商品期权日报(2026 年 03 月 02 日) 表 1：期权行情 | 看涨期权 | | | --- | --- | | 品种 | 日涨跌幅 | | 锡 | 104. 26% | | 硅铁 | 74.52% | | 铜 | 27.67% | | 锰硅 | 27. 39% | | 白糖 | 27. 34% | | 鸡蛋 | 26. 88% | | 铂 | 26. 33% | | 锌 | 17.80% | | 棕榈油 | 16.08% | | 原油 | 14. 81% | | | 看涨期权 | | 看跌期权 | | --- | --- | --- | --- | | 品种 | 日涨跌幅 | 品种 | 日涨跌幅 | | 锡 | 104.26% | 丙烯 | 51.80% | | 硅铁 | 74.52% | PVC | 39.46% | | 铜 | 27.67% | 纸浆 | 36.19% | | 锰硅 | 27.39% | 聚丙烯 | 30.61% | | 白糖 | 27.34% | 氧化铝 | 29.55% | | 鸡蛋 | 26.88% | 塑料 | 25.94% | | 铂 | 26.33% | 甲醇 | 2 ...

周度报告——商品期权 商品期权周报：2026 年第 9 周 报告日期： 2026 年 3 月 2 日 ★ 商品期权市场活跃度 本周（2026.02.24-2026.02.27）商品期权市场成交活跃度继续 下滑，日均成交量为 547 万手，日均持仓量为 712 万手，环 比变化分别为-17.45%和-13.28%。分品种来看，日均成交活跃 的品种主要包括 PTA（38 万手）、碳酸锂（36 万手）、豆 粕（30 万手）。此外，成交量增长较为显著的品种为对二甲 苯（+324%）、锰硅（+238%）、碳酸锂（+212%）。与此 同时，成交量下降较为明显的品种则有沥青（-82%）、合成 橡胶（-81%）、镍（-73%）。从持仓量数据来看，本周日均 持仓量较高的品种为豆粕（56 万手）、玻璃（53 万手）和纯 碱（49 万手）。日均持仓量环比增长较为迅速的品种为燃油 （+52%）、工业硅（+44%）。建议投资者可重点关注交易 活跃品种可能存在的市场机会。 ★ 商品期权主要数据点评 标的涨跌情况：节后第一周商品期权标的以上涨为主。周度 涨幅较高的品种包括锡（+23.27%）、白银（+16.36%）、碳 酸锂（+15.33 ...

| 看涨期权 | | | 看跌期权 | | --- | --- | --- | --- | | 品种 | 日涨跌幅 | 品种 | 日涨跌幅 | | 锰硅 | 133.33% | PVC | 41.32% | | 硅铁 | 37.72% | 多晶硅 | 39.68% | | 碳酸锂 | 25.94% | 棕榈油 | 37.41% | | 白糖 | 24.50% | 短纤 | 36.78% | | 铂 | 17.20% | 塑料 | 33.14% | | 液化石油气 | 15.95% | 合成橡胶 | 30.77% | | 燃料油 | 6.89% | 纯苯 | 28.69% | | 铸造铝合金 | 6.09% | 甲醇 | 28.40% | | 豆粕 | 4.12% | 工业硅 | 26.64% | | 铅 | 4.07% | 氧化铝 | 26.41% | 备注：上述涨跌幅统一以各品种主力合约的平值期权为标的，并以其 收盘价作为计算基准。 表 2：期权持仓 商品期权日报(2026 年 02 月 27 日) 表 1：期权行情 | 看涨期权 | | | 看跌期权 | | --- | --- | --- | --- | ...

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - The report presents a comprehensive analysis of commodity options on February 12, 2026, including option quotes, positions, and various ratios, as well as daily selections and expiring options [1]. 3. Summary by Relevant Catalogs Option Quotes - **Call Options**: Nickel had the highest daily increase of 305.19%, followed by tin (69.44%) and lithium carbonate (59.40%) [1]. - **Put Options**: Industrial silicon had the highest daily increase of 8.57%, while palm oil increased by 7.30%. Glass, sugar, and other varieties showed declines [1]. Option Positions - **Call Options**: Nickel had the largest daily increase in positions of 6,533, followed by lithium carbonate (6,101) and industrial silicon (4,102) [2]. - **Put Options**: Corn had the largest daily increase in positions of 12,065, followed by nickel (5,454) and lithium carbonate (4,780) [2]. Option Position Put - Call Ratio (PCR) - **High - PCR Varieties**: Apple had a PCR of 1.7211, followed by offset printing paper (1.3903) and staple fiber (1.0879) [5]. - **Low - PCR Varieties**: Soda ash had a PCR of 0.2633, followed by live pigs (0.2689) and alumina (0.2841) [5]. Option Volume Put - Call Ratio (PCR) - **High - PCR Varieties**: Apple had a PCR of 1.7735, followed by palladium (1.4677) and silver (1.1918) [6]. - **Low - PCR Varieties**: Ethylene glycol had a PCR of 0.1698, followed by natural rubber (0.1856) and propylene (0.2034) [6]. Daily Selections - **Call Options**: Soybean No.1, peanut, corn, and other varieties were selected, each with corresponding futures contracts, option contracts, trend degrees, put - call ratios, and remaining days [7]. - **Put Options**: Industrial silicon, palm oil, rebar, and other varieties were selected, with relevant futures contracts, option contracts, trend degrees, put - call ratios, and remaining days [7]. Expiring Options - **Call Options**: For expiring call options of various varieties such as SSE 50, CSI 300, and silver, information on remaining days, option closing prices, underlying settlement prices, break - even points, and option doubling points was provided [8]. - **Put Options**: Similar information for expiring put options of various varieties was presented, including SSE 50, CSI 300, and silver [9].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - No relevant information provided Group 3: Option Quotes - The daily price increase rates of call options for tin, caustic soda, and copper are 145.46%, 114.29%, and 39.01% respectively. The daily price increase rates of put options for log, styrene, and asphalt are 62.50%, 54.94%, and 40.30% respectively [1]. Group 4: Option Positions - The daily changes in call option positions for soda ash, glass, and methanol are 28,697, 19,552, and 18,395 respectively. The daily changes in put option positions for caustic soda, PTA, and glass are 24,635, 18,672, and 14,859 respectively [2]. Group 5: Option Position Put - Call Ratio PCR - High - position PCR varieties include apple (1.6364), offset printing paper (1.2648), and propylene (1.0963). Low - position PCR varieties include soda ash (0.2516), live pigs (0.2569), and alumina (0.2755) [5]. Group 6: Option Trading Volume Put - Call Ratio PCR - High - trading - volume PCR varieties include apple (1.6044), offset printing paper (1.1722), and iron ore (1.1403). Low - trading - volume PCR varieties include ethylene glycol (0.1602), Chinese dates (0.183), and lead (0.2236) [6]. Group 7: Daily Selections - Call option selections include alumina (ao2605C2900), sugar (SR605C5300), and peanuts (PK605C8000). Put option selections include ethylene glycol (eg2605 - P - 3550), industrial silicon (si2605 - P - 8100), and plastic (l2605 - P - 6500) [7]. Group 8: Near - Expiration Options - For call options of near - expiration options, such as cotton (CF603C14800), the remaining days are 2, the option closing price is 22.0, and the break - even target price is 14,825.0 with a break - even target increase rate of 1.02%. For put options, such as cotton (CF603P14600), the break - even target price is 14,552.0 with a break - even target decrease rate of - 0.84% [8][9].

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View - No information provided in the given content. 3. Summary by Relevant Catalogs Option Quotes - **Call Options**: Copper had the highest daily increase of 137.59%, followed by tin (59.18%), aluminum (54.56%), etc. [1] - **Put Options**: Caustic soda had the highest daily increase of 42.22%, followed by sugar (23.39%), soybean meal (22.22%), etc. [1] Option Positions - **Call Options**: Silver had the largest daily change in position of 27,327, followed by caustic soda (11,858), rebar (9,163), etc. [2] - **Put Options**: PVC had the largest daily change in position of 7,424, followed by glass (6,201), soybean meal (5,293), etc. [2] Option Position Put - Call Ratio (PCR) - **High - PCR Varieties**: Apple had the highest PCR of 1.5216, followed by propylene (1.2604), offset printing paper (1.0672), etc. [5] - **Low - PCR Varieties**: Alumina had the lowest PCR of 0.2117, followed by live pigs (0.2557), soda ash (0.2706), etc. [5] Option Volume Put - Call Ratio (PCR) - **High - PCR Varieties**: Apple had the highest PCR of 1.5728, followed by silver (1.427), iron ore (1.2379), etc. [6] - **Low - PCR Varieties**: Red dates had the lowest PCR of 0.1912, followed by alumina (0.1944), logs (0.2318), etc. [6] Daily Selections - **Call Options**: PVC, red dates, alumina, etc. were selected, with trend degrees ranging from 21 to 53 and put - call ratios from 0.21 to 0.94 [7] - **Put Options**: Lead, eggs, live pigs, etc. were selected, with trend degrees ranging from - 55 to - 45 and put - call ratios from 0.26 to 0.8 [7] Near - Expiry Options - **Call Options**: For lithium carbonate, industrial silicon, polysilicon, and fuel oil, the remaining days were all 3 days, with different break - even prices and price increase requirements for option doubling [8] - **Put Options**: Similar to call options, for these four varieties, the remaining days were 3 days, with different break - even prices and price decrease requirements for option doubling [8]

Group 1: Report Overview - The report is the Commodity Options Daily Report on February 2, 2026 [1] Group 2: Option Quotes Call Options - PVC had the highest daily increase of 57.92%, followed by logs (47.22%) and red dates (19.14%). Polypropylene had the largest decline of 1.16% [1] Put Options - Pulp had the highest daily increase of 164.37%, followed by tin (100.55%) and copper (88.94%) [1] Group 3: Option Positions Call Options - Lithium carbonate had the largest daily increase in positions of 31,014, followed by glass (28,078) and soda ash (25,290) [2] Put Options - PVC had the largest daily increase in positions of 8,199, followed by eggs (2,159) and nickel (2,127) [2] Group 4: Option Position Put - Call Ratio (PCR) High - PCR Varieties - Apple had the highest PCR of 1.4984, followed by silver (1.4638) and propylene (1.3002) [5] Low - PCR Varieties - Alumina had the lowest PCR of 0.2133, followed by live pigs (0.2586) and soda ash (0.29) [5] Group 5: Option Volume Put - Call Ratio (PCR) High - PCR Varieties - Polysilicon had the highest PCR of 1.717, followed by rapeseed meal (1.0022) and lithium carbonate (0.9981) [6] Low - PCR Varieties - Red dates had the lowest PCR of 0.1316, followed by lead (0.18) and live pigs (0.1996) [6] Group 6: Daily Selections Call Options - Synthetic rubber had a trend degree of 55, followed by PVC and plastic with a trend degree of 53 [7] Put Options - Live pigs had a trend degree of - 53, followed by polysilicon with a trend degree of - 47 [7] Group 7: Near - Expiry Options Call Options - For crude oil call option sc2603C485, the remaining days were 2, the option closing price was 6.0, and the break - even target price increase was 5.82% [8] Put Options - For crude oil put option sc2603P480, the remaining days were 2, the option closing price was 15.8, and the break - even target price decrease was - 8.01% [8]

Report Summary 1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core Viewpoints - The report presents data on commodity option market, including option quotes, positions, position put - call ratios (PCR), volume put - call ratios (PCR), daily selections, and near - expiration options, aiming to provide reference information for the commodity option market [1][2][5][6][7][8][9]. 3. Summary by Directory Option Quotes - **Call Options**: Zinc had the highest daily increase of 80.48%, followed by nickel (65.23%) and lead (49.02%). Silver had a 6.21% increase, and log had the lowest increase of 2.78% [1]. - **Put Options**: Bottle chips had the highest daily increase of 42.80%, followed by p - xylene (37.60%) and ferrosilicon (35.56%). Platinum had a 20.06% increase, and rapeseed oil had a 21.68% increase [1]. Option Positions - **Call Options**: PVC had the largest daily change in position of 22,596, followed by fuel oil (17,212) and soda ash (14,800) [2]. - **Put Options**: PVC had a daily change in position of 13,579, PTA had 9,951, and fuel oil had 8,715 [2]. Option Position Put - Call Ratio (PCR) - **High - PCR Varieties**: Tin had the highest PCR of 1.8833, followed by silver (1.6968) and lithium carbonate (1.6747) [5]. - **Low - PCR Varieties**: Alumina had the lowest PCR of 0.2205, followed by live pigs (0.2539) and red dates (0.255) [5]. Option Volume Put - Call Ratio (PCR) - **High - Volume PCR Varieties**: Rapeseed oil had the highest volume PCR of 1.5302, followed by lithium carbonate (1.1558) and tin (1.0823) [6]. - **Low - Volume PCR Varieties**: Red dates had the lowest volume PCR of 0.1034, followed by logs (0.1411) and live pigs (0.1699) [6]. Daily Selections - **Call Options**: Polypropylene, liquefied petroleum gas, silver, etc. were selected, with trend degrees mostly around 53 - 55 and different put - call ratios [7]. - **Put Options**: Pulp, polysilicon, rapeseed meal, etc. were selected, with trend degrees ranging from - 39 to - 55 and different put - call ratios [7]. Near - Expiration Options - **Call Options**: For call options of near - expiration options, such as iron ore, ethylene glycol, and styrene, details of remaining days, option closing prices, break - even points, and target price increases for option doubling are provided [8]. - **Put Options**: For put options of near - expiration options, such as iron ore, ethylene glycol, and styrene, details of remaining days, option closing prices, break - even points, and target price decreases for option doubling are provided [9].

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].