1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Not provided in the content 3. Summary by Relevant Catalogs 3.1 Market Overview - The report presents the trading volume and open interest data of the commodity options market, including the overall market and different sectors such as agriculture, energy and chemicals, black metals, precious metals, and non - ferrous metals and new energy. The overall trading volume of the market this week was 6,628,465.8, a decrease of 0.95% from last week, and the open interest was 7,083,253, a decrease of 0.24% from last week. Among them, the trading volume of agricultural products increased by 0.48%, while the trading volume of other sectors decreased to varying degrees [5]. 3.2 Market Data 3.2.1 Market Overview - The report provides the quantitative data of commodity options, including the at - the - money volatility, 60 - day quantile, skew, and 60 - day skew quantile of various options. For example, the at - the - money volatility of corn options is 8.65%, and the 60 - day quantile is 13.33% [15]. 3.2.2 - 3.2.61 Various Option Data - For each type of option (such as corn options, soybean meal options, etc.), the report details the closing price, trading volume, open interest, volume PCR, open interest PCR, at - the - money volatility, HV - 10 days, HV - 20 days, and skew of the main and secondary contracts. For example, for corn options, the total trading volume of the main contract this week was 145,658, an increase of 48,066 from last week, and the volume PCR was 0.4574, a decrease of 0.0707 from last week [17].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - No information provided 3. Summary by Relevant Catalogs Option Quotes - The daily percentage changes of call options for fuel oil, asphalt, and short - fiber are 97.27%, 46.67%, and 43.38% respectively. The daily percentage changes of put options for offset printing paper, lead, and corn are 12.24%, 6.80%, and 6.25% respectively [1] Option Positions - The daily changes in call option positions for methanol, PTA, and fuel oil are 33565, 16765, and 12896 respectively. The daily changes in put option positions for PTA, glass, and soda ash are 32223, 24052, and 12483 respectively [2] Option Position Put - Call Ratio (PCR) - High - position PCR varieties include apple (1.5705), propylene (1.1986), and offset printing paper (1.1185). Low - position PCR varieties include alumina (0.2203), live pigs (0.2572), and soda ash (0.2926) [5] Option Volume Put - Call Ratio (PCR) - High - volume PCR varieties include apple (1.5386), iron ore (1.3131), and palladium (1.2957). Low - volume PCR varieties include alumina (0.2083), natural rubber (0.2091), and red dates (0.2174) [6] Daily Selections - Call option selections include PVC, soda ash, and alumina with trend degrees of 55, 49, and 49 respectively. Put option selections include lead, eggs, and lithium carbonate with trend degrees of - 55, - 55, and - 47 respectively [7] Near - Expiration Options - For call options of near - expiration options, such as lithium carbonate, the option closing price is 2430.0, the underlying settlement price is 148020.0, and the break - even underlying price and its increase rate are 152436.0 and 2.98% respectively. For put options, such as lithium carbonate, the option closing price is 4100.0, the underlying settlement price is 148020.0, and the break - even underlying price and its decrease rate are 143894.0 and - 2.79% respectively [8]

1. Market Overview - The total trading volume of the commodity options market this week was 8,927,530.8, up 0.4% from last week, and the total open interest was 9,142,747, up 0.02% [5]. - The trading volume of agricultural products options was 1,480,074.0, up 0.58%, and the open interest was 3,149,035, up 0.04% [5]. - The trading volume of energy and chemical options was 4,184,971.8, up 0.89%, and the open interest was 3,674,765, up 0.15% [5]. - The trading volume of black options was 340,558.0, down 0.65%, and the open interest was 738,944, up 0.12% [5]. - The trading volume of precious metal options was 812,581.6, down 0.97%, and the open interest was 334,994, down 0.37% [5]. - The trading volume of non - ferrous and new energy options was 2,109,345.4, up 0.42%, and the open interest was 1,245,009, down 0.21% [5]. 2. Market Data 2.1 Market Overview - The report provides the implied volatility, 60 - day quantile, skew, and 60 - day skew quantile of the at - the - money options for various commodities such as corn, soybean meal, and methanol [15]. 2.2 - 2.61 Specific Commodity Options - For each of the 61 types of commodity options (e.g., corn options, soybean meal options), the report details the closing price, price change, remaining trading days of the main and secondary contracts, as well as the trading volume, open interest, volume PCR, open interest PCR, at - the - money volatility, 10 - day historical volatility (HV - 10), 20 - day historical volatility (HV - 20), and skew. For example, in corn options, the main contract's closing price was 2271, down 29, with 14 remaining trading days [16].

1. Market Overview - The trading volume of the commodity options market this week was 8,107,246.6, a decrease of 0.35% from last week; the open interest was 8,979,179, a flat compared to last week [5]. - The trading volume of agricultural products was 1,293,877.0, a decrease of 0.63% from last week; the open interest was 3,022,708, a slight decrease of 0.0% [5]. - The trading volume of energy and chemical products was 3,424,908.4, a decrease of 0.85% from last week; the open interest was 3,183,176, a decrease of 0.01% [5]. - The trading volume of black commodities was 406,427.0, a decrease of 0.53% from last week; the open interest was 657,982, a decrease of 0.13% [5]. - The trading volume of precious metals was 1,073,667.6, an increase of 1.41% from last week; the open interest was 534,522, a decrease of 0.03% [5]. - The trading volume of non - ferrous metals and new energy was 1,908,366.6, an increase of 0.41% from last week; the open interest was 1,580,791, an increase of 0.15% [5]. 2. Market Data 2.1 Market Overview - The report provides the flat - volatility, 60 - day quantile, Skew, and 60 - day quantile of various commodity options, such as the flat - volatility of corn options was 9.56% with a 60 - day quantile of 43.33%, and the Skew was 7.15% with a 60 - day quantile of 51.67% [15]. 2.2 - 2.61 Specific Commodity Options - For each of the 61 specific commodity options (including corn, soybean meal, etc.), the report details data such as closing prices, trading volume (including call and put trading volume, total trading volume, and volume PCR), open interest (including call and put open interest, total open interest, and open interest PCR), flat - volatility, HV - 10 days, HV - 20 days, and Skew [16 - 75].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - For non - ferrous metals, a seller's neutral volatility strategy is recommended as they tend to move upwards [2]. - For the black metals sector, which experiences significant fluctuations, a short - volatility combination strategy is suitable [2]. - For precious metals, as they rebound and rise, a bull spread combination strategy is suggested [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest of various metal futures contracts. For example, the latest price of copper futures (CU2602) is 103,390, down 520 (- 0.50%) with a trading volume of 16.55 million lots and an open interest of 15.95 million lots [3]. 3.2 Option Factors - **Volume and Open Interest PCR**: It shows the volume and open - interest put - call ratios (PCR) of different metal options. For instance, the volume PCR of copper options is 0.40, with a change of - 0.05, and the open - interest PCR is 0.66, with a change of 0.02 [4]. - **Pressure and Support Levels**: The pressure and support levels of option underlying assets are analyzed. The pressure point of copper is 110,000 and the support point is 98,000 [5]. - **Implied Volatility**: The implied volatility data of various metal options are given, including at - the - money implied volatility, weighted implied volatility, and its change, etc. The at - the - money implied volatility of copper is 33.62% [6]. 3.3 Strategy and Recommendations - **Non - ferrous Metals**: - **Copper**: Directional strategy - construct a bull spread combination strategy of call options; volatility strategy - construct a short - volatility seller's option combination strategy; spot long - hedging strategy - hold a spot long position + buy put options + sell out - of - the - money call options [8]. - **Aluminum, Zinc, Nickel, Tin, Lithium Carbonate**: Similar strategies are provided, mainly including directional strategies (such as bull spread combination strategies for some), volatility strategies (such as short - volatility strategies or selling call + put option combination strategies), and spot hedging strategies [10][11][12]. - **Precious Metals (Silver)**: Directional strategy - construct a bull spread combination strategy of call options; volatility strategy - construct a short - volatility option seller's combination strategy with a bullish bias; spot hedging strategy - hold a spot long position + buy put options + sell out - of - the - money call options [13]. - **Black Metals**: - **Rebar**: Volatility strategy - construct a short - volatility selling call + put option combination strategy with a bearish bias; spot long - covered strategy - hold a spot long position + sell call options [14]. - **Iron Ore, Ferroalloys, Industrial Silicon, Glass**: Similar strategies are given, covering directional, volatility, and spot hedging strategies [14][15][16].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - For non - ferrous metals, a seller's neutral volatility strategy can be constructed as they tend to move upwards [2]. - For the black - series, a short - volatility combination strategy is suitable due to their large - scale fluctuations [2]. - For precious metals, a bull spread combination strategy can be built as they are rebounding [2]. 3. Summary of Each Section 3.1 Futures Market Overview - The report presents data on the latest prices, price changes, trading volumes, and open interest of various metal futures contracts such as copper, aluminum, zinc, etc. For example, the latest price of copper (CU2602) is 102,220, with a price increase of 1,940 and a trading volume of 30.38 million lots [3]. 3.2 Option Factors - **Volume - to - Open - Interest PCR**: The report provides the volume - to - open - interest PCR data for different metal options, which helps describe the strength and potential turning points of the underlying asset's market. For instance, the volume PCR of copper options is 0.58, with a change of 0.05 [4]. - **Pressure and Support Levels**: The pressure and support levels of each option's underlying asset are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure point of copper is 110,000, and the support point is 98,000 [5]. - **Implied Volatility**: It shows the implied volatility data of various metal options, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of copper options is 31.57% [6]. 3.3 Strategy and Recommendations for Each Metal - **Non - ferrous Metals** - **Copper**: Based on fundamental and market analysis, directional, volatility, and spot hedging strategies are proposed. For example, a bull spread combination strategy can be constructed for directional trading, and a short - volatility seller option combination strategy for volatility trading [8]. - **Aluminum, Zinc, Nickel, Tin, and Lithium Carbonate**: Similar to copper, strategies for each metal are provided according to their fundamentals, market trends, and option factors [10][11][12]. - **Precious Metals** - **Silver**: Considering its fundamentals and market performance, a neutral short - volatility option seller combination strategy and a spot hedging strategy are recommended [13]. - **Black - Series** - **Rebar, Iron Ore, Ferroalloys, Industrial Silicon, and Glass**: Strategies for each product in the black - series are given, including directional, volatility, and spot hedging strategies, based on their supply - demand situations and market trends [14][15][16].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - New Year commodity options have collectively seen an increase in volatility and trading volume. Some varieties in the chemical sector are about to expire, such as short - fiber, methanol, soda ash, glass, bottle chips, caustic soda, propylene, PTA, and sugar 03 series option contracts will expire on Tuesday, while crude oil near - month option contracts will expire on Wednesday. Most implied volatilities are at high levels, and attention should be paid to the risk of rapid time - value erosion [5]. 3. Summary According to Relevant Catalogs 3.1 Market Overview - The trading volume of the commodity option market this week was 9,363,712.6, up 2.45% from last week; the open interest was 8,928,161, up 0.16% from last week. Among them, the trading volume of agricultural products, energy and chemicals, and black products increased, while the trading volume of precious metals decreased, and the trading volume of non - ferrous and new energy products increased significantly [6]. 3.2 Market Data 3.2.1 Market Overview - The report provides the flat - volatility, 60 - day quantile, Skew, and 60 - day quantile data of various commodity options, such as the flat - volatility of corn options being 11.83% and the 60 - day quantile being 93.33% [15]. 3.2.2 - 3.2.61 Various Commodity Options - For each type of commodity option (such as corn, soybean meal, etc.), the report details the closing prices, price changes, remaining trading days, trading volumes (including call, put, and total), trading volume PCR, open interests (including call, put, and total), open interest PCR, flat - volatility, HV - 10 days, HV - 20 days, and Skew of the main and secondary contracts and all contracts [16][17][18]...[76].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals, a neutral volatility strategy for sellers is recommended as they show a bullish upward trend [2]. - For the black - series metals, a strategy of shorting volatility is suitable due to their large - amplitude fluctuations [2]. - For precious metals, a bull - spread combination strategy is suggested as they are rebounding and rising [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various metal futures contracts, including copper, aluminum, zinc, etc [3]. 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - The volume PCR and open interest PCR of different metal options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively [4]. 3.2.2 Pressure and Support Levels - The pressure points, support points, and their offsets, as well as the maximum open interests of call and put options for different metal options, are given to analyze the pressure and support levels of the option underlyings [5]. 3.2.3 Implied Volatility - The report provides the at - the - money implied volatility, weighted implied volatility, its change, annual average, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility for various metal options [6]. 3.3 Strategy and Suggestions 3.3.1 Non - Ferrous Metals - **Copper**: A bull - spread combination strategy for call options is recommended for directional trading; a short - volatility option seller combination strategy is suggested to gain time - value; and a spot hedging strategy of holding long spot, buying put options, and selling out - of - the - money call options is proposed [7]. - **Aluminum**: A bull - spread combination strategy for call options is recommended for direction; a strategy of selling bullish call and put options is suggested to gain time - value and directional returns; and a spot collar strategy is proposed [9]. - **Zinc**: There is no directional strategy; a strategy of selling bullish call and put options is suggested to gain time - value; and a spot collar strategy is proposed [9]. - **Nickel**: There is no directional strategy; a strategy of selling bullish call and put options is suggested to gain time - value; and a spot covered - call strategy is proposed [10]. - **Tin**: There is no directional strategy; a short - volatility strategy is suggested to gain time - value; and a spot collar strategy is proposed [10]. - **Lithium Carbonate**: There is no directional strategy; a strategy of selling bullish call and put options is suggested to gain time - value; and a spot hedging strategy of holding long spot, buying put options, and selling call options is proposed [11]. 3.3.2 Precious Metals - **Silver**: There is no directional strategy; a neutral short - volatility option seller combination strategy is suggested to gain time - value; and a spot hedging strategy of holding long spot, buying put options, and selling out - of - the - money call options is proposed [12]. 3.3.3 Black - Series Metals - **Rebar**: There is no directional strategy; a strategy of selling bearish call and put options is suggested to gain time - value; and a spot covered - call strategy is proposed [13]. - **Iron Ore**: There is no directional strategy; a strategy of selling neutral call and put options is suggested to gain time - value and directional returns; and a spot long - collar strategy is proposed [13]. - **Ferroalloys (Manganese Silicon and Silicon Ferros)**: For manganese silicon, there is no directional strategy; a short - volatility strategy is suggested to gain time - value; and no spot hedging strategy is proposed. For industrial silicon, there is no directional strategy; a short - volatility strategy of selling call and put options is suggested to gain time - value and directional returns; and a spot hedging strategy of holding long spot, buying put options, and selling call options is proposed [14]. - **Glass**: There is no directional strategy; a short - volatility strategy of selling call and put options is suggested to gain time - value; and a spot long - collar strategy is proposed [15].

Group 1: Report Summary - Report Title: Metal Options Strategy Morning Report [1] - Report Date: January 7, 2026 - Research Team: Li Liqin, Huang Kehan, Li Renjun [2] Group 2: Investment Ratings - No investment ratings were provided in the report. Group 3: Core Views - For non - ferrous metals, which are trending upwards, a seller's neutral volatility strategy is recommended [2]. - For the black series, which are experiencing significant fluctuations, a short - volatility portfolio strategy is suitable [2]. - For precious metals, which are rebounding, a bull spread portfolio strategy is suggested [2]. Group 4: Market Overview Futures Market - Copper (CU2602) closed at 104,600, up 1,300 (1.26%) with a trading volume of 29.10 million hands and an open interest of 22.36 million hands [3]. - Aluminum (AL2602) closed at 24,695, up 620 (2.58%) with a trading volume of 55.17 million hands and an open interest of 25.31 million hands [3]. - Other metals such as zinc, lead, nickel, etc., also had their respective price changes, trading volumes, and open interest as detailed in the report [3]. Option Factors - Volume and Open Interest PCR: Different metals had varying volume and open - interest PCR values, which are used to describe the strength of the option underlying and potential turning points [4]. - Pressure and Support Levels: Pressure and support levels were identified for each metal option based on the strike prices of the maximum open interest of call and put options [5]. - Implied Volatility: Implied volatility data for each metal option were presented, including at - the - money implied volatility, weighted implied volatility, and its changes [6]. Group 5: Strategy Recommendations Non - Ferrous Metals - **Copper**: A bull spread strategy for call options, a short - volatility seller's option portfolio strategy, and a spot long - hedging strategy are recommended [7]. - **Aluminum**: A bull spread strategy for call options, a short - volatility option portfolio strategy with a positive delta, and a spot collar strategy are suggested [9]. - **Zinc**: A short - volatility option portfolio strategy with a long - delta and a spot collar strategy are recommended [9]. - **Nickel**: A bull spread strategy for call options, a short - volatility option portfolio strategy with a long - delta, and a spot covered - call strategy are suggested [10]. - **Tin**: A short - volatility strategy and a spot collar strategy are recommended [10]. - **Lithium Carbonate**: A short - volatility option portfolio strategy with a long - delta and a spot long - hedging strategy are suggested [11]. Precious Metals - **Silver**: A short - volatility option seller's portfolio strategy with a neutral delta and a spot hedging strategy are recommended [12]. Black Series - **Rebar**: A short - volatility option portfolio strategy with a short - delta and a spot covered - call strategy are suggested [13]. - **Iron Ore**: A short - volatility option portfolio strategy with a neutral delta and a spot long - collar strategy are recommended [13]. - **Ferroalloys (Manganese Silicon and Silicon Iron)**: Strategies such as short - volatility strategies and spot hedging strategies are recommended according to their respective market conditions [14]. - **Industrial Silicon**: A short - volatility option portfolio strategy with a neutral delta and a spot long - hedging strategy are suggested [14]. - **Glass**: A short - volatility option portfolio strategy and a spot long - collar strategy are recommended [15].

1. Report Industry Investment Rating - No investment rating information is provided in the report [1][2] 2. Core Viewpoints - For non - ferrous metals, a seller's neutral volatility strategy can be constructed as they tend to move upwards; for the black series, a short - volatility combination strategy is suitable due to their large - amplitude fluctuations; for precious metals that are rebounding, a bull spread combination strategy can be built [2] 3. Summary by Related Catalogs 3.1 Futures Market Overview - The latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various metal futures contracts such as copper, aluminum, zinc, etc., are presented [3] 3.2 Option Factors - Volume and Open Interest PCR - The trading volume, volume change, open interest, open interest change, trading volume PCR, volume PCR change, open interest PCR, and open interest PCR change of various metal options are provided. Volume PCR and open interest PCR are used to describe the strength of the option underlying market and the turning point of the underlying market respectively [4] 3.3 Option Factors - Pressure and Support Levels - The strike price at the money, pressure points, pressure point offsets, support points, support point offsets, maximum call option open interest, and maximum put option open interest of various metal options are given. These are used to analyze the pressure and support levels of the option underlyings [5] 3.4 Option Factors - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call option implied volatility, put option implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility of various metal options are presented [6] 3.5 Strategy and Recommendations 3.5.1 Non - Ferrous Metals - **Copper**: Based on the fundamentals and market trends of copper, directional, volatility, and spot long - hedging strategies are proposed, such as constructing a bull spread combination strategy for call options, a short - volatility seller option combination strategy, and a spot long - hedging strategy [7] - **Aluminum**: Considering the fundamentals and market trends of aluminum, directional, volatility, and spot long - hedging strategies are recommended, including constructing a bull spread combination strategy for call options, a sell - biased long call + put option combination strategy, and a spot collar strategy [9] - **Zinc**: According to the fundamentals and market trends of zinc, volatility and spot long - hedging strategies are suggested, like constructing a sell - biased long call + put option combination strategy and a spot collar strategy [9] - **Nickel**: Based on the fundamentals and market trends of nickel, directional, volatility, and spot - covered strategies are put forward, such as constructing a bull spread combination strategy for call options, a sell - biased long call + put option combination strategy, and a spot - covered strategy [10] - **Tin**: Considering the fundamentals and market trends of tin, volatility and spot long - hedging strategies are recommended, including constructing a short - volatility strategy and a spot collar strategy [10] - **Lithium Carbonate**: According to the fundamentals and market trends of lithium carbonate, volatility and spot long - hedging strategies are suggested, like constructing a sell - biased long call + put option combination strategy and a spot long - hedging strategy [11] 3.5.2 Precious Metals - **Silver**: Based on the fundamentals and market trends of silver, volatility and spot - hedging strategies are proposed, such as constructing a neutral short - volatility option seller combination strategy and a spot - hedging strategy [12] 3.5.3 Black Series - **Rebar**: Considering the fundamentals and market trends of rebar, volatility and spot long - covered strategies are recommended, including constructing a sell - biased short call + put option combination strategy and a spot long - covered strategy [13] - **Iron Ore**: Based on the fundamentals and market trends of iron ore, volatility and spot long - hedging strategies are put forward, such as constructing a sell - neutral call + put option combination strategy and a long collar strategy [13] - **Ferroalloys**: For manganese silicon, volatility strategies are suggested, like constructing a short - volatility strategy; for industrial silicon, volatility and spot long - hedging strategies are recommended; for glass, volatility and spot long - hedging strategies are put forward [14][15]