1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - In the past week, the trading volume of commodity options increased slightly, with only the trading volume of the precious metals sector decreasing. Most varieties are in a volatility - reduction cycle, and it is advisable to move short - option positions to far - month contracts in advance to avoid end - of - contract risks [4]. - The options of the black sector showed increased volatility and trading volume. Affected by the decline in iron ore futures prices, the implied volatility of black options has risen. The previous policy - driven boost has basically been realized, and the market trading logic has returned to fundamentals. There is a lack of new macro - drivers, and the upward momentum of prices has been weakened. The implied volatility still has room to rise, and it is advisable to buy a bearish put spread portfolio to hedge against the downward market [4]. 3. Summary According to the Directory 3.1 Market Overview - The trading volume of commodity options increased slightly last week, with the precious metals sector being the only one with a decline in trading volume. Energy and chemical products such as short - fiber, PTA, methanol, glass, crude oil, caustic soda, soda ash, and bottle chips are about to expire on Wednesday. Most varieties are in a volatility - reduction cycle [4]. - The options of the black sector showed increased volatility and trading volume. The implied volatility of black options has risen due to the decline in iron ore futures prices. The previous policy - driven boost has basically been realized, and the market trading logic has returned to fundamentals [4]. 3.2 Market Data 3.2.1 Market Overview - The table shows the quantitative data of commodity options, including the flat - value volatility, 60 - day quantile, Skew, and 60 - day quantile of various varieties such as corn, soybean meal, and crude oil [12]. 3.2.2 - 3.2.54 Option Data of Each Variety - For each variety (such as corn, soybean meal, etc.), the data includes the closing price, trading volume, open interest, trading volume PCR, open interest PCR, flat - value volatility, HV - 10 days, HV - 20 days, and Skew of the main contract, secondary - main contract, and all contracts [13][14][15] etc.

Group 1 - The futures market has listed a total of 148 futures and options products, with trading times organized for over a hundred products [3][5][12] - Specific trading times for various futures and options products are provided, including day and night sessions [6][7][8] - Certain products, marked as special varieties, require separate trading permissions to participate, such as soybean oil, PTA, and stock index futures [12] Group 2 - The introduction of foreign traders to palm oil options occurred on June 18, 2021, and to soybean options on December 26, 2022 [5] - Trading hours for different exchanges are detailed, including the Shanghai Futures Exchange and the Zhengzhou Commodity Exchange [6][7] - The document emphasizes the need for traders to understand the specific requirements for trading special products [11][12]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - After the holiday until the daytime closing on Friday, the trading volume of commodity options decreased, and implied volatility (IV) almost declined across the board. On Friday night, macro - information increased market panic, and it is expected that IV will rise significantly in the short term. There are many end - of - life game opportunities for option buyers of expiring options on Monday (bottle chips, rapeseed meal, PTA, caustic soda, rapeseed oil, cotton, short - fiber, soda ash, methanol, glass, and sugar near - month contracts) and Wednesday (crude oil near - month contract). Attention should be paid to the risks of rising volatility and being exercised [4]. - Agricultural products are relatively less affected. Beans may have price - rising opportunities due to import constraints, and the IV of corresponding bean options is relatively low, which can be observed as long - term option - buying layout varieties, and call options can be bought at an appropriate time [4]. - Under the weak fundamental and macro - environment of some non - ferrous and new - energy varieties, more call options can be sold to obtain income, and put options can be bought for directional trading or hedging [4]. - For varieties with strong fundamentals, volatility can be observed, and out - of - the - money put options can be sold at low prices and high volatility to gradually build long positions [4]. 3. Summary According to the Directory 3.1 Market Overview - The overall trading volume of the commodity option market this week was 6,438,734, a decrease of 0.11% from last week, and the open interest was 9,557,880, an increase of 0.17% from last week. Among them, the trading volume of agricultural products was 1,599,862.75, an increase of 0.39% from last week; the trading volume of energy and chemical products was 2,661,095.25, a decrease of 0.01% from last week; the trading volume of black metals was 401,971.5, a decrease of 0.46% from last week; the trading volume of precious metals was 604,400.75, a decrease of 1.48% from last week; the trading volume of non - ferrous and new - energy varieties was 1,171,403.75, an increase of 0.3% from last week [7]. 3.2 Corn Options - The closing price of the main contract c2511 was 2125, down 53, with 10 trading days remaining. The total trading volume this week was 124,100, an increase of 13,703 from last week, and the open interest was 383,371, an increase of 15,154 from last week. The IV of at - the - money options decreased from 10.62 to 9.82 [15]. 3.3 Soybean Meal Options - The closing price of the main contract m2511 was 2900, down 5, with 10 trading days remaining. The total trading volume this week was 294,614, a decrease of 78,523 from last week, and the open interest was 1,033,413, an increase of 29,869 from last week. The IV of at - the - money options decreased from 15.24 to 11.67 [16]. 3.4 Rapeseed Meal Options - The closing price of the main contract rm2511 was 2458, up 2, with 1 trading day remaining. The total trading volume this week was 125,135, an increase of 11,621 from last week, and the open interest was 188,419, an increase of 14,047 from last week. The IV of at - the - money options decreased from 29.68 to 23.0 [17]. 3.5 Palm Oil Options - The closing price of the main contract p2511 was 9320, up 146, with 10 trading days remaining. The total trading volume this week was 137,584, a decrease of 13,943 from last week, and the open interest was 159,813, an increase of 22,108 from last week. The IV of at - the - money options decreased from 20.56 to 16.64 [18]. 3.6 Soybean Oil Options - The closing price of the main contract y2511 was 8308, up 138, with 10 trading days remaining. The total trading volume this week was 50,526, a decrease of 2,659 from last week, and the open interest was 110,669, a decrease of 6,590 from last week. The IV of at - the - money options decreased from 14.57 to 11.76 [20]. 3.7 Rapeseed Oil Options - The closing price of the main contract oi2511 was 10232, down 99, with 1 trading day remaining. The total trading volume this week was 78,760, an increase of 1,466 from last week, and the open interest was 117,792, an increase of 6,435 from last week. The IV of at - the - money options decreased from 24.53 to 14.4 [21]. 3.8 Peanut Options - The closing price of the main contract pk2511 was 7786, down 12. The total trading volume this week was 143,362, an increase of 111,981 from last week, and the open interest was 126,256, an increase of 47,710 from last week. The IV of at - the - money options decreased slightly from 14.53 to 14.38 [22]. 3.9 Yellow Soybean No. 1 Options - The closing price of the main contract a2511 was 3953, up 18, with 10 trading days remaining. The total trading volume this week was 40,498, a decrease of 6,520 from last week, and the open interest was 95,611, a decrease of 2,971 from last week. The IV of at - the - money options decreased from 11.43 to 9.58 [23]. 3.10 Yellow Soybean No. 2 Options - The closing price of the main contract b2511 was 3617, up 8, with 10 trading days remaining. The total trading volume this week was 37,607, a decrease of 4,560 from last week, and the open interest was 49,036, an increase of 12,990 from last week. The IV of at - the - money options decreased from 16.0 to 10.45 [24]. 3.11 Ethylene Glycol Options - The closing price of the main contract eg2511 was 4127, down 82, with 10 trading days remaining. The total trading volume this week was 18,246, an increase of 9,615 from last week, and the open interest was 38,874, an increase of 10,430 from last week. The IV of at - the - money options decreased from 14.22 to 11.61 [25]. 3.12 Styrene Options - The closing price of the main contract eb2511 was 6743, down 206, with 10 trading days remaining. The total trading volume this week was 104,692, an increase of 25,779 from last week, and the open interest was 99,287, an increase of 25,520 from last week. The IV of at - the - money options decreased from 17.99 to 16.16 [26]. 3.13 Sugar Options - The closing price of the main contract sr2511 was 5518, up 11, with 1 trading day remaining. The total trading volume this week was 91,045, a decrease of 6,956 from last week, and the open interest was 300,087, an increase of 6,975 from last week. The IV of at - the - money options decreased from 12.39 to 10.39 [27]. 3.14 Cotton Options - The closing price of the main contract cf2601 was 13325, down 80, with 44 trading days remaining. The total trading volume this week was 214,938, an increase of 78,620 from last week, and the open interest was 490,224, an increase of 77,596 from last week. The IV of at - the - money options decreased from 11.62 to 9.57 [28]. 3.15 PTA Options - The closing price of the main contract ta2511 was 4510, down 114, with 1 trading day remaining. The total trading volume this week was 385,737, an increase of 144,364 from last week, and the open interest was 335,302, an increase of 74,644 from last week. The IV of at - the - money options decreased from 23.02 to 16.2 [29]. 3.16 PX Options - The closing price of the main contract px2512 was 6490, down 150, with 13 trading days remaining. The total trading volume this week was 16,658, a significant decrease from last week, and the open interest was 23,469, an increase of 15,242 from last week. The IV of at - the - money options decreased from 18.02 to 16.26 [30]. 3.17 Caustic Soda Options - The closing price of the main contract sh2511 was 2420, down 63. The total trading volume this week was 143,556, an increase of 50,630 from last week, and the open interest was 106,911, an increase of 21,096 from last week. The IV of at - the - money options decreased from 31.88 to 21.11 [31]. 3.18 Rubber Options - The closing price of the main contract ru2601 was 15315, down 155, with 54 trading days remaining. The total trading volume this week was 12,402, a decrease of 22,076 from last week, and the open interest was 42,424, an increase of 4,193 from last week. The IV of at - the - money options decreased from 19.89 to 18.73 [32]. 3.19 BR Rubber Options - The closing price of the main contract br2511 was 11220, down 210, with 11 trading days remaining. The total trading volume this week was 22,220, a significant decrease from last week, and the open interest was 17,469, an increase of 3,604 from last week. The IV of at - the - money options decreased from 25.7 to 21.92 [33]. 3.20 Polyethylene Options - The closing price of the main contract (assumed) was 7019, down 80, with 10 trading days remaining. The total trading volume this week was 24,028, an increase of 1,486 from last week, and the open interest was 56,346, an increase of 7,430 from last week. The IV of at - the - money options decreased from 9.89 to 8.74 [34]. 3.21 Polypropylene Options - The closing price of the main contract pp2511 was 6651, down 166, with 10 trading days remaining. The total trading volume this week was 37,271, an increase of 2,961 from last week, and the open interest was 98,340, an increase of 20,257 from last week. The IV of at - the - money options decreased from 9.64 to 9.42 [35]. 3.22 Methanol Options - The closing price of the main contract ma2511 was 2255, down 39. The total trading volume this week was 208,323, an increase of 68,535 from last week, and the open interest was 285,762, an increase of 48,102 from last week. The IV of at - the - money options decreased from 21.19 to 13.4 [36]. 3.23 Liquefied Petroleum Gas Options - The closing price of the main contract pg2511 was 4070, down 220, with 10 trading days remaining. The total trading volume this week was 42,903, a slight decrease from last week, and the open interest was 42,637, an increase of 18,342 from last week. The IV of at - the - money options decreased from 21.43 to 16.38 [37]. 3.24 PVC Options - The closing price of the main contract v2511 was 4652, down 160, with 10 trading days remaining. The total trading volume this week was 102,281, an increase of 18,834 from last week, and the open interest was 253,204, an increase of 55,006 from last week. The IV of at - the - money options decreased from 15.1 to 12.75 [38]. 3.25 Crude Oil Options - The closing price of the main contract sc2511 was 461.9, down 29.4, with 3 trading days remaining. The total trading volume this week was 72,598, an increase of 32,140 from last week, and the open interest was 45,021, an increase of 18,972 from last week. The IV of at - the - money options decreased from 41.12 to 29.34 [39]. 3.26 Iron Ore Options - The closing price of the main contract i2511 was 811.5, up 7.0, with 10 trading days remaining. The total trading volume this week was 130,400, an increase of 7,948 from last week, and the open interest was 267,334, an increase of 36,386 from last week. The IV of at - the - money options decreased from 22.03 to 17.36 [40].

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

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the past week, the trading volume of commodity options increased slightly, mainly due to the increment brought by the rising volatility of the agricultural products sector. Meanwhile, the trading volume of the non - ferrous and new energy sectors decreased along with the decline of implied volatility. The implied volatility of non - ferrous sector options is at a relatively low level recently, and buying options for price reversal trading can be considered [5]. - The options of contracts such as soybean meal, corn, starch, iron ore, liquefied gas, polypropylene, PVC, plastic, palm oil, soybean No.1, soybean No.2, soybean oil, styrene, ethylene glycol, eggs, live pigs, and log 509 are about to expire. Attention should be paid to the end - of - month risks when changing contracts [5]. 3. Summary According to the Table of Contents 3.1 Market Overview - The trading volume of commodity options increased slightly last week, mainly due to the increment from the agricultural products sector. The trading volume of non - ferrous and new energy sectors decreased, and their implied volatility also declined. The implied volatility of non - ferrous sector options is at a recent low [5]. - The options of certain contracts are about to expire, and attention should be paid to the end - of - month risks [5]. 3.2 Market Data 3.2.1 Market Overview - The trading volume of the overall market this week was 8,808,344.8, with a week - on - week increase of 0.17%. The open interest was 8,996,228, with a week - on - week decrease of 0.27%. Among them, the trading volume of the agricultural products sector increased by 2.45%, that of the energy and chemical sector increased by 0.17%, that of the black sector increased by 0.4%, and that of the precious metals sector increased by 1.26%. The trading volume of the non - ferrous and new energy sectors decreased by 1.82%. The open interest of the agricultural products sector decreased by 0.1%, that of the energy and chemical sector decreased by 0.55%, that of the black sector decreased by 0.19%, and that of the non - ferrous and new energy sectors increased by 0.41% [6]. 3.2.2 - 3.2.55 Various Option Market Data - For each type of option (such as corn, soybean meal, etc.), detailed data on trading volume, open interest, volume PCR, open interest PCR, at - the - money volatility, HV - 10 days, HV - 20 days, and Skew are provided, including data for this week, last week, and their changes [12 - 44]. 3.3 Chart Analysis No relevant content provided.

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The trading enthusiasm in the commodity options market has declined, with implied volatility falling along with trading volume. The actual volatility of most varieties remains at a relatively high level, and the decline rate of implied volatility is gradually slowing down. Additionally, the fluctuations in futures prices and the spread of hot - spot varieties have increased commodity arbitrage opportunities [5]. - The near - month options contracts of the Guangzhou Futures Exchange will expire on Thursday. The trading volume and open - interest ratios of the call options of the double - silicon varieties continue to increase, and the skew is also rising in a high - level oscillation. It is advisable to consider buying a bull spread portfolio for short - term speculation [5]. - The skew center of the black sector options has declined, and the implied volatility is at a high level, but the premium space compared with the actual volatility is limited. One can consider selling out - of - the - money call options and buying out - of - the - money put options for a skew regression arbitrage strategy, while paying attention to appropriate Delta - neutral hedging. The arbitrage space for rebar options is relatively large [5]. 3. Summary by Relevant Catalogs 3.1 Market Overview - The trading volume of the overall market decreased by 0.45%, while the open interest increased by 0.21%. Among different sectors, the trading volume of agricultural products increased by 0.68%, energy and chemical decreased by 0.19%, black decreased by 0.14%, precious metals decreased by 2.76%, and non - ferrous and new energy decreased by 0.98%. The open interest of agricultural products increased by 0.09%, energy and chemical increased by 0.29%, black increased by 0.21%, precious metals increased by 0.48%, and non - ferrous and new energy increased by 0.25% [6]. 3.2 Commodity - Specific Option Data - **Corn Options**: The trading volume and open interest of call and put options showed different changes. The implied volatility of at - the - money options decreased, and the skew also decreased [18][19]. - **Soybean Meal Options**: The trading volume decreased, while the open interest increased. The implied volatility of at - the - money options decreased, and the skew also decreased [20]. - **Rapeseed Meal Options**: The trading volume and open interest increased. The implied volatility of at - the - money options decreased, and the skew also decreased [22]. - **Palm Oil Options**: The trading volume and open interest increased. The implied volatility of at - the - money options decreased, and the skew decreased significantly [23]. - **Soybean Oil Options**: The trading volume and open interest showed mixed changes. The implied volatility of at - the - money options increased slightly, and the skew decreased [24]. - **Rapeseed Oil Options**: The trading volume decreased, and the open interest increased. The implied volatility of at - the - money options decreased, and the skew decreased [25]. - **Peanut Options**: The trading volume and open interest increased. The implied volatility of at - the - money options decreased slightly, and the skew increased [26]. - **Yellow Soybean No. 1 Options**: The trading volume decreased, and the open interest increased. The implied volatility of at - the - money options decreased, and the skew increased significantly [27]. - **Yellow Soybean No. 2 Options**: The trading volume and open interest increased. The implied volatility of at - the - money options decreased, and the skew increased [28]. - **Ethylene Glycol Options**: The trading volume decreased, and the open interest increased. The implied volatility of at - the - money options decreased significantly, and the skew decreased [29]. - **Styrene Options**: The trading volume decreased, and the open interest increased. The implied volatility of at - the - money options decreased significantly, and the skew decreased [30]. - **Sugar Options**: The trading volume and open interest increased. The implied volatility of at - the - money options decreased, and the skew decreased significantly [31]. - **Cotton Options**: The trading volume and open interest increased. The implied volatility of at - the - money options decreased significantly, and the skew decreased [32]. - **PTA Options**: The trading volume decreased, and the open interest increased. The implied volatility of at - the - money options decreased significantly, and the skew decreased [33]. - **PX Options**: The trading volume and open interest showed significant changes. The implied volatility of at - the - money options had some fluctuations, and the skew had some changes [34]. - **Caustic Soda Options**: The trading volume decreased, and the open interest increased. The implied volatility of at - the - money options decreased significantly, and the skew decreased [35]. - **Rubber Options**: The trading volume decreased, and the open interest increased slightly. The implied volatility of at - the - money options decreased significantly, and the skew decreased [36]. - **BR Rubber Options**: The trading volume decreased significantly, and the open interest increased. The implied volatility of at - the - money options decreased, and the skew decreased [37]. - **Polyethylene Options**: The trading volume decreased, and the open interest increased. The implied volatility of at - the - money options decreased, and the skew decreased [38]. - **Polypropylene Options**: The trading volume decreased, and the open interest increased. The implied volatility of at - the - money options decreased, and the skew decreased [39]. - **Methanol Options**: The trading volume decreased significantly, and the open interest increased. The implied volatility of at - the - money options decreased significantly, and the skew decreased [40]. - **Liquefied Petroleum Gas Options**: The trading volume decreased slightly, and the open interest increased. The implied volatility of at - the - money options decreased, and the skew decreased [41]. - **PVC Options**: The trading volume decreased, and the open interest increased. The implied volatility of at - the - money options decreased significantly, and the skew decreased [42]. - **Crude Oil Options**: The trading volume and open interest increased. The implied volatility of at - the - money options increased slightly, and the skew decreased [43]. - **Iron Ore Options**: The trading volume decreased, and the open interest increased. The implied volatility of at - the - money options decreased, and the skew decreased significantly [44].