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

商品期权市场再度上演小波动、大收益的极致行情！多晶硅沽权单日暴涨近 9 倍，锰硅认购同步冲高，完美诠释期权杠杆 + 波动率的双重红利： 第 1 名：多晶硅2604沽 35000+900.00%第 2 名：锰硅2604购6100+614.29%第 3 名：锰硅2604购6000+545.45% 核心行情逻辑：小波动为何能撬动数倍收益？本轮行情并非极端单边行情，而是虚值期权高赔率 + 波动率抬升 + 政策 / 成本驱动共同发力，三点拆解： 方面指导语 多晶硅霸榜商品期权榜 看跌期权大涨900%! | 期货品种 | 数据涨幅 | | 对应标的 | 标的涨跌幅 | | --- | --- | --- | --- | --- | | 多晶硅2604洁35000 | | 900.0% | 多晶硅2604 | -2.85% | | 锰硅2604购6100 | | 614.3% | 锰硅2604 | 2.89% | | 锰硅2604购6000 | | 545.5% | 锰硅2604 | 2.89% | | 碳酸锂2604购208000 | 179.5% | | 碳酸锂2604 | 3.06% | | 碳酸锂2604购2000 ...

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].

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Report's Core View - The report presents a daily analysis of commodity options on February 3, 2026, including option quotes, positions, position put - call ratios (PCR), trading volume PCR, daily selections, and expiring options [1]. 3. Summary by Relevant Catalogs Option Quotes - **Call Options**: The daily price changes of call options for various commodities are as follows: caustic soda 25.56%, soybean No.1 10.88%, glass 5.93%, alumina 4.35%, log 4.35%, urea 2.56%, soda ash 0.83%, live pigs -0.89%, industrial silicon -1.20%, and coking coal -6.82% [1]. - **Put Options**: The daily price changes of put options for various commodities are as follows: aluminum 226.06%, gold 167.01%, crude oil 163.21%, nickel 160.80%, zinc 124.65%, asphalt 115.38%, copper 111.09%, tin 100.80%, short - fiber 86.27%, and propylene 81.94% [1]. Option Positions - **Call Options**: The daily changes in call option positions for various commodities are as follows: silver 17,592, PVC 15,946, lithium carbonate 15,190, gold 9,214, crude oil 8,620, cotton 7,875, rebar 6,476, nickel 4,499, soybean oil 4,492, and aluminum 4,239 [2]. - **Put Options**: The daily changes in put option positions for various commodities are as follows: rebar 6,362, iron ore 6,048, cotton 4,914, PVC 3,827, ethylene glycol 1,935, industrial silicon 1,836, p - xylene 1,662, pulp 1,435, soybean No.1 973, and caustic soda 908 [2]. Option Position Put - Call Ratio (PCR) - **High - PCR Varieties**: Apple (1.5398), propylene (1.2883), silver (1.1913), offset printing paper (1.1046), bottle chips (1.0715), synthetic rubber (1.0563), short - fiber (1.0469), tin (1.0416), iron ore (0.9809), and soybean No.2 (0.9541) [5]. - **Low - PCR Varieties**: Alumina (0.2124), live pigs (0.25), soda ash (0.2662), red dates (0.2997), caustic soda (0.3143), lead (0.36), ethylene glycol (0.36), PVC (0.3737), glass (0.3919), and log (0.402) [5]. Option Trading Volume Put - Call Ratio (PCR) - **High - PCR Varieties**: Apple (1.9086), silver (1.7914), polysilicon (1.5875), short - fiber (1.2317), tin (1.1859), cast aluminum alloy (1.1792), asphalt (1.1556), rapeseed oil (1.0876), zinc (1.0869), and platinum (1.074) [6]. - **Low - PCR Varieties**: Live pigs (0.1636), red dates (0.2312), alumina (0.2584), PVC (0.259), coking coal (0.2987), natural rubber (0.3238), manganese silicon (0.327), caustic soda (0.3361), pure benzene (0.3709), and log (0.3833) [6]. Daily Selections - **Call Options**: Recommended call options include PVC, caustic soda, soybean No.1, sugar, alumina, red dates, polypropylene, and soda ash, with corresponding trend degrees, put - call ratios, and remaining days [7]. - **Put Options**: Recommended put options include pulp, lead, CSI 300, polysilicon, live pigs, eggs, lithium carbonate, and nickel, with corresponding trend degrees, put - call ratios, and remaining days [7]. Expiring Options - **Call Option**: The expiring call option for crude oil (sc2603C475) has a remaining day of 1, an option closing price of 1.45, a underlying settlement price of 472.7, a break - even underlying price of 496.45 (a 5.02% increase), and an option doubling underlying price of 517.9 (a 9.56% increase) [8]. - **Put Option**: The expiring put option for crude oil (sc2603P470) has a remaining day of 1, an option closing price of 25.4, a underlying settlement price of 472.7, a break - even underlying price of 424.6 (a - 10.18% decrease), and an option doubling underlying price of 379.2 (a - 19.78% decrease) [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: 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]

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

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Strategies focus on constructing option portfolios mainly with sellers and spot hedging or covered strategies to enhance returns [2][8]. 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 energy - chemical futures, such as crude oil, LPG, methanol, etc. For example, the latest price of crude oil (SC2603) is 438, with a price increase of 11 and a rise - fall rate of 2.67% [3]. 3.2 Option Factors - **Volume and Open Interest PCR**: This factor is used to describe the strength of the option underlying market and the turning point of the underlying market. For instance, the open - interest PCR of crude oil options is 0.48, with a change of 0.05 [4]. - **Pressure and Support Levels**: Determined from the strike prices of the maximum open interest of call and put options. For example, the pressure point of crude oil is 540, and the support point is 400 [5]. - **Implied Volatility**: It includes at - the - money implied volatility, weighted implied volatility, etc. For example, the at - the - money implied volatility of crude oil is 31.415%, and the weighted implied volatility is 43.66% with a change of 1.47% [6]. 3.3 Option Strategies for Different Products - **Crude Oil**: - Fundamental analysis: OPEC + is expected to maintain the original production suspension policy. Nigeria's crude oil + condensate production in November 2025 reached 1.6 million barrels per day, with a month - on - month increase of 1.3% [7]. - Market analysis: After a significant decline in October, crude oil rebounded and then fell back, showing a weak rebound trend [7]. - Option factor research: Implied volatility fluctuates below the average level; the open - interest PCR is below 0.70, indicating a weak market; the pressure point is 450, and the support point is 400 [7]. - Strategy suggestions: For directional strategies, there is none; for volatility strategies, construct a short - biased call + put option combination strategy; for spot long - hedging strategies, construct a long collar strategy [7]. - **LPG**: - Fundamental analysis: There is no significant increase in supply, and the chemical demand supports the price [9]. - Market analysis: It shows a volatile downward trend with pressure above [9]. - Option factor research: Implied volatility fluctuates around the average level; the open - interest PCR is below 0.80, indicating a weak market; the pressure point is 4300, and the support point is 4000 [9]. - Strategy suggestions: For directional strategies, there is none; for volatility strategies, construct a short - biased call + put option combination strategy; for spot long - hedging strategies, construct a long collar strategy [9]. - **Methanol**: - Fundamental analysis: China's methanol production and capacity utilization are expected to increase slightly, and there are import and domestic trade volume estimates [9]. - Market analysis: It shows an oversold rebound trend with pressure above [9]. - Option factor research: Implied volatility fluctuates around the historical average level; the open - interest PCR is below 0.60, indicating a weak market; the pressure point is 2300, and the support point is 2100 [9]. - Strategy suggestions: For directional strategies, there is none; for volatility strategies, construct a short - neutral call + put option combination strategy; for spot long - hedging strategies, construct a long collar strategy [9]. - **Ethylene Glycol**: - Fundamental analysis: The polyester load remains stable, and there are some device maintenance and restart situations [10]. - Market analysis: It shows a weak downward trend and then a volatile rebound [10]. - Option factor research: Implied volatility fluctuates above the average level and is rising; the open - interest PCR is below 0.60, indicating strong short - side strength; the pressure point is 3800, and the support point is 3600 [10]. - Strategy suggestions: For directional strategies, there is none; for volatility strategies, construct a short - volatility strategy; for spot long - hedging strategies, hold a spot long position + buy a put option + sell an out - of - the - money call option [10]. - **PVC**: - Fundamental analysis: Inventory is accumulating, and the supply - demand pattern is weak [10]. - Market analysis: It shows a downward trend and then a rebound with short - side pressure above [10]. - Option factor research: Implied volatility declines to below the average level; the open - interest PCR is below 0.60, indicating a continuous weakening market; the pressure point is 5000, and the support point is 4300 [10]. - Strategy suggestions: For directional strategies, construct a bullish call spread combination strategy; for volatility strategies, there is none; for spot long - hedging strategies, hold a spot long position + buy an at - the - money put option + sell an out - of - the - money call option [10]. - **Rubber**: - Fundamental analysis: There are changes in warehouse receipts and inventory levels [11]. - Market analysis: It shows a warming - up and rising trend with support below and pressure above [11]. - Option factor research: Implied volatility gradually returns to around the average level; the open - interest PCR is below 0.60, indicating a weak overall market; the pressure point is 17000, and the support point is 14000 [11]. - Strategy suggestions: For directional strategies, there is none; for volatility strategies, construct a short - neutral call + put option combination strategy; for spot hedging strategies, there is none [11]. - **PTA**: - Fundamental analysis: The PTA load is slightly increasing, and there are few device changes [11]. - Market analysis: It shows an oversold rebound and a short - term strong trend [11]. - Option factor research: Implied volatility fluctuates at a relatively low average level; the open - interest PCR is above 1.00, indicating a strong market; the pressure point is 4750, and the support point is 4400 [11]. - Strategy suggestions: For directional strategies, there is none; for volatility strategies, construct a short - neutral call + put option combination strategy; for spot hedging strategies, there is none [11]. - **Caustic Soda**: - Fundamental analysis: The capacity utilization rate of large - scale caustic soda enterprises is increasing, with regional differences [12]. - Market analysis: It shows a weak short - side trend with pressure above [12]. - Option factor research: Implied volatility fluctuates at a relatively high level; the open - interest PCR is below 0.60, indicating a weak market; the pressure point is 2320, and the support point is 2040 [12]. - Strategy suggestions: For directional strategies, construct a bearish spread combination strategy; for volatility strategies, there is none; for spot collar hedging strategies, hold a spot long position + buy a put option + sell an out - of - the - money call option [12]. - **Soda Ash**: - Fundamental analysis: Factory inventory is increasing, and the market is in a weak state [12]. - Market analysis: It shows a low - level weak volatile trend with pressure above and support below [12]. - Option factor research: Implied volatility fluctuates at a relatively high historical level; the open - interest PCR is below 0.50, indicating a short - side market; the pressure point is 1300, and the support point is 1100 [12]. - Strategy suggestions: For directional strategies, there is none; for volatility strategies, construct a short - volatility combination strategy; for spot long - hedging strategies, construct a long collar strategy [12]. - **Urea**: - Fundamental analysis: The supply - demand difference is decreasing, and enterprise inventory is rising, but the market is still strong [13]. - Market analysis: It shows a short - term weak trend with pressure above [13]. - Option factor research: Implied volatility fluctuates at a relatively low historical average level; the open - interest PCR is below 0.60, indicating strong short - side pressure; the pressure point is 1700, and the support point is 1640 [13]. - Strategy suggestions: For directional strategies, there is none; for volatility strategies, construct a long - biased call + put option combination strategy; for spot hedging strategies, hold a spot long position + buy an at - the - money put option + sell an out - of - the - money call option [13].

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

Group 1: Volatility Index Explanation - The implied volatility index of financial options reflects the 30 - day implied volatility trend as of the previous trading day, while the implied volatility index of commodity options is obtained by weighting the implied volatilities of the two - strike options above and below the at - the - money option of the main contract month, reflecting the implied volatility trend of the main contract [3] - The difference between the implied volatility index and historical volatility indicates the relationship between implied and historical volatility. A larger difference means implied volatility is relatively higher, and a smaller difference means it is relatively lower [3] Group 2: Volatility Data Visualization - The document presents multiple charts showing the relationships between implied volatility (IV), historical volatility (HV), and their differences (IV - HV) for various financial and commodity options such as 300 - stock index, 50ETF, 1000 - stock index, 500ETF, silver, gold, etc., from 2024 to 2025 [4] Group 3: Quantile Explanation - Implied volatility quantile represents the current implied volatility level of a variety in history. A high quantile means the current implied volatility is high, and a low quantile means it is low [5] - Volatility spread is calculated by adding the index and historical volatility [5]