| 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 | | --- | --- | --- | --- | ...

商品期权日报(2026 年 02 月 26 日) 表 1：期权行情 | | 看涨期权 | | 看跌期权 | | --- | --- | --- | --- | | 品种 | 日涨跌幅 | 品种 | 日涨跌幅 | | 豆粕 | 56.52% | 短纤 | 21.07% | | 豆二 | 43.62% | 液化石油气 | 16.29% | | 豆油 | 31.60% | 甲醇 | 15.98% | | 豆一 | 28.70% | PTA | 9.09% | | 铂 | 27.61% | 塑料 | 9.03% | | 螺纹钢 | 26.87% | 苯乙烯 | 5.63% | | 纯碱 | 25.26% | 尿素 | 5.36% | | 铁矿石 | 25.22% | 对二甲苯 | 3.38% | | 玉米 | 25.00% | 原油 | 1.73% | | 铅 | 18.64% | 纯苯 | 0.51% | | | 看涨期权 | 看跌期权 | | | --- | --- | --- | --- | | 品种 | 日涨跌幅 | 品种 | 日涨跌幅 | | 豆粕 | 56.52% | 短纤 | 21.07% | | 豆二 ...

周度报告——商品期权 商品期权周报：2026 年第 8 周 期权市场情绪：当前沥青、白银、合成橡胶、玻璃成交量 PCR 位于历史高位，市场短期集中博弈下跌预期；烧碱、LPG 成 交量 PCR 处于近一年低位，市场集中博弈上涨预期；沥青、 合成橡胶、纸浆、PVC 持仓量 PCR 位于历史高位，市场对 下跌的博弈情绪已积累至较高水平；而棕榈油、菜油、白银、 黄金、多晶硅、铁矿石等持仓量 PCR 位于近一年低位，市场 对看涨的博弈情绪积累。 ★ 风险提示 模型风险、政策风险、末日轮极端行情 报告日期： 2026 年 2 月 23 日 ★ 商品期权市场活跃度 节前最后一周（2026.02.09-2026.02.13）商品期权市场成交活 跃度继续下滑，日均成交量为 663 万手，日均持仓量为 821 万手，环比变化分别为-22.34%和-11.72%。分品种来看，日均 成交活跃的品种主要包括白银（83 万手）、PTA（60 万手）、 玻璃（34 万手）。此外，成交量增长较为显著的品种为豆一 （+214%）、镍（+100%）。与此同时，成交量下降较为明 显的品种则有多晶硅（-94%）、燃油（-89%）、工业硅（-88%） ...

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

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - This week (February 2 - 6, 2026), the trading activity in the commodity options market declined slightly, with the average daily trading volume at 8.54 million lots and the average daily open interest at 9.31 million lots, showing a -4.75% and +5.24% change respectively compared to the previous period. Traders are advised to focus on potential market opportunities in actively traded varieties [1][8]. - This week, most underlying assets of commodity options declined. Polysilicon had a relatively high weekly increase of +4.55%, while silver, tin, and lithium carbonate had relatively high weekly decreases of -32.72%, -12.71%, and -10.31% respectively. The market volatility remained high, with the implied volatility of 55 varieties currently above the 50th percentile of the past year. It is recommended to be vigilant about unilateral risks and consider short - volatility opportunities [2][16]. - Currently, the trading volume PCR of synthetic rubber, lithium carbonate, and iron ore is at historical highs, indicating a short - term concentrated bet on price declines. The trading volume PCR of ethylene glycol, crude oil, palm oil, and styrene is at a one - year low, indicating a concentrated bet on price increases. The open interest PCR of PVC and synthetic rubber is at historical highs, while that of soybean meal, caustic soda, rapeseed meal, and rapeseed oil is at a one - year low [2][16]. 3. Summary by Directory 3.1 Commodity Options Market Activity - This week, the trading activity in the commodity options market declined slightly. The average daily trading volume was 8.54 million lots, and the average daily open interest was 9.31 million lots, with a -4.75% and +5.24% change respectively compared to the previous period [1][8]. - The actively traded varieties this week included lithium carbonate (830,000 lots), silver (810,000 lots), and PTA (640,000 lots). The varieties with significant trading volume growth were polysilicon (+95%) and lithium carbonate (+85%), while those with significant declines were p - xylene (-95%) and apples (-87%) [1][8]. - The varieties with high average daily open interest this week were glass (670,000 lots), soybean meal (620,000 lots), and soda ash (600,000 lots). The varieties with rapid open - interest growth were silver (+39%) and gold (+38%) [1][8]. 3.2 This Week's Main Data Review of Commodity Options - **Underlying Asset Price Movements**: This week, most underlying assets of commodity options declined. Polysilicon had a relatively high weekly increase of +4.55%, while silver, tin, and lithium carbonate had relatively high weekly decreases of -32.72%, -12.71%, and -10.31% respectively [2][16]. - **Market Volatility**: The market volatility remained high, with the implied volatility of 55 varieties currently above the 50th percentile of the past year. The varieties with significant week - on - week increases in implied volatility included silver (+15.19 pct) and caustic soda (+8.62 pct). It is recommended to be vigilant about unilateral risks and consider short - volatility opportunities [2][16]. - **Options Market Sentiment**: The trading volume PCR of synthetic rubber, lithium carbonate, and iron ore is at historical highs, indicating a short - term concentrated bet on price declines. The trading volume PCR of ethylene glycol, crude oil, palm oil, and styrene is at a one - year low, indicating a concentrated bet on price increases. The open interest PCR of PVC and synthetic rubber is at historical highs, while that of soybean meal, caustic soda, rapeseed meal, and rapeseed oil is at a one - year low [2][16]. 3.3 Key Data Overview of Main Varieties This chapter mainly presents key data of main varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data for more varieties can be accessed on the Dongzheng Finoview official website (https://www.finoview.com.cn/) [22]. - **Energy**: Relevant charts show data on the total trading volume, volatility, open interest PCR, and trading volume PCR of crude oil [23][24][25]. - **Chemicals** - **PTA**: Charts display data on the total trading volume, volatility, open interest PCR, and trading volume PCR of PTA [29][30][36]. - **Caustic Soda**: Charts show data on the total trading volume, volatility, open interest PCR, and trading volume PCR of caustic soda [38][39][40]. - **Glass**: Charts present data on the total trading volume, volatility, open interest PCR, and trading volume PCR of glass [44][45][46]. - **Soda Ash**: Charts show data on the total trading volume, volatility, open interest PCR, and trading volume PCR of soda ash [50][51][52]. - **Precious Metals**: Charts show data on the total trading volume, volatility, open interest PCR, and trading volume PCR of silver [59][60][61]. - **Ferrous Metals** - **Iron Ore**: Charts display data on the total trading volume, volatility, open interest PCR, and trading volume PCR of iron ore [68][70][74]. - **Silicomanganese**: Charts show data on the total trading volume, volatility, open interest PCR, and trading volume PCR of silicomanganese [75][76][77]. - **Non - Ferrous Metals** - **Copper**: Charts present data on the total trading volume, volatility, open interest PCR, and trading volume PCR of copper [82][84][88]. - **Aluminum**: Charts show data on the total trading volume, volatility, open interest PCR, and trading volume PCR of aluminum [90][91][92]. - **Agricultural Products** - **Soybean Meal**: Charts display data on the total trading volume, volatility, open interest PCR, and trading volume PCR of soybean meal [95][97][98]. - **Palm Oil**: Charts show data on the total trading volume, volatility, open interest PCR, and trading volume PCR of palm oil [102][103][104]. - **Cotton**: Charts present data on the total trading volume, volatility, open interest PCR, and trading volume PCR of cotton [108][109][111].

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

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

Group 1 - The China Securities Regulatory Commission (CSRC) has approved the listing of specific futures and options on the Zhengzhou Commodity Exchange, including paraxylene futures, bottle futures, short fiber futures, and options for PTA, paraxylene, and bottles, which will be open to foreign investors through qualified overseas brokerage firms [1][2] - The introduction of these products is expected to enhance the internationalization of China's futures market and has a profound impact on the globalization of futures instruments [1] - The PTA futures market has been stable since the introduction of foreign traders in 2018, with over 90% of national PTA production enterprises and 70% of polyester enterprises participating in PTA futures trading [1] Group 2 - The internationalization of the polyester sector is a crucial part of China's high-level opening of the futures market, complementing existing polyester futures and options markets, which will optimize investor structure and improve price discovery efficiency [2] - The Zhengzhou Commodity Exchange plans to conduct market cultivation and investor education activities to ensure the smooth implementation and stable operation of the internationalization of the polyester sector under the guidance of the CSRC [2]

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

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - This week (January 19 - 23, 2026), the trading activity in the commodity options market slightly declined, with the average daily trading volume at 8.15 million lots and the average daily open interest at 8.62 million lots, showing a week - on - week change of - 8.60% and - 0.35% respectively. Investors are recommended to focus on potential market opportunities in actively traded varieties. [1][7] - The underlying assets of commodity options mainly rose this week. Some commodity options' implied volatility increased on a weekly basis. There were different expectations of market trends in different varieties based on volume PCR and open - interest PCR data. [2][17][18] Summary According to the Table of Contents 1. Commodity Options Market Activity - The trading activity in the commodity options market slightly declined this week. The average daily trading volume was 8.15 million lots, and the average daily open interest was 8.62 million lots, with a week - on - week change of - 8.60% and - 0.35% respectively. - Actively traded varieties included silver (810,000 lots), styrene (660,000 lots), and PTA (440,000 lots). Five varieties had a trading volume increase of over 100%, with significant growth in p - xylene (+165%), log (+163%), and synthetic rubber (+154%). The varieties with a significant decline in trading volume were crude oil (-66%), soybean No. 2 (-51%), and staple fiber (-51%). - The varieties with high average daily open interest were soybean meal (600,000 lots), cotton (560,000 lots), and glass (500,000 lots). The varieties with a rapid week - on - week increase in open interest were tin (+65%), industrial silicon (+46%), and caustic soda (+43%). [1][7] 2. This Week's Main Data Review of Commodity Options 2.1. Underlying Asset Price Movements - The underlying assets of commodity options mainly rose this week. The varieties with high weekly increases included lithium carbonate (+24.16%), silver (+11.04%), and synthetic rubber (+9.44%); the varieties with high weekly declines included glass (-3.54%), live pigs (-3.46%), and caustic soda (-3.04%). [2][17] 2.2. Market Volatility - Some commodity options' implied volatility increased on a weekly basis. 49 varieties' current implied volatility was above the 50th percentile of the past year. The varieties with a large week - on - week increase in implied volatility included synthetic rubber (+22.91pct), gold (+8.63pct), and ethylene glycol (+8.34pct). The varieties with implied volatility at a historical high included synthetic rubber, styrene, nickel, and plastic, and investors were advised to beware of unilateral risks and focus on short - volatility opportunities. The varieties with implied volatility at a historical low included peanuts and rapeseed meal, where buying options were more cost - effective. [2][17] 2.3. Options Market Sentiment - Currently, the volume PCR of lithium carbonate and propylene is at a historical high, indicating a short - term concentrated bearish expectation in the market. The volume PCR of cotton, manganese silicon, ferrosilicon, and iron ore is at a one - year low, indicating a concentrated bullish expectation in the market. The open - interest PCR of silver and lithium carbonate is at a historical high, indicating a high level of bearish sentiment in the market. The open - interest PCR of ethylene glycol, soybean meal, caustic soda, and palm oil is at a one - year low, indicating an accumulation of bullish sentiment in the market. [2][18] 3. Key Data Overview of Major Varieties This chapter mainly presents the key data of major varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data on various varieties can be found on the Dongzheng Finoview official website (https://www.finoview.com.cn/). [22] 3.1. Energy No specific data summary provided, but relevant charts and data sources are mentioned, including those related to trading volume, volatility, open - interest PCR, and volume PCR of crude oil. [23][25][27] 3.2. Chemicals - **PTA**: Relevant charts and data sources are provided for trading volume, volatility, open - interest PCR, and volume PCR. [28][29][35] - **Caustic Soda**: Similar to PTA, relevant charts and data sources for trading volume, volatility, open - interest PCR, and volume PCR are presented. [37][38][39] - **Glass**: The same as above, with relevant charts and data sources for various indicators. [43][44][45] - **Soda Ash**: Relevant information on trading volume, volatility, open - interest PCR, and volume PCR is provided. [49][50][52] 3.3. Precious Metals Relevant information on trading volume, volatility, open - interest PCR, and volume PCR of silver is presented, along with data sources. [58][59][61] 3.4. Ferrous Metals - **Iron Ore**: Information on trading volume, volatility, open - interest PCR, and volume PCR, as well as data sources, is provided. [66][68][70] - **Manganese Silicon**: Similar to iron ore, relevant information and data sources are given. [73][74][75] 3.5. Non - Ferrous Metals - **Copper**: Information on trading volume, volatility, open - interest PCR, and volume PCR, along with data sources, is presented. [81][84][85] - **Aluminum**: Similar to copper, relevant information and data sources are provided. [87][88][90] 3.6. Agricultural Products - **Soybean Meal**: Information on trading volume, volatility, open - interest PCR, and volume PCR, along with data sources, is provided. [93][95][98] - **Palm Oil**: Similar to soybean meal, relevant information and data sources are given. [100][101][102] - **Cotton**: Information on trading volume, volatility, open - interest PCR, and volume PCR, along with data sources, is presented. [108][109][111]