【基本面信息】
　　铜：产业层面，昨日LME库存减少1800至83725吨，注销仓单占比降低，Cash/3M贴水38.3美元/吨。国内方面，昨日上海地区现货升水下调至平水于期货，市场观望情绪仍浓，成交一般。进出口方面，昨日国内现货进口亏损缩至300元/吨左右，洋山铜溢价持平。
　　铝：SMM现货A00铝报均价18920元/吨。A00铝锭升贴水平均价-280。铝期货仓单37529吨，较前一日增加4429吨。LME铝库存483850吨，减少5450吨。2022年12月15日，SMM统计国内电解铝社会库存48.2万吨，较上周四库存下降1.8万吨，，较11月底库存下降3.4万吨，较去年同期库存下降42.9万吨。
　　锌：12月15日LME锌库存减少50吨，降幅全部来自高雄仓库，其余地区库存数据暂无波动。去库50吨之后，LME锌库存总计36575吨。
　　黄金：COMEX金跌1.74%，报1787.1美元/盎司，COMEX银跌3.55%，报23.28美元/盎司；10年期国债收益率报3.45%，美元指数跌0.02%，报104.58；日内关注欧元区CPI、PMI初值，旧金山联储主席戴利讲话。
　　铁矿石：表观需求数据显示，建材成交量持续增加，表观需求处于近4周高位，并且全国钢材总库存再度走低，根据中钢协统计数据显示，12月上旬，21个城市5大品种钢材社会库存735万吨，环比下降0.5%，库存继续小幅下降，对市场情绪有极大的拉动。

研究报告全文：金属期权日报期权研究2022年12月16日星期五基本面信息铜产业层面昨日LME库存减少1800至83725吨注销仓单占比降低Cash3M贴水383美元吨国内方面昨日上海地区现货升水下调至平水于期货市场观望情绪仍浓成交一般进出口方面昨日国内现货进口亏损缩至300元吨左右洋山铜溢价持平铝SMM现货A00铝报均价18920元吨A00铝锭升贴水平均价-280铝期货仓单37529吨较前一日增加4429吨LME铝库存483850吨减少5450吨2022年12月15日SMM统计国内电解铝社会库存482万吨较上周四库存下降卢品先18万吨较11月底库存下降34万吨较去年同期库存下降429万吨锌12月15日LME锌库存减少50吨降幅全部来自高雄仓库其余地区库存数据暂无波动去库50吨之后LME投研经理锌库存总计36575吨0755-23375252黄金COMEX金跌174报17871美元盎司COMEX银跌355报2328美元盎司10年期国债收益率报lupxwkjyqhcom345美元指数跌002报10458日内关注欧元区CPIPMI初值旧金山联储主席戴利讲话铁矿石表观需求数据显示建材成交量持续增加表观需求处于近4周高位并且全国钢材总库存再度走低从业资格号根据中钢协统计数据显示12月上旬21个城市5大品种钢材社会库存735万吨环比下降05库存继续小幅下F3047321降对市场情绪有极大的拉动交易咨询号Z0015541期权分析及操作建议1铜期权沪铜维持近三周以来沿着多头趋势方向上震荡上行温和上涨本周以来上涨趋势减弱有所回落跌幅126报收于65180期权隐含波动率下降209报收于1959持仓量PCR快速下降维持在高位水平报收于148操作建议沪铜近三周以来沿着20天均线的多头方向震荡上行温和上涨而上方有前期高点压力期权隐含波动率小幅下降持仓量PCR维持在较高水平构建卖出看涨看跌组合策略获取时间价值收益若市场行情快速大跌则平仓逐渐离场如CU2301SCU2301P64000SCU2301P65000和SCU2301C65000SCU2301C660002铝期权沪铝延续一个月以来的多头趋势上涨突破8月以来高点后高位盘整震荡本周以来大幅下挫跌破震荡区间下限而后在21天均线和55天均线之间震荡跌幅013报收于18760期权隐含波动率下降048报收于1621持仓量PCR报收于081操作建议沪铝维持多头趋势方向上低位弱势盘整形成短期弱势中长期趋势线向上的市场行情格局期权隐含波动率持续下降回落期权持仓量PCR窄幅波动构建卖出偏空头方向的看涨看跌期权组合策略获取时间价值和方向性收益若市场行情快速大涨或大跌则平仓离场如AL2301SAL2301P1870010SAL2301P1860010和SAL2301C1880010SAL2301C18900103锌期权沪锌ZN2301多头趋势方向上高位盘整震荡大幅波动近两周后昨日跳空低开大幅下挫跌破近期震荡区间下限跌幅029报收于24380期权隐含波动率下降113报收于2192持仓量PCR报收于157操作建议沪锌沿着多头趋势方向高位震荡大幅下跌回落跌破震荡区间下限下有20天均线和60天均线支撑市场行情多头趋势方向仍未改变期权隐含波动率小幅度下降沪锌期权持仓量PCR小幅波动仍维持高位水平构建卖出宽跨式期权的偏多头组合策略获取时间价值收益和方向性收益若市场行情快速大涨或大跌则平仓离场如ZN2301SZN2301P24200SZN2301P24400和SZN2301C24600SZN2301C244004黄金期权黄金延续多头趋势方向上大幅波动本周以来快速上涨后快速下跌市场行情波动剧烈跌幅073报收于40322期权隐含波动率下降064报收于1373期权持仓量PCR报收于059操作建议黄金连续报收大阳线后大阴线市场行情多空博弈剧烈延续偏多头趋势方向上大幅波动的行情格局下方有60天均线支撑上方有前期高点压力期权隐含波动率小幅下降期权持仓量PCR窄幅盘整构建卖出看涨看跌期权组合策略获取时间价值若市场行情快速大涨或大跌则平仓离场如AU2302SAU2302-C-40810SAU2302-C-40410和SAU2302-P-40010SAU2312-P-404105铁矿石期权铁矿石I2302超跌反弹V型反转后维持一个半月以来的多头上涨趋势突破6月中旬以来的高点上周以来加速上涨涨幅198报收于85100期权隐含波动率下降072报收于3305期权持仓量PCR大幅度上涨报收于228操作建议铁矿石持续一个月以来的多头上涨趋势上周以来沿着多头方向加速上涨期权隐含波动率高位小幅下降期权持仓量PCR快速上升构建卖出偏多头的看涨看跌期权组合策略获取时间价值若市场行情快速大涨或大跌则平仓离场如I2302SI2302-C-840SI2302-C-850和SI2302-P-830SI2302-P-840市场行情期权品种标的合约收盘价涨跌涨跌幅成交量万成交额亿CUCU23016518000-83000-12666621970ALAL23011876000-2500-013117311014ZNZN23012438000-7000-029140317153AUAU230240322-298-07392237458II23028510016501982492076数据来源wind资讯五矿期货期权事业部主力期货合成期权期权标的合约平值期权权利金C权利金P合成价格涨跌涨跌幅升贴水剩余天数到期日CU2301650001344003700065974-49800-07579400112022-12-26AL230118800196001970018799-100-0013900112022-12-26ZN230124400439002840024555-23000-09317500112022-12-26AU2302400862362405-324-079178362023-01-20I2302850232028008451790216-580262023-01-10数据来源wind资讯五矿期货期权事业部注平值是以主力月合约call与put权利金相减最小为基准平值合成期权升贴水平值call权利金-pu权利金-标的价格主力期权合约隐含波动率期权标的合约IMP-CIMP-PIMP-T变化MA20UPLOWCU2301190020031959-209211922851952AL2301157116851621-048168917771601ZN2301199223342192-113222623292122AU2302146711951373-064137715021251I2302277636203305-072377241553389数据来源wind资讯五矿期货期权事业部主力期权合约持仓量PCR期权标的合约量-Call量-Put量-PCR变化持仓-Call持仓-Put持仓-PCR变化CU230120970283981350321932828624148-009AL23011736713717079-0013180225815081000ZN230112332174101410241124217685157-005AU2302801841970520061752010257059-000I2302547519213716804050992116079228032数据来源wind资讯五矿期货期权事业部标的价量关系图1铜主力合约走势图7500030成交量万收盘价7000025659800020650001560000105500055000002022-08-292022-10-132022-11-212022-06-142022-06-172022-06-222022-06-272022-06-302022-07-052022-07-082022-07-132022-07-182022-07-212022-07-262022-07-292022-08-032022-08-082022-08-112022-08-162022-08-192022-08-242022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-242022-11-292022-12-022022-12-072022-12-122022-12-15图2铝主力合约走势图2400050成交量万收盘价230004022000210003020000188000019000201800010170001600002022-06-302022-07-132022-11-032022-11-162022-06-142022-06-172022-06-222022-06-272022-07-052022-07-082022-07-182022-07-212022-07-262022-07-292022-08-032022-08-082022-08-112022-08-162022-08-192022-08-242022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-082022-11-112022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-15图3锌主力合约走势图3000060成交量万收盘价28000504026000302400024565002022000102000002022-11-112022-11-162022-11-212022-11-242022-06-142022-06-172022-06-222022-06-272022-06-302022-07-052022-07-082022-07-132022-07-182022-07-212022-07-262022-07-292022-08-032022-08-082022-08-112022-08-162022-08-192022-08-242022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-292022-12-022022-12-072022-12-122022-12-15图4黄金主力合约走势图20成交量万收盘价420404864051039037536002022-06-142022-06-172022-06-222022-06-272022-06-302022-07-052022-07-082022-07-132022-07-182022-07-212022-07-262022-07-292022-08-032022-08-082022-08-112022-08-162022-08-192022-08-242022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-15图5铁矿石主力合约走势图1000140成交量万收盘价120900848001008008070060406002050002022-06-142022-06-172022-06-222022-06-272022-06-302022-07-052022-07-082022-07-132022-07-182022-07-212022-07-262022-07-292022-08-032022-08-082022-08-112022-08-162022-08-192022-08-242022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-15铜期权持仓分布铜期权持仓分布图铜期权持仓变化图45006004000400350030002002500020001500-2001000-4005000-6004700047000490005100053000550005700059000610006300065000670006900071000730007500077000790004700049000510005300055000570005900061000630006500067000690007100073000750007700079000OIPOICOICHANGEPOICHANGEC铜期权最大未平仓铜认购认沽合约最大持仓量所在的行权价8500080000750007000065000600005500050000450002022-06-272022-10-182022-11-032022-06-142022-06-172022-06-222022-06-302022-07-052022-07-082022-07-132022-07-182022-07-212022-07-262022-07-292022-08-032022-08-082022-08-112022-08-162022-08-192022-08-242022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-212022-10-262022-10-312022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-15铜期权到期日收盘价C最大持仓P最大持仓铜期权持仓量PCR铜期权隐含波动率280OIPCR7500050260CLOSE4524070000220402003518065000301606598000251406000020120100150805500010060040500002022-08-112022-09-062022-06-142022-06-222022-06-302022-07-082022-07-182022-07-262022-08-032022-08-192022-08-292022-09-152022-09-232022-10-102022-10-182022-10-262022-11-032022-11-112022-11-212022-11-292022-12-072022-12-152022-12-072022-06-242022-07-062022-07-182022-07-282022-08-092022-08-192022-08-312022-09-132022-09-232022-10-122022-10-242022-11-032022-11-152022-11-252022-06-14IMPVMA20UPLOW铝期权持仓分布铝期权持仓分布图铝期权持仓变化图600060050050004003004000200100300002000-100-2001000-300-4000-5001580015800206001490014900152001550016100164001670017000173001760017900182001850018800191001940019700200002120021800149001520015500158001610016400167001700017300176001790018200185001880019100194001970020000206002120021800OIPOICOICHANGEPOICHANGEC铝期权最大未平仓铝认购认沽合约最大持仓量所在的行权价220002100020000190001800017000160002022-10-212022-11-032022-06-142022-06-172022-06-222022-06-272022-06-302022-07-052022-07-082022-07-132022-07-182022-07-212022-07-262022-07-292022-08-032022-08-082022-08-112022-08-162022-08-192022-08-242022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-262022-10-312022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-15铝期权到期日收盘价C最大持仓P最大持仓铝期权持仓量PCR铝期权隐含波动率16020500OIPCR35020000140CLOSE195003001201900025018500100200188000018000080175001501700006010016500040160002022-06-142022-06-222022-06-302022-07-082022-07-182022-07-262022-08-032022-08-112022-08-192022-08-292022-09-062022-09-152022-09-232022-10-102022-10-182022-10-262022-11-032022-11-112022-11-212022-11-292022-12-072022-12-152022-12-072022-06-242022-07-062022-07-182022-07-282022-08-092022-08-192022-08-312022-09-132022-09-232022-10-122022-10-242022-11-032022-11-152022-11-252022-06-14IMPVMA20UPLOW锌期权持仓分布锌期权持仓分布图锌期权持仓变化图3500200300010002500-1002000-2001500-3001000-400500-5000-600184001840018800180001800018400188001920019600200002040020800212002160022000224002280023200236002400024400248002550026500275002850029500180001920019600200002040020800212002160022000224002280023200236002400024400248002550026500275002850029500OIPOICOICHANGEPOICHANGEC锌期权最大未平仓锌认购认沽合约最大持仓量所在的行权价2880026800248002280020800188002022-06-172022-06-142022-06-222022-06-272022-06-302022-07-052022-07-082022-07-132022-07-182022-07-212022-07-262022-07-292022-08-032022-08-082022-08-112022-08-162022-08-192022-08-242022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-15锌期权到期日收盘价C最大持仓P最大持仓锌期权持仓量PCR锌期权隐含波动率18028000OIPCR500160CLOSE27000260004001402500012030024000100230002000802200010006021000040200002022-06-142022-06-222022-06-302022-07-082022-07-182022-07-262022-08-032022-08-112022-08-192022-08-292022-09-062022-09-152022-09-232022-10-102022-10-182022-10-262022-11-032022-11-112022-11-212022-11-292022-12-072022-12-152022-12-072022-06-242022-07-062022-07-182022-07-282022-08-092022-08-192022-08-312022-09-132022-09-232022-10-122022-10-242022-11-032022-11-152022-11-252022-06-14IMPVMA20UPLOW黄金期权持仓分布黄金期权持仓分布图黄金期权持仓变化图30001502500100200050150001000-50500-1000-150480480368416320320328336344352360368376384392400416432448464320328336344352360376384392400432448464480OIPOICOICHANGEPOICHANGEC黄金期权最大未平仓黄金认购认沽合约最大持仓量所在的行权价5004504003503002022-08-032022-08-112022-06-142022-06-172022-06-222022-06-272022-06-302022-07-052022-07-082022-07-132022-07-182022-07-212022-07-262022-07-292022-08-082022-08-162022-08-192022-08-242022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-15黄金期权到期日收盘价C最大持仓P最大持仓黄金期权持仓量PCR黄金期权隐含波动率100420OIPCR3509540486CLOSE09041030085400250800753902007015065380060370100550503602022-06-142022-08-192022-06-222022-06-302022-07-082022-07-182022-07-262022-08-032022-08-112022-08-292022-09-062022-09-152022-09-232022-10-102022-10-182022-10-262022-11-032022-11-112022-11-212022-11-292022-12-072022-12-152022-12-072022-06-242022-07-062022-07-182022-07-282022-08-092022-08-192022-08-312022-09-132022-09-232022-10-122022-10-242022-11-032022-11-152022-11-252022-06-14IMPVMA20UPLOW铁矿石期权持仓分布铁矿石期权持仓分布图铁矿石期权持仓变化图2500040003000200002000150001000010000-1000-20005000-30000-40005905909507101020500500530560620650680710740770800830860890920980102010805005305605906206506807407708008308608909209509801080OIPOICOICHANGEPOICHANGEC铁矿石期权最大未平仓铁矿石认购认沽合约最大持仓量所在的行权价1200110010009008007006005002022-07-132022-09-232022-11-242022-06-142022-06-172022-06-222022-06-272022-06-302022-07-052022-07-082022-07-182022-07-212022-07-262022-07-292022-08-032022-08-082022-08-112022-08-162022-08-192022-08-242022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-292022-12-022022-12-072022-12-122022-12-15铁矿石期权到期日收盘价C最大持仓P最大持仓铁矿石期权持仓量PCR铁矿石期权隐含波动率260950OIPCR8480080240CLOSE90022070200850601808001605014075040120700100306500800606002022-08-032022-09-152022-06-142022-06-222022-06-302022-07-082022-07-182022-07-262022-08-112022-08-192022-08-292022-09-062022-09-232022-10-102022-10-182022-10-262022-11-032022-11-112022-11-212022-11-292022-12-072022-12-152022-12-072022-06-242022-07-062022-07-182022-07-282022-08-092022-08-192022-08-312022-09-132022-09-232022-10-122022-10-242022-11-032022-11-152022-11-252022-06-14IMPVMA20UPLOW免责声明五矿期货有限公司是经中国证监会批准设立的期货经营机构已具备有商品期货经纪金融期货经纪资产管理期货交易咨询等业务资格本刊所有信息均建立在可靠的资料来源基础上我们力求能为您提供精确的数据客观的分析和全面的观点但我们必须声明对所有信息可能导致的任何损失概不负责本报告并不提供量身定制的交易建议报告的撰写并未虑及读者的具体财务状况及目标五矿期货研究团队建议交易者应独立评估特定的交易和战略并鼓励交易者征求专业财务顾问的意见具体的交易或战略是否恰当取决于交易者自身的状况和目标文中所提及的任何观点都仅供参考不构成买卖建议版权声明本报告版权为五矿期货有限公司所有本刊所含文字数据和图表未经五矿期货有限公司书面许可任何人不得以电子机械影印录音或其它任何形式复制传播或存储于任何检索系统不经许可复制本刊任何内容皆属违反版权法行为可能将受到法律起诉并承担与之相关的所有损失赔偿和法律费用五矿期货分支机构深圳总部业务一部深圳市南山区滨海大道3165号五矿金融大厦13-16层电话400-888-5398电话0755-83252740业务二部业务三部电话0755-88917165电话0755-83752356业务四部业务五部电话010-68331868-183电话028-85053476深圳营业部北京分公司深圳市福田区福华三路1006号诺德大厦30D1北京市海淀区首体南路6号新世纪世行饭店写字楼1253室电话0755-83752310电话010-68332068上海分公司成都分公司上海市浦东新区向城路288号国华人寿金融大厦902903成都高新区天府大道北段1288号1幢3单元12层12041205电话021-58784529电话028-86131072青岛分公司北京营业部山东省青岛市东海西路35号太平洋中心1写字楼409北京市丰台区广安路9号院6号楼408409电话0532-85780820电话010-64185322广州营业部湛江营业部广东省广州市天河区珠江西路17号广晟国际大厦24楼2407广东省湛江市开发区乐山东路35号银隆广场12层A1210室电话020-29117582电话0759-2856220天津营业部西安营业部天津市滨海高新区华苑产业区梅苑路5号金座广场2101-陕西省西安市新城区纬什街新科路1号楼一层2102电话029-87572985电话022-23778878宁波中山西路营业部重庆营业部浙江省宁波市海曙区布政巷16号12楼1205室重庆市江北区江北城西大街25号11-1电话0574-87330527电话023-67078086郑州营业部南通营业部郑州市未来路69号未来大厦16层1612号江苏省南通市青年东路81号南通大饭店B楼财富中心2003室电话0371-65619030电话0513-81026105杭州民心路营业部台州爱华路营业部浙江省杭州市江干区万银大厦1408室浙江省台州市椒江区爱华新台州大厦8-A电话0571-81969926电话0576-89811511济南营业部昆明营业部山东省济南市历下区山大路201号天业科技商务大厦401云南省昆明市盘龙区北京路612号银海国际公寓D座3201室427室电话0871-63338532电话0531-83192255大连营业部唐山营业部辽宁省大连市沙河口区会展路大连国际金融中心A座大连期河北省唐山市路北区军鑫里凤城国贸1楼21层2104号货大厦2001号电话0315-5936395电话0411-84800452武汉营业部湖北省武汉市江岸区三阳路8号天悦星辰A栋26楼2602室电话0755-23375007