Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report analyzes the market data, option factors, and provides trading strategies for various non - ferrous metal options including aluminum alloy, aluminum, alumina, copper, nickel, lead, tin, and zinc options [6][18][30][41][53][65][77][89] Summary by Related Catalogs 1. Aluminum Alloy (AD) - **Market Data**: The ad2605 contract closed at 23,695 yuan yesterday, up 180 yuan (0.76%) from the previous day. The trading volume was 7,501 lots, down 2,900 lots, and the open interest was 6,958 lots, down 2,029 lots [3][6] - **Option Factors**: The implied volatility of AD options fluctuates above the annual average of 0.1406. The open - interest PCR is 1.0561, at the 27.75% level in the past year. The pressure level is 22,600 and the support level is 23,000 [5][6] - **Strategy**: No directional strategy. For volatility strategy, construct a short call + put option combination to gain time - value income and keep the delta of the position neutral, e.g., S_AD2605P22400, S_AD2605C23800 [7] 2. Aluminum (AL) - **Market Data**: The al2605 contract closed at 24,875 yuan yesterday, up 350 yuan (1.42%) from the previous day. The trading volume was 357,773 lots, down 81,200 lots, and the open interest was 258,839 lots, down 5,089 lots [15][18] - **Option Factors**: The implied volatility of AL options fluctuates above the annual average of 0.1692. The open - interest PCR is 0.5403, at the 6.94% level in the past year. The pressure level is 26,200 and the support level is 23,000 [17][18] - **Strategy**: No directional strategy. For volatility strategy, construct a short call + put option combination to gain time - value income and keep the delta of the position neutral, e.g., S_AL2605P23000, S_AL2605P23400, S_AL2605C25000, S_AL2605C26000 [19] 3. Alumina (AO) - **Market Data**: The ao2605 contract closed at 2,827 yuan yesterday, down 102 yuan (3.48%) from the previous day. The trading volume was 399,634 lots, up 46,510 lots, and the open interest was 199,275 lots, down 3,436 lots [27][30] - **Option Factors**: The implied volatility of AO options fluctuates above the annual average of 0.3304. The open - interest PCR is 0.2839, at the 24.90% level in the past year. The pressure level is 3,500 and the support level is 2,800 [29][30] - **Strategy**: No directional strategy. For volatility strategy, construct a short call + put option combination to gain time - value income and keep the delta of the position neutral, e.g., S_AO2605P2800, S_AO2605C3200 [31] 4. Copper (CU) - **Market Data**: The cu2605 contract closed at 95,340 yuan yesterday, down 60 yuan (0.06%) from the previous day. The trading volume was 96,875 lots, down 3,275 lots, and the open interest was 185,749 lots, up 479 lots [38][41] - **Option Factors**: The implied volatility of CU options fluctuates above the annual average of 0.2332. The open - interest PCR is 0.9248, at the 78.78% level in the past year. The pressure level is 100,000 and the support level is 94,000 [40][41] - **Strategy**: For directional strategy, construct a bear - spread put option strategy to gain directional income, e.g., B_CU2605P104000, S_CU2605P90000. No volatility strategy [42] 5. Nickel (NI) - **Market Data**: The ni2605 contract closed at 134,780 yuan yesterday, down 1,130 yuan (0.83%) from the previous day. The trading volume was 290,411 lots, down 45,931 lots, and the open interest was 164,700 lots, down 11,544 lots [50][53] - **Option Factors**: The implied volatility of NI options fluctuates above the annual average of 0.3139. The open - interest PCR is 0.6073, at the 63.27% level in the past year. The pressure level is 140,000 and the support level is 130,000 [52][53] - **Strategy**: No directional strategy. For volatility strategy, construct a short call + put option combination with a short - bias to gain time - value income and keep the delta of the position short, e.g., S_NI2605P126000, S_NI2605P13000, S_NI2605C146000, S_NI2605C150000 [54] 6. Lead (PB) - **Market Data**: The pb2605 contract closed at 16,500 yuan yesterday, up 30 yuan (0.18%) from the previous day. The trading volume was 40,498 lots, down 10,116 lots, and the open interest was 60,663 lots, down 1,497 lots [62][65] - **Option Factors**: The implied volatility of PB options fluctuates above the annual average of 0.1840. The open - interest PCR is 0.971, at the 86.94% level in the past year. The pressure level is 17,000 and the support level is 16,200 [64][65] - **Strategy**: No directional strategy. For volatility strategy, construct a short call + put option combination to gain time - value income and keep the delta of the position neutral, e.g., S_PB2605P15800, S_PB2605P16200, S_PB2605C17200, S_PB2605C17600 [66] 7. Tin (SN) - **Market Data**: The sn2605 contract closed at 368,000 yuan yesterday, up 3,430 yuan (0.94%) from the previous day. The trading volume was 250,458 lots, down 16,055 lots, and the open interest was 39,048 lots, down 697 lots [74][77] - **Option Factors**: The implied volatility of SN options fluctuates above the annual average of 0.3845. The open - interest PCR is 0.6577, at the 38.37% level in the past year. The pressure level is 450,000 and the support level is 300,000 [76][77] - **Strategy**: No directional strategy. For volatility strategy, construct a short call + put option combination to gain time - value income and keep the delta of the position neutral, e.g., S_SN2605P350000, S_SN2605C400000 [78] 8. Zinc (ZN) - **Market Data**: The zn2605 contract closed at 23,480 yuan yesterday, up 60 yuan (0.25%) from the previous day. The trading volume was 97,313 lots, down 7,332 lots, and the open interest was 91,543 lots, down 5,812 lots [86][89] - **Option Factors**: The implied volatility of ZN options fluctuates above the annual average of 0.1787. The open - interest PCR is 0.5719, at the 5.31% level in the past year. The pressure level is 24,000 and the support level is 23,000 [88][89] - **Strategy**: For directional strategy, construct a bull - spread call option strategy to gain directional income, e.g., B_ZN2605C23000, S_ZN2605C24000. No volatility strategy [90]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report provides a comprehensive analysis of various non - ferrous metal options, including market data, option factors, and trading strategies for each option type. It analyzes the price changes, volume, open interest, implied volatility, and other indicators of different non - ferrous metal futures contracts and their corresponding options, and gives corresponding trading strategy suggestions based on these analyses. 3. Summary by Directory 3.1 Aluminum Alloy (AD) - **标的期货市场数据**: ad2605合约昨日收盘价22960元，较前日上涨135元，涨幅0.59%，成交量6308手，较前日增加6308手，持仓量10651手，较前日减少1581手[6] - **期权因子 - 量仓PCR**: 铝合金看涨期权成交量444，量变化308，持仓量681，仓变化149，成交量PCR 0.92，量PCR变化 - 0.29，持仓量PCR 0.8，仓PCR变化0.05；铝合金看跌期权成交量410，量变化245，持仓量545，仓变化146[4] - **期权因子 - 压力支撑**: 标的合约ad2605，平值行权价23600，压力位26600，支撑位23000，加权隐波率26.74%，加权隐波率变化5.74%，年平均隐波率13.95%，HISV20为20.42%[5] - **行情解读与策略建议**: 隐含波动率维持在均值0.1384上方波动；持仓量PCR收报于0.75，位于近一年来的2.12%水位；压力位26600，支撑位21200；方向性策略无，波动性策略构建卖出看涨 + 看跌期权组合策略，如S_AD2605P22400,S_AD2605C23800[6][7] 3.2 Aluminum (AL) - **标的期货市场数据**: al2605合约昨日收盘价23935元，较前日上涨185元，涨幅0.77%，成交量262689手，较前日增加26635手，持仓量257095手，较前日减少2891手[18] - **期权因子 - 量仓PCR**: 铝看涨期权成交量173969，量变化131337，持仓量71005，仓变化14245，成交量PCR 0.28，量PCR变化 - 0.14，持仓量PCR 0.52，仓PCR变化 - 0.06；铝看跌期权成交量49537，量变化31543，持仓量37255，仓变化3947[16] - **期权因子 - 压力支撑**: 标的合约al2605，平值行权价24800，压力位26200，支撑位23000，加权隐波率29.59%，加权隐波率变化6.84%，年平均隐波率16.85%，HISV20为23.31%[17] - **行情解读与策略建议**: 隐含波动率维持在均值0.1678上方波动；持仓量PCR收报于0.5868，位于近一年来的17.14%水位；压力位26200，支撑位23000；方向性策略无，波动性策略构建卖出看涨 + 看跌期权组合策略，如S_AL2605P23000，S_AL2605P23400和S_AL2605C25000, S_AL2605C26000[18][19] 3.3 Alumina (AO) - **标的期货市场数据**: ao2605合约昨日收盘价2930元，较前日下跌9元，跌幅0.30％，成交量345552手，较前日增加37552手，持仓量208811手，较前日减少14195手[30] - **期权因子 - 量仓PCR**: 氧化铝看涨期权成交量80233，量变化26440，持仓量85512，仓变化4379，成交量PCR 0.2，量PCR变化 - 0.13，持仓量PCR 0.31，仓PCR变化 - 0.02；氧化铝看跌期权成交量15780，量变化 - 1779，持仓量26364，仓变化 - 511[28] - **期权因子 - 压力支撑**: 标的合约ao2605，平值行权价2950，压力位3500，支撑位2800，加权隐波率41.83%，加权隐波率变化4.98%，年平均隐波率32.97%，HISV20为25.61%[29] - **行情解读与策略建议**: 隐含波动率维持在均值0.3291上方波动；持仓量PCR收报于0.3312，位于近一年来的43.27%水位；压力位3500，支撑位2800；方向性策略构建看涨期权牛市价差组合策略，波动性策略构建卖出看涨 + 看跌期权组合策略，如S_AO2605P2800,S_AO2605C3200[30][31] 3.4 Copper (CU) - **标的期货市场数据**: cu2605合约昨日收盘价95930元，较前日上涨350元，涨幅0.36%，成交量105662手，较前日减少6099手，持仓量187395手，较前日减少2930手[42] - **期权因子 - 量仓PCR**: 铜看涨期权成交量38147，量变化5444，持仓量46825，仓变化2554，成交量PCR 0.84，量PCR变化 - 0.13，持仓量PCR 0.92，仓PCR变化 - 0.02；铜看跌期权成交量32141，量变化181，持仓量43307，仓变化1537[40] - **期权因子 - 压力支撑**: 标的合约cu2605，平值行权价96000，压力位100000，支撑位94000，加权隐波率27.57%，加权隐波率变化0.28%，年平均隐波率23.29%，HISV20为21.72%[41] - **行情解读与策略建议**: 隐含波动率维持在均值0.2325上方波动；持仓量PCR收报于0.9435，位于近一年来的80.41%水位；压力位100000，支撑位90000；方向性策略构建看跌期权熊市价差组合策略，如B_CU2605P104000，S_CU2605P90000，波动性策略无[42][43] 3.5 Nickel (NI) - **标的期货市场数据**: ni2605合约昨日收盘价137100元，较前日上涨110元，涨幅0.08%，成交量316027手，较前日减少96279手，持仓量182492手，较前日增加2597手[54] - **期权因子 - 量仓PCR**: 镍看涨期权成交量43940，量变化2780，持仓量33828，仓变化3385，成交量PCR 0.28，量PCR变化 - 0.03，持仓量PCR 0.58；镍看跌期权成交量12281，量变化 - 348，持仓量19608，仓变化2033[52] - **期权因子 - 压力支撑**: 标的合约ni2605，加权隐波率46.27%，加权隐波率变化1.61%，年平均隐波率34%，HISV20为20.551%[53] - **行情解读与策略建议**: 隐含波动率维持在均值0.3126上方波动；持仓量PCR收报于0.5773，位于近一年来的54.69%水位；压力位140000，支撑位120000；方向性策略无，波动性策略构建卖出偏空头的看涨 + 看跌期权组合策略，如S_NI2605P126000，S_NI2605P130000和S_NI2605C146000, S_NI2605C150000[54][55] 3.6 Lead (PB) - **标的期货市场数据**: pb2605合约昨日收盘价16555元，较前日上涨85元，涨幅0.51％，成交量56785手，较前日减少415手，持仓量66116手，较前日减少8975手[66] - **期权因子 - 量仓PCR**: 铅看涨期权成交量2641，量变化674，持仓量4579，仓变化544，成交量PCR 0.8，持仓量PCR 0.99，仓PCR变化 - 0.1；铅看跌期权成交量2121，量变化731，持仓量4524，仓变化151[64] - **期权因子 - 压力支撑**: 标的合约pb2605，平值行权价16400，压力位17000，支撑位16200，加权隐波率19.64%，加权隐波率变化1.53%，年平均隐波率18.38%，HISV20为10.85%[65] - **行情解读与策略建议**: 隐含波动率维持在均值0.1835上方波动；持仓量PCR收报于1.0838，位于近一年来的95.10%水位；压力位17000，支撑位16200；方向性策略无，波动性策略构建卖出看涨 + 看跌期权组合策略，如S_PB2605P15800，S_PB2605P15200和S_PB2605C17200, S_PB2605C17600[66][67] 3.7 Tin (SN) - **标的期货市场数据**: sn2605合约昨日收盘价362460元，较前日上涨9480元，涨幅2.68%，成交量249565手，较前日增加249565手，持仓量36711手，较前日增加6001手[78] - **期权因子 - 量仓PCR**: 锡看涨期权成交量64956，量变化22242，持仓量13070，仓变化1645，成交量PCR 0.26，量PCR变化 - 0.06，持仓量PCR 0.59，仓PCR变化 - 0.01；锡看跌期权成交量16684，量变化3265，持仓量7734，仓变化886[76] - **期权因子 - 压力支撑**: 标的合约sn2605，平值行权价370000，压力位450000，支撑位300000，加权隐波率60.65%，加权隐波率变化3.82%，年平均隐波率38.34%，HISV20为58.66%[77] - **行情解读与策略建议**: 隐含波动率维持在均值0.3820上方波动；持仓量PCR收报于0.5994，位于近一年来的24.90%水位；压力位450000，支撑位300000；方向性策略无，波动性策略构建卖出看涨 + 看跌期权组合策略[78][79] 3.8 Zinc (ZN) - **标的期货市场数据**: zn2605合约昨日收盘价23380元，较前日上涨395元，涨幅1.71%，成交量131921手，较前日增加35859手，持仓量102782手，较前日减少881手[90] - **期权因子 - 量仓PCR**: 锌看涨期权成交量25780，量变化 - 17412，持仓量21733，仓变化2076，成交量PCR 0.35，量PCR变化0.12，持仓量PCR 0.53，仓PCR变化0.01；锌看跌期权成交量8983，量变化 - 947，持仓量11614，仓变化1368[88] - **期权因子 - 压力支撑**: 标的合约zn2605，平值行权价23600，压力位24000，支撑位23400，加权隐波率18.58%，加权隐波率变化0.34%，年平均隐波率17.86%，HISV20为16.07%[89] - **行情解读与策略建议**: 隐含波动率维持在均值0.1785上方波动；持仓量PCR收报于0.5212，位于近一年来的1.22%水位；压力位24000，支撑位23000；方向性策略构建看跌期权熊市价差组合策略，如B_ZN2605P24200，S_ZN2605P22000，波动性策略无[90][91]

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints - The report provides a comprehensive analysis of various non - ferrous metal options, including market data, option factors, and corresponding trading strategies for aluminum alloy (AD), aluminum (AL), alumina (AO), copper (CU), nickel (NI), lead (PB), tin (SN), and zinc (ZN) options [6][18][30][42] 3. Summary by Directory 3.1 Aluminum Alloy (AD) - **Market Data**: The ad2605 contract had a price of 22,960 with a 0.59% change, trading volume of 6,308, and open interest of 10,651 (a decrease of 1,581) [3] - **Option Factors - Volume and Open Interest PCR**: For AD (aluminum alloy call options), the trading volume was 136 (a decrease of 499), open interest was 532 (a decrease of 10), volume PCR was 1.21 (a change of 0.72), and open - interest PCR was 0.75 (a change of 0.07). For AD (aluminum alloy put options), the trading volume was 162 (an increase of 151), and open interest was 399 [4] - **Option Factors - Pressure and Support**: The strike price at - the - money was 23,000, the resistance level was 26,600, the support level was 21,200, the weighted implied volatility was 21.00% (a decrease of 0.53%), the annual average implied volatility was 13.84%, and HISV20 was 20.32% [5] - **Market Analysis and Strategy**: The ad2604 contract closed at 22,820 yuan yesterday, down 50 yuan (0.21%) from the previous day, with a trading volume of 3,600 lots (a decrease of 942) and open interest of 1,833 lots (a decrease of 1,730). The implied volatility of AD (aluminum alloy options) fluctuated above the average of 0.1376. The open - interest PCR of AD options was 0.6771, at the 0.53% level in the past year. The resistance and support levels were 26,600 and 21,200 respectively. The recommended volatility strategy was to construct a short call + put option combination to obtain option time - value income and adjust positions dynamically to keep the delta neutral, such as S_AD2605P22400, S_AD2605C23800 [6][7] 3.2 Aluminum (AL) - **Market Data**: The al2605 contract had a price of 27,075, trading volume of 262,689, and open interest of 257,095 (an increase of 2,891) [15] - **Option Factors - Volume and Open Interest PCR**: For AL (aluminum call options), the trading volume was 42,632 (an increase of 12,461), open interest was 56,760 (an increase of 5,984), volume PCR was 0.42 (a decrease of 0.3), and open - interest PCR was 0.59 (a decrease of 0.03). For AL (aluminum put options), the trading volume was 17,994 (a decrease of 3,767), and open interest was 33,308 (an increase of 1,828) [16] - **Option Factors - Pressure and Support**: The strike price at - the - money was 24,000, the resistance level was 26,200, the support level was 23,000, the weighted implied volatility was 22.75% (an increase of 0.90%), the annual average implied volatility was 16.78%, and HISV20 was 23.10% [17] - **Market Analysis and Strategy**: The al2605 contract closed at 23,725 yuan yesterday, down 125 yuan (0.52%) from the previous day, with a trading volume of 236,054 lots (a decrease of 78,172) and open interest of 259,986 lots (a decrease of 6,884). The implied volatility of AL (aluminum options) fluctuated above the average of 0.1674. The open - interest PCR of AL options was 0.62, at the 28.57% level in the past year. The resistance and support levels were 26,200 and 23,000 respectively. The recommended volatility strategy was to construct a short call + put option combination to obtain option time - value income and adjust positions dynamically to keep the delta neutral, such as S_AL2605P23000, S_AL2605P23400, S_AL2605C25000, S_AL2605C26000 [18][19] 3.3 Alumina (AO) - **Market Data**: The ao2605 contract had a price change of - 0.30%, trading volume of 345,552, and open interest of 20,881 (an increase of 14,195) [27] - **Option Factors - Volume and Open Interest PCR**: For AO (alumina call options), the trading volume was 53,793 (an increase of 12,821), open interest was 81,133 (an increase of 4,344), volume PCR was 0.33 (a decrease of 0.03), and open - interest PCR was 0.33 (a decrease of 0.02). For AO (alumina put options), the trading volume was 17,559 (an increase of 3,100), and open interest was 26,875 (an increase of 232) [28] - **Option Factors - Pressure and Support**: The strike price at - the - money was 2,950, the resistance level was 3,500, the support level was 2,800, the weighted implied volatility was 36.84% (an increase of 0.32%), the annual average implied volatility was 32.91%, and HISV20 was 27.65% [29] - **Market Analysis and Strategy**: The ao2605 contract closed at 2,931 yuan yesterday, down 34 yuan (1.14%) from the previous day, with a trading volume of 308,000 lots (a decrease of 260,924) and transfer volume of 223,006 lots (an increase of 2,224). The implied volatility of AO (alumina options) fluctuated above the average of 0.3288. The open - interest PCR of AO options was 0.347, at the 51.84% level in the past year. The resistance and support levels were 3,500 and 2,800 respectively. The recommended directional strategy was to construct a bull spread combination of call options to obtain directional income, and the volatility strategy was to construct a short call + put option combination to obtain option time - value income and adjust positions dynamically to keep the delta neutral, such as S_AO2605P2800, S_AO2605C3200 [30][31] 3.4 Copper (CU) - **Market Data**: The cu2605 contract had a price of 95,930, a price change of 0.36%, trading volume of 105,662 (a decrease of 6,099), and open interest of 187,395 (a decrease of 2,930) [39] - **Option Factors - Volume and Open Interest PCR**: For CU (copper call options), the trading volume was 32,703 (a decrease of 4,975), open interest was 44,271 (an increase of 1,852), volume PCR was 0.98, and open - interest PCR was 0.94 (an increase of 0.04). For CU (copper put options), the trading volume was 31,960 (a decrease of 4,748), and open interest was 41,770 (an increase of 3,569) [40] - **Option Factors - Pressure and Support**: The strike price at - the - money was 96,000, the resistance level was 100,000, the support level was 90,000, the weighted implied volatility was 27.29% (a decrease of 1.04%), the annual average implied volatility was 23.25%, and HISV20 was 22.16% [41] - **Market Analysis and Strategy**: The cu2605 contract closed at 95,350 yuan yesterday, up 160 yuan (0.16%) from the previous day, with a trading volume of 111,761 lots (a decrease of 22,275) and open interest of 190,325 lots (a decrease of 2,133). The implied volatility of CU (copper options) fluctuated above the average of 0.2324. The open - interest PCR of CU options was 0.9006, at the 76.33% level in the past year. The resistance and support levels were 100,000 and 90,000 respectively. The recommended directional strategy was to construct a bear spread combination of put options to obtain directional income, such as B_CU2605P104000, S_CU2605P90000, and there was no recommended volatility strategy [42][43] 3.5 Nickel (NI) - **Market Data**: The ni2605 contract had a price of 137,100, a price change of 0.08%, trading volume of 316,027 (a decrease of 96,279), and open interest of 182,492 (an increase of 2,597) [51] - **Option Factors - Volume and Open Interest PCR**: For NI (nickel call options), the trading volume was 41,160 (a decrease of 21,018), open interest was 30,443 (an increase of 2,141), volume PCR was 0.31 (a decrease of 0.03), and open - interest PCR was 0.58 (an increase of 0.01). For NI (nickel put options), the trading volume was 12,629 (a decrease of 8,406), and open interest was 17,575 (an increase of 1,633) [52] - **Option Factors - Pressure and Support**: The strike price at - the - money was 8,000, the resistance level was 10,000, the support level was 20,000, the weighted implied volatility was 44.66%, the annual average implied volatility was 1269 (data seems incorrect in the report), and HISV20 was 20.25% [53] 3.6 Lead (PB) - **Market Data**: The pb2605 contract had a price change of 0.51%, trading volume of 56,785, and open interest of 66,116 (an increase of 8,975) [62] - **Option Factors - Volume and Open Interest PCR**: For PB (lead call options), the trading volume was 1,967 (a decrease of 317), open interest was 4,035 (an increase of 345), volume PCR was 0.71 (a decrease of 0.28), and open - interest PCR was 1.08 (a decrease of 0.17). For PB (lead put options), the trading volume was 1,390 (a decrease of 860), and open interest was 4,373 (a decrease of 259) [63] - **Option Factors - Pressure and Support**: The strike price at - the - money was 16,600, the resistance level was 17,000, the support level was 16,200, the weighted implied volatility was 18.10% (a decrease of 1.97%), the annual average implied volatility was 18.35%, and HISV20 was 10.67% [64] 3.7 Tin (SN) - **Market Data**: The sn2605 contract had a price of 362,460, a price change of 2.68%, trading volume of 249,565, and open interest of 3,671 (an increase of 6,001) [73] - **Option Factors - Volume and Open Interest PCR**: For SN (tin call options), the trading volume was 42,714 (an increase of 27,686), open interest was 11,425 (an increase of 2,311), volume PCR was 0.31 (a decrease of 0.26), and open - interest PCR was 0.6 (a decrease of 0.08). For SN (tin put options), the trading volume was 13,419 (an increase of 4,759), and open interest was 6,848 (an increase of 636) [74] - **Option Factors - Pressure and Support**: The strike price at - the - money was 360,000, the resistance level was 450,000, the support level was 300,000, the weighted implied volatility was 56.83% (an increase of 1.28%), the annual average implied volatility was 38.20%, and HISV20 was 66.19% [75] 3.8 Zinc (ZN) - **Market Data**: The zn2605 contract had a price of 23,380, a price change of 1.71%, trading volume of 13,192 (an increase of 35,859), and open interest of 102,782 (an increase of 381) [85] - **Option Factors - Volume and Open Interest PCR**: For ZN (zinc call options), the trading volume was 43,192 (an increase of 29,018), open interest was 19,657 (an increase of 1,601), volume PCR was 0.23 (a decrease of 0.62), and open - interest PCR was 0.52 (a decrease of 0.03). For ZN (zinc put options), the trading volume was 9,930 (a decrease of 2,117), and open interest was 10,246 (an increase of 338) [86] - **Option Factors - Pressure and Support**: The strike price at - the - money was 23,400, the resistance level was 24,000, the support level was 23,000, the weighted implied volatility was 18.24% (an increase of 1.12%), the annual average implied volatility was 17.85%, and HISV20 was 15.32% [87]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The implied volatility of various有色金属 options (aluminum alloy, aluminum, alumina, copper, nickel, lead, tin, zinc) maintains fluctuations above the mean level of 0.0000 [6][18][30][42][54][66][78][90] - Different options have different pressure and support levels, and the positions of the PCR of option positions are also different, which can be used as a reference for investment decisions [6][18][30][42] Summary by Relevant Catalogs 1. Aluminum Alloy (AD) - **Futures Market Data**: The ad2604 contract closed at 22930 yuan yesterday, up 230 yuan or 1.01% from the previous day. The trading volume was 4542 lots, a decrease of 686 lots from the previous day, and the open interest was 3563 lots, a decrease of 490 lots from the previous day [6] - **Option Factor - Volume and Position PCR**: The trading volume of AD (aluminum alloy call option) was 35, with a change of 264; the open interest was 542, with a change of 198. The trading volume of AD (aluminum alloy put option) was 316, with a change of -127; the open interest was 367, with a change of 38 [4] - **Option Factor - Pressure and Support**: The pressure level of AD (aluminum alloy option) is 26600, and the support level is 21200. The weighted implied volatility is 21.91%, with a change of -6.07%, and the annual average implied volatility is 13.76% [5] - **Option Strategy Suggestion**: Directional strategy: None; Volatility strategy: Construct a short call + put option combination strategy to obtain option time - value income, and dynamically adjust the positions to keep the delta of the positions neutral, such as S_AD2605P22400, S_AD2605C23800 [7] 2. Aluminum (AL) - **Futures Market Data**: The al2605 contract closed at 23860 yuan yesterday, up 150 yuan or 0.63% from the previous day. The trading volume was 314226 lots, a decrease of 34252 lots from the previous day, and the open interest was 266870 lots, an increase of 5712 lots from the previous day [18] - **Option Factor - Volume and Position PCR**: The trading volume of AL (aluminum call option) was 30171, with a change of -88928; the open interest was 50776, with a change of 3113. The trading volume of AL (aluminum put option) was 21761, with a change of 30691; the open interest was 31480, with a change of 4266 [16] - **Option Factor - Pressure and Support**: The pressure level of AL (aluminum option) is 26200, and the support level is 23000. The weighted implied volatility is 21.85%, with a change of -2.47%, and the annual average implied volatility is 16.74% [17] - **Option Strategy Suggestion**: Directional strategy: None; Volatility strategy: Construct a short call + put option combination strategy to obtain option time - value income, and dynamically adjust the positions to keep the delta of the positions neutral, such as S_AL2605P23000, S_AL2605P23400, S_AL2605C25000, S_AL2605C26000 [19] 3. Alumina (AO) - **Futures Market Data**: The ao2605 contract closed at 2963 yuan yesterday, down 65 yuan or 2.14% from the previous day. The trading volume was 568924 lots, an increase of 43246 lots from the previous day, and the open interest was 220782 lots, a decrease of 10697 lots from the previous day [30] - **Option Factor - Volume and Position PCR**: The trading volume of AO (alumina call option) was 40972, with a change of -102303; the open interest was 76789, with a change of 8762. The trading volume of AO (alumina put option) was 14459, with a change of -87559; the open interest was 26643, with a change of 3034 [28] - **Option Factor - Pressure and Support**: The pressure level of AO (alumina option) is 3500, and the support level is 2800. The weighted implied volatility is 36.52%, with a change of -3.08%, and the annual average implied volatility is 32.88% [29] - **Option Strategy Suggestion**: Directional strategy: Construct a call option bull spread combination strategy to obtain directional income; Volatility strategy: Construct a short call + put option combination strategy to obtain option time - value income, and dynamically adjust the positions to keep the delta of the positions neutral, such as S_AO2605P2800, S_AO2605C3200 [31] 4. Copper (CU) - **Futures Market Data**: The cu2605 contract closed at 95590 yuan yesterday, up 1080 yuan or 1.14% from the previous day. The trading volume was 134036 lots, a decrease of 63951 lots from the previous day, and the open interest was 192458 lots, a decrease of 5937 lots from the previous day [42] - **Option Factor - Volume and Position PCR**: The trading volume of CU (copper call option) was 37678, with a change of -59021; the open interest was 42419, with a change of 2882. The trading volume of CU (copper put option) was 36708, with a change of 28991; the open interest was 38201, with a change of 4301 [40] - **Option Factor - Pressure and Support**: The pressure level of CU (copper option) is 100000, and the support level is 90000. The weighted implied volatility is 28.33%, with a change of -1.24%, and the annual average implied volatility is 23.24% [41] - **Option Strategy Suggestion**: Directional strategy: Construct a put option bear spread combination strategy to obtain directional income, such as B_CU2605P104000, S_CU2605P90000; Volatility strategy: None [43] 5. Nickel (NI) - **Futures Market Data**: The ni2605 contract closed at 136130 yuan yesterday, up 1450 yuan or 1.07% from the previous day. The trading volume was 460381 lots, an increase of 18036 lots from the previous day, and the open interest was 188824 lots, an increase of 7678 lots from the previous day [54] - **Option Factor - Volume and Position PCR**: The trading volume of NI (nickel call option) was 62178, with a change of -85869; the open interest was 28302, with a change of 4892. The trading volume of NI (nickel put option) was 21035, with a change of -35729; the open interest was 15942, with a change of 3790 [52] - **Option Factor - Pressure and Support**: The pressure level of NI (nickel option) is 140000, and the support level is 120000. The weighted implied volatility is 43.65%, with a change of -4.05%, and the annual average implied volatility is 31.22% [53] - **Option Strategy Suggestion**: Directional strategy: None; Volatility strategy: Construct a short call + put option combination strategy with a short - bias to obtain option time - value, and dynamically adjust the positions to keep the delta of the positions short, such as S_NI2605P126000, S_NI2605P130000, S_NI2605C146000, S_NI2605C150000 [55] 6. Lead (PB) - **Futures Market Data**: The pb2605 contract closed at 16495 yuan yesterday, up 50 yuan or 0.30% from the previous day. The trading volume was 57581 lots, an increase of 8292 lots from the previous day, and the open interest was 79125 lots, a decrease of 5853 lots from the previous day [66] - **Option Factor - Volume and Position PCR**: The trading volume of PB (lead call option) was 2284, with a change of -4866; the open interest was 3690, with a change of 614. The trading volume of PB (lead put option) was 2250, with a change of -2610; the open interest was 4632, with a change of 738 [64] - **Option Factor - Pressure and Support**: The pressure level of PB (lead option) is 19600, and the support level is 16200. The weighted implied volatility is 20.07%, with a change of 0.19%, and the annual average implied volatility is 18.37% [65] - **Option Strategy Suggestion**: Directional strategy: None; Volatility strategy: Construct a short call + put option combination strategy to obtain option time - value income, and dynamically adjust the positions to keep the delta of the positions neutral, such as S_PB2605P15800, S_PB2605P16200, S_PB2605C17200, S_PB2605C17600 [67] 7. Tin (SN) - **Futures Market Data**: The sn2604 contract closed at 352430 yuan yesterday, up 6610 yuan or 1.91% from the previous day. The trading volume was 215643 lots, a decrease of 33699 lots from the previous day, and the open interest was 18892 lots, a decrease of 2195 lots from the previous day [78] - **Option Factor - Volume and Position PCR**: The trading volume of SN (tin call option) was 15028, with a change of 140897; the open interest was 9114, with a change of 1574. The trading volume of SN (tin put option) was 8660, with a change of -77629; the open interest was 6212, with a change of 1747 [76] - **Option Factor - Pressure and Support**: The pressure level of SN (tin option) is 450000, and the support level is 300000. The weighted implied volatility is 55.55%, with a change of -2.99%, and the annual average implied volatility is 38.16% [77] - **Option Strategy Suggestion**: Directional strategy: Construct a put option bear spread combination strategy to obtain directional income, such as B_SN2605P360000, S_SN2605P330000; Volatility strategy: None [79] 8. Zinc (ZN) - **Futures Market Data**: The zn2605 contract closed at 22935 yuan yesterday, down 65 yuan or 0.28% from the previous day. The trading volume was 96768 lots, a decrease of 37112 lots from the previous day, and the open interest was 101745 lots, an increase of 153 lots from the previous day [90] - **Option Factor - Volume and Position PCR**: The trading volume of ZN (zinc call option) was 14174, with a change of -12033; the open interest was 18056, with a change of 2928. The trading volume of ZN (zinc put option) was 12047, with a change of -9160; the open interest was 9908, with a change of 1320 [88] - **Option Factor - Pressure and Support**: The pressure level of ZN (zinc option) is 24000, and the support level is 22400. The weighted implied volatility is 17.12%, with a change of -2.07%, and the annual average implied volatility is 17.86% [89] - **Option Strategy Suggestion**: Directional strategy: Construct a put option bear spread combination strategy to obtain directional income, such as B_ZN2605P24200, S_ZN2605P22000; Volatility strategy: None [91]

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]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - The report presents the daily data of commodity options on March 25, 2026, including option quotes, positions, position put - call ratios (PCR), trading volume PCR, daily selections, and near - expiration options [1][2][5][6][7][8][9] Group 3: Summary by Directory Option Quotes - For call options, tin had the highest daily increase of 173.43%, followed by silver (44.54%), copper (32.25%), etc. For put options, soybeans No.1 had a daily increase of 85.45%, p - xylene 81.80%, and ethylene glycol 54.60% [1] Option Positions - In call options, glass had the largest daily change in position of 18,336, followed by coking coal (14,436) and soybean meal (11,830). In put options, lithium carbonate had a daily change of 9,219, methanol 7,659, and fuel oil 7,363 [2] Option Position Put - Call Ratio (PCR) - High - position PCR varieties included fuel oil (2.0307), p - xylene (1.5707), and short - fiber (1.5258). Low - position PCR varieties included live hogs (0.1924), red dates (0.244), and coking coal (0.368) [5] Option Trading Volume Put - Call Ratio (PCR) - High - trading volume PCR varieties included short - fiber (5.7926), propylene (1.8022), and polypropylene (1.5394). Low - trading volume PCR varieties included coking coal (0.1851), red dates (0.1967), and soda ash (0.217) [6] Daily Selections - Call options: synthetic rubber, coking coal, ferrosilicon, etc. were selected, with trend degrees mostly around 50 and different put - call ratios and remaining days. Put options: aluminum, gold, SSE 50, etc. were selected, with negative trend degrees and corresponding put - call ratios and remaining days [7] Near - Expiration Options - For call options, apples, red dates, p - xylene, etc. were listed, showing the remaining days, option closing prices, underlying settlement prices, break - even points, and target prices and increases for option doubling. For put options, similar information for various varieties was provided, including break - even points and target prices and decreases for option doubling [8][9]

1. Report Industry Investment Rating - No relevant content provided 2. Core Views - The report analyzes the market data, option factors, and provides trading strategies for various有色金属 options including aluminum alloy (AD), aluminum (AL), alumina (AO), copper (CU), nickel (NI), lead (PB), tin (SN), and zinc (ZN) [3][15][27] 3. Summary by Related Catalogs 3.1. Aluminum Alloy (AD) - **Market Data**: The ad2604 contract closed at 22,525 yuan, down 190 yuan or 0.83% from the previous day. The trading volume was 7,674 lots, a decrease of 723 lots, and the open interest was 4,574 lots, a decrease of 207 lots [3][6] - **Option Factors**: The implied volatility of AD options remained above the average of 0.1337. The open interest PCR was 0.9861, at the 18.38% level in the past year. The pressure level was 26,600, and the support level was 22,000 [5][6] - **Trading Strategies**: No directional strategy. For volatility strategy, construct a short call + put option combination strategy to gain option time - value, and adjust positions dynamically to keep delta neutral, e.g., S_AD2605P22400, S_AD2605C23800 [7] 3.2. Aluminum (AL) - **Market Data**: The al2605 contract closed at 2,355 yuan, down 330 yuan or 1.38% from the previous day. The trading volume was 585,888 lots, an increase of 24,328 lots, and the open interest was 266,791 lots, a decrease of 13,232 lots [15][18] - **Option Factors**: The implied volatility of AL options remained above the average of 0.1656. The open interest PCR was 0.5255, at the 3.27% level in the past year. The pressure level was 29,000, and the support level was 23,000 [17][18] - **Trading Strategies**: No directional strategy. For volatility strategy, construct a short call + put option combination strategy to gain option time - value, and adjust positions dynamically to keep delta neutral, e.g., S_AL2605P23000, S_AL2605P23400, S_AL2605C25000, S_AL2605C26000 [19] 3.3. Alumina (AO) - **Market Data**: The ao2605 contract closed at 3,093 yuan, up 88 yuan or 2.92% from the previous day. The trading volume was 740,278 lots, an increase of 33,120 lots, and the open interest was 246,810 lots, an increase of 974 lots [27][30] - **Option Factors**: The implied volatility of AO options remained above the average of 0.3269. The open interest PCR was 0.4798, at the 75.92% level in the past year. The pressure level was 3,400, and the support level was 2,800 [29][30] - **Trading Strategies**: For directional strategy, construct a bull call spread strategy to gain directional profit. For volatility strategy, construct a short call + put option combination strategy to gain option time - value, and adjust positions dynamically to keep delta neutral, e.g., S_AO2605P2800, S_AO2605C3200 [31] 3.4. Copper (CU) - **Market Data**: The cu2605 contract closed at 92,100 yuan, down 2,300 yuan or 2.43% from the previous day. The trading volume was 215,827 lots, a decrease of 27,508 lots, and the open interest was 204,413 lots, an increase of 3,232 lots [39][42] - **Option Factors**: The implied volatility of CU options remained above the average of 0.2303. The open interest PCR was 0.8067, at the 57.55% level in the past year. The pressure level was 116,000, and the support level was 90,000 [41][42] - **Trading Strategies**: For directional strategy, construct a bear put spread strategy to gain directional profit, e.g., B_CU2605P104000, S_CU2605P90000. No volatility strategy [43] 3.5. Nickel (NI) - **Market Data**: The ni2605 contract closed at 132,980 yuan, down 120 yuan or 0.09% from the previous day. The trading volume was 463,882 lots, a decrease of 73,519 lots, and the open interest was 179,706 lots, an increase of 6,570 lots [51][54] - **Option Factors**: The implied volatility of NI options remained above the average of 0.3094. The open interest PCR was 0.5363, at the 42.45% level in the past year. The pressure level was 150,000, and the support level was 130,000 [53][54] - **Trading Strategies**: No directional strategy. For volatility strategy, construct a short call + put option combination strategy with a short - bias to gain option time - value, and adjust positions dynamically to keep delta short, e.g., S_NI2605P126000, S_NI2605P130000, S_NI2605C146000, S_NI2605C150000 [55] 3.6. Lead (PB) - **Market Data**: The pb2605 contract closed at 16,395 yuan, up 25 yuan or 0.15% from the previous day. The trading volume was 63,444 lots, a decrease of 13,162 lots, and the open interest was 89,207 lots, a decrease of 3,934 lots [63][66] - **Option Factors**: The implied volatility of PB options remained above the average of 0.1827. The open interest PCR was 0.6932, at the 54.29% level in the past year. The pressure level was 17,000, and the support level was 16,000 [65][66] - **Trading Strategies**: No directional strategy. For volatility strategy, construct a short call + put option combination strategy to gain option time - value, and adjust positions dynamically to keep delta neutral, e.g., S_PB2605P15800, S_PB2605P15200, S_PB2605C17200, S_PB2605C17600 [67] 3.7. Tin (SN) - **Market Data**: The sn2604 contract closed at 328,300 yuan, down 14,990 yuan or 4.36% from the previous day. The trading volume was 268,175 lots, a decrease of 36,348 lots, and the open interest was for 24,984 lots, a decrease of 2,200 lots [75][78] - **Option Factors**: The implied volatility of SN options remained above the average of 0.3781. The open interest PCR was 0.4695, at the 4.90% level in the past year. The pressure level was 450,000, and the support level was 280,000 [77][78] - **Trading Strategies**: For directional strategy, construct a bear put spread strategy to gain directional profit, e.g., B_SN2605P350000, S_SN2605P300000. No volatility strategy [79] 3.8. Zinc (ZN) - **Market Data**: The zn2605 contract closed at 22,800 yuan, down 15 yuan or 0.06% from the previous day. The trading volume was 120,371 lots, a decrease of 39,372 lots, and the open interest was 103,488 lots, a decrease of 2,642 lots [87][90] - **Option Factors**: The implied volatility of ZN options remained above the average of 0.1777. The open interest PCR was 0.5489, at the 1.63% level in the past year. The pressure level was 25,000, and the support level was 23,600 [89][90] - **Trading Strategies**: For directional strategy, construct a bear put spread strategy to gain directional profit, e.g., B_ZN2605P24200, S_ZN2605P22000. No volatility strategy [91]

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints - The report provides a comprehensive analysis of various有色金属 options, including market data, option factors, and strategy recommendations. It offers insights into price trends, volatility, and market sentiment for each option type, guiding investors in formulating trading strategies. 3. Summary by Directory 3.1 Aluminum Alloy (AD) - **Market Data**: The ad2604 contract closed at 22,810 yuan yesterday, down 485 yuan or 2.08% from the previous day. The trading volume was 8,397 lots, a decrease of 983 lots, and the open interest was 4,781 lots, a decrease of 294 lots [3][6]. - **Option Factors**: The implied volatility of AD (aluminum alloy options) fluctuates above the mean of 0.1321. The option's open interest PCR is 0.9613, at the 16.30% level in the past year. The pressure level is 23,800, and the support level is 22,000 [5][6]. - **Strategy Recommendations**: No directional strategy. For volatility strategy, construct a short call + short put option combination strategy to obtain option time - value income, and dynamically adjust positions to keep the delta neutral, such as S_AD2605P22400, S_AD2605C23800 [7]. 3.2 Aluminum (AL) - **Market Data**: The al2605 contract closed at 24,020 yuan yesterday, down 530 yuan or 2.15% from the previous day. The trading volume was 561,560 lots, an increase of 101,192 lots, and the open interest was 280,023 lots, a decrease of 12,381 lots [15][18]. - **Option Factors**: The implied volatility of AL (aluminum options) fluctuates above the mean of 0.1646. The option's open interest PCR is 0.5788, at the 12.24% level in the past year. The pressure level is 29,000, and the support level is 23,000 [17][18]. - **Strategy Recommendations**: No directional strategy. For volatility strategy, construct a short call + short put option combination strategy to obtain option time - value income, and dynamically adjust positions to keep the delta neutral, such as S_AL2605P23000, S_AL2605P23400, S_AL2605C25000, S_AL2605C26000 [19]. 3.3 Alumina (AO) - **Market Data**: The ao2605 contract closed at 3,041 yuan yesterday, down 35 yuan or 1.13% from the previous day. The trading volume was 707,158 lots, a decrease of 273,561 lots, and the open interest was 245,836 lots, a decrease of 22,397 lots [27][30]. - **Option Factors**: The implied volatility of AO (alumina options) fluctuates above the mean of 0.3257. The option's open interest PCR is 0.4564, at the 71.84% level in the past year. The pressure level is 3,400, and the support level is 2,800 [29][30]. - **Strategy Recommendations**: For directional strategy, construct a bull call spread strategy to obtain directional income. For volatility strategy, construct a short call + short put option combination strategy to obtain option time - value income, and dynamically adjust positions to keep the delta neutral, such as S_AO2605P2800, S_AO2605C3200 [31]. 3.4 Copper (CU) - **Market Data**: The cu2605 contract closed at 94,740 yuan yesterday, down 1,050 yuan or 1.09% from the previous day. The trading volume was 243,335 lots, an increase of 37,372 lots, and the open interest was 201,181 lots, a decrease of 2,147 lots [39][42]. - **Option Factors**: The implied volatility of CU (copper options) fluctuates above the mean of 0.2292. The option's open interest PCR is 0.8336, at the 65.31% level in the past year. The pressure level is 116,000, and the support level is 90,000 [41][42]. - **Strategy Recommendations**: For directional strategy, construct a bear put spread strategy to obtain directional income, such as B_CU2605P104000, S_CU2605P90000. No volatility strategy [43]. 3.5 Nickel (NI) - **Market Data**: The ni2605 contract closed at 133,160 yuan yesterday, up 370 yuan or 0.27% from the previous day. The trading volume was 537,401 lots, an increase of 139,049 lots, and the open interest was 173,136 lots, a decrease of 13,621 lots [51][54]. - **Option Factors**: The implied volatility of NI (nickel options) fluctuates above the mean of 0.3080. The option's open interest PCR is 0.5821, at the 55.92% level in the past year. The pressure level is 150,000, and the support level is 130,000 [53][54]. - **Strategy Recommendations**: No directional strategy. For volatility strategy, construct a short - biased short call + short put option combination strategy to obtain option time - value income, and dynamically adjust positions to keep the delta short, such as S_NI2605P126000, S_NI2605P130000, S_NI2605C146000, S_NI2605C150000 [55]. 3.6 Lead (PB) - **Market Data**: The pb2605 contract closed at 16,290 yuan yesterday, down 265 yuan or 1.60% from the previous day. The trading volume was 76,606 lots, an increase of 7,762 lots, and the open interest was 93,141 lots, an increase of 8,210 lots [63][67]. - **Option Factors**: The implied volatility of PB (lead options) fluctuates above the mean of 0.1822. The option's open interest PCR is 0.5988, at the 41.63% level in the past year. The pressure level is 17,000, and the support level is 16,000 [65][67]. - **Strategy Recommendations**: No directional strategy. For volatility strategy, construct a short call + short put option combination strategy to obtain option time - value income, and dynamically adjust positions to keep the delta neutral, such as S_PB2605P15800, S_PB2605P16200, S_PB2605C17200, S_PB2605C17600 [67]. 3.7 Tin (SN) - **Market Data**: The sn2604 contract closed at 342,480 yuan yesterday, down 11,520 yuan or 3.25% from the previous day. The trading volume was 304,523 lots, an increase of 70,520 lots, and the open interest was 27,184 lots, a decrease of 2,617 lots [76][79]. - **Option Factors**: The implied volatility of SN (tin options) fluctuates above the mean of 0.3759. The option's open interest PCR is 0.5214, at the 11.84% level in the past year. The pressure level is 450,000, and the support level is 280,000 [78][79]. - **Strategy Recommendations**: For directional strategy, construct a bear put spread strategy to obtain directional income, such as B_SN2605P350000, S_SN2605P330000. No volatility strategy [80]. 3.8 Zinc (ZN) - **Market Data**: The zn2605 contract closed at 22,935 yuan yesterday, up 15 yuan or 0.06% from the previous day. The trading volume was 159,743 lots, an increase of 159,743 lots, and the open interest was 106,130 lots, an increase of 1,518 lots [88][91]. - **Option Factors**: The implied volatility of ZN (zinc options) fluctuates above the mean of 0.1771. The option's open interest PCR is 0.5515, at the 2.04% level in the past year. The pressure level is 25,000, and the support level is 23,000 [90][91]. - **Strategy Recommendations**: For directional strategy, construct a bear put spread strategy to obtain directional income, such as B_ZN2605P24200, S_ZN2605P23000. No volatility strategy [92].

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 Viewpoint - No clear core viewpoint presented in the report 3. Summary by Related Catalogs Option Quotes - **Call Options**: Apple had a daily increase of 188.89%, methanol 97.04%, ethylene glycol 86.46%, etc [1]. - **Put Options**: Gold had a daily increase of 350.58%, tin 229.67%, copper 105.07%, etc [1]. Option Positions - **Call Options**: Glass had a daily position change of 16389, silver 10742, rebar 9458, etc [2]. - **Put Options**: Methanol had a daily position change of 14342, asphalt 9127, styrene 7635, etc [2]. Option Position Put - Call Ratio (PCR) - **High - PCR Varieties**: Fuel oil had a PCR of 1.9147, apple 1.8105, p - xylene 1.7086, etc [5]. - **Low - PCR Varieties**: Pig had a PCR of 0.2179, red dates 0.218, soda ash 0.3633, etc [5]. Option Volume Put - Call Ratio (PCR) - **High - PCR Varieties**: Short - fiber had a PCR of 2.2522, propylene 1.9571, copper 1.6744, etc [6]. - **Low - PCR Varieties**: Liquefied petroleum gas had a PCR of 0.1805, urea 0.216, log 0.2208, etc [6]. Daily Selections - **Call Options**: Fuel oil (fu2609C4450), methanol (MA609C3000), asphalt (bu2605C4800), etc [7]. - **Put Options**: Gold (au2606P1040), nickel (ni2605P124000), copper (cu2605P88000), etc [7]. Near - Expiry Options - **Call Options**: For the Shanghai 50 Index, the HO2603 - C - 2950 option had 1 day remaining, with a closing price of 3.4 and a break - even target price of 2983.4 (2.30% increase) [8]. - **Put Options**: For the Shanghai 50 Index, the HO2603 - P - 2900 option had 1 day remaining, with a closing price of 5.6 and a break - even target price of 2864.4 (-1.78% decrease) [8].