseed meal, etc. For example, the implied volatility of corn is 9.97%, and the skew is 7.54% [12]. 3.2.2 - 3.2.61 Option Data for Each Commodity - For each commodity option (such as corn, soybean meal, etc.), the report details the closing price, price change, remaining trading days, trading volume (including call and put trading volume, and total trading volume), trading volume PCR, open interest (including call and put open interest, and total open interest), open interest PCR, implied volatility, historical volatility (HV - 10 days and HV - 20 days), and skew of the main and secondary contracts, as well as the overall contract data [13 - 74].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The report presents data on commodity option daily market conditions, including option price changes, option positions, and Put - Call Ratios (PCR) for various commodity options on February 27, 2026, as well as daily preferred options and information on expiring options [1][2][5][6][7] Group 3: Summary by Related Catalogs Option Quotes - For call options, manganese silicon had the highest daily increase of 133.33%, followed by ferrosilicon with 37.72% and lithium carbonate with 25.94%. For put options, PVC had a daily increase of 41.32%, polycrystalline silicon 39.68%, and palm oil 37.41%. The calculation is based on the closing price of the at - the - money options of the main contracts of each variety [1] Option Positions - For call options, glass had the largest daily change in position of 45,943, followed by methanol with 35,737 and manganese silicon with 35,447. For put options, lithium carbonate had a daily position change of 21,389, iron ore 13,959, and PTA 13,864 [2] Option Position Put - Call Ratio (PCR) - High - position PCR varieties included apple with 1.9461, lithium carbonate with 1.2111, and short - fiber with 1.1513. Low - position PCR varieties included alumina with 0.2496, jujube with 0.2897, and live pigs with 0.2946 [5] Option Volume Put - Call Ratio (PCR) - High - volume PCR varieties included polycrystalline silicon with 1.7396, propylene with 1.479, and apple with 1.3897. Low - volume PCR varieties included jujube with 0.2004, manganese silicon with 0.2173, and live pigs with 0.2551 [6] Daily Preferred Options - Call options: The selected varieties were lithium carbonate, CSI 1000, soybean meal, fuel oil, cotton, soybean No. 2, soybean No. 1, and corn, with a trend degree of 53 - 55 and different put - call ratios and remaining days [7] - Put options: The selected varieties were polycrystalline silicon, coking coal, PVC, live pigs, palm oil, iron ore, ethylene glycol, and plastic, with a negative trend degree of - 39 to - 55 and different put - call ratios and remaining days [7] Expiring Options - There were no expiring options on the day [7]