【基本面信息】
　　铜：产业层面，周末国内社会库存小幅增加，临近年底持货商换现意愿较强，上海地区现货升水下调至250元/吨。废铜方面，昨日国内精废价差小幅缩窄至1440元/吨，废铜替代优势降低。
　　铝：SMM现货A00铝报均价18760元/吨。A00铝锭升贴水平均价110。铝期货仓单35592吨，较前一日减少2411吨。截至12月26日，国内电解铝社会库存48.4万吨，较上周四库存增加0.9万吨，较11月底库存下降3.2万吨，较去年同期库存下降35.6万吨。
　　黄金：外盘贵金属因圣诞假休市；沪金夜盘涨0.02%，报407.5元/克，沪银夜盘涨0.51%，报5337元/千克；日内关注10月S&P/CS20座大城市房价指数。
　　铁矿石：SMM统计数据显示，上周（12.17-12.23）全球铁矿发运总量3385万吨，环比减少2%。其中澳洲发往中国环比减少9.7%，巴西发往中国环比增加26%。而根据SMM统计的中国铁矿石到港总量数据为2372.42万吨，环比减少2.4%。

研究报告全文：金属期权日报期权研究2022年12月27日星期二基本面信息铜产业层面周末国内社会库存小幅增加临近年底持货商换现意愿较强上海地区现货升水下调至250元吨废铜方面昨日国内精废价差小幅缩窄至1440元吨废铜替代优势降低铝SMM现货A00铝报均价18760元吨A00铝锭升贴水平均价110铝期货仓单35592吨较前一日减少2411吨截至12月26日国内电解铝社会库存484万吨较上周四库存增加09万吨较11月底库存下降32万吨较去年同期库存下降356万吨卢品先黄金外盘贵金属因圣诞假休市沪金夜盘涨002报4075元克沪银夜盘涨051报5337元投研经理千克日内关注10月SPCS20座大城市房价指数0755-23375252铁矿石SMM统计数据显示上周1217-1223全球铁矿发运总量3385万吨环比减少2其中澳lupxwkjyqhcom洲发往中国环比减少97巴西发往中国环比增加26而根据SMM统计的中国铁矿石到港总量数据为237242万吨环比减少24从业资格号F3047321期权分析及操作建议交易咨询号1铜期权Z0015541沪铜维持近三周以来沿着多头趋势方向上高位盘整震荡逐渐回暖上升涨幅081报收于66310期权隐含波动率下降012报收于1790持仓量PCR持续上升维持在高位水平报收于199操作建议沪铜沿着偏多头趋势方向高位盘整震荡逐渐上行期权隐含波动率持续下降至较低水平持仓量PCR快速上升构建卖出看涨看跌宽跨式期权组合策略获取时间价值收益若市场行情快速大跌或急速大涨则平仓逐渐离场如CU2302SCU2302P66000SCU2302P65000和SCU2302C67000SCU2302C680002铝期权沪铝维持近两周以来围绕着55天均线附近上下震荡涨幅086报收于18725期权隐含波动率下降072报收于1431持仓量PCR报收于099操作建议沪铝维持近两周以来围绕着55天均线上下波动形成矩形区间盘整震荡期权隐含波动率持续小幅下降期权持仓量PCR快速上涨操作建议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AL2302SAL2302P1860010SAL2302P1870010和SAL2302C1880010SAL2302C18900103锌期权沪锌ZN2301上周高位回落后连续跳空低开大幅下跌短期市场行情较强的空头情绪涨幅064报收于23545期权隐含波动率下降020报收于1905持仓量PCR小幅下降报收于116操作建议沪锌高位回落后连续报收大阴线形成短期趋势上方有压力的弱势偏空头期权隐含波动率持续下降回落沪锌期权持仓量PCR大幅度下降构建卖出宽跨式期权偏空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ZN2302SZN2302P23400SZN2302P23200和SZN2302C23800SZN2302C236004黄金期权黄金延续多头趋势方向上大幅波动的市场行情涨幅002报收于40750期权隐含波动率下降054报收于1352期权持仓量PCR报收于066操作建议黄金延续偏多头趋势方向上大幅波动的市场行情格局下方有60天均线支撑上方有前期高点压力期权隐含波动率小幅波动期权持仓量PCR窄幅盘整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AU2302SAU2302-C-40810SAU2302-C-41610和SAU2302-P-40010SAU2302-P-408105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高位盘整震荡大幅波动涨幅030报收于83400期权隐含波动率上升154报收于3191期权持仓量PCR大幅度上升报收于266操作建议铁矿石持续一个半月以来的多头上涨趋势上周以来涨幅收窄形成高位宽幅矩形区间震荡期权隐含波动率持续下降后快速反弹期权持仓量PCR急速上涨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I2305SI2301-C-830SI2305-C-840和SI2305-P-820SI2305-P-830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CUCU230266310005300008144614670ALAL2302187250016000086137012721ZNZN2302235450015000064121014155AUAU23024075001000290436812II2302834002500302422014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CU23026600097800984006599459200091-31600252023-01-20AL2302187002500030500186457600041-8000252023-01-20ZN23022360038200493002348942800186-5600252023-01-20AU2302408448506407038009-008252023-01-20I230283022901460838270032430142023-01-09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MA20UPLOWCU2302160719011790-012199821441851AL2302138914731431-072161517001529ZN2302175720451905-020213722682005AU2302148511911352-054134513901301I2302246334963191154343736973176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CU230250848346164-055759515124199-028AL230264556259097-0231125111138099-008ZN230247224985106-10253086138116-007AU2302469838560820301671611033066-001I2302359578562723810652652140139266000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7000025660100020650001560000105500055000002022-09-072022-10-242022-11-302022-06-232022-06-282022-07-012022-07-062022-07-112022-07-142022-07-192022-07-222022-07-272022-08-012022-08-042022-08-092022-08-122022-08-172022-08-222022-08-252022-08-302022-09-022022-09-132022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-11-222022-11-252022-12-052022-12-082022-12-132022-12-162022-12-212022-12-26图2铝主力合约走势图2400050成交量万收盘价230004022000210003020000186450019000201800010170001600002022-07-112022-07-222022-11-142022-11-252022-06-232022-06-282022-07-012022-07-062022-07-142022-07-192022-07-272022-08-012022-08-042022-08-092022-08-122022-08-172022-08-222022-08-252022-08-302022-09-022022-09-072022-09-132022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-172022-11-222022-11-302022-12-052022-12-082022-12-132022-12-162022-12-212022-12-26图3锌主力合约走势图3000060成交量万收盘价28000504026000302400020235200022000102000002022-11-222022-11-252022-11-302022-12-052022-06-232022-06-282022-07-012022-07-062022-07-112022-07-142022-07-192022-07-222022-07-272022-08-012022-08-042022-08-092022-08-122022-08-172022-08-222022-08-252022-08-302022-09-022022-09-072022-09-132022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-12-082022-12-132022-12-162022-12-212022-12-26图4黄金主力合约走势图20成交量万收盘价420407244051039037536002022-06-232022-06-282022-07-012022-07-062022-07-112022-07-142022-07-192022-07-222022-07-272022-08-012022-08-042022-08-092022-08-122022-08-172022-08-222022-08-252022-08-302022-09-022022-09-072022-09-132022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-11-222022-11-252022-11-302022-12-052022-12-082022-12-132022-12-162022-12-212022-12-26图5铁矿石主力合约走势图1000140成交量万收盘价120900839501008008070060406002050002022-06-232022-06-282022-07-012022-07-062022-07-112022-07-142022-07-192022-07-222022-07-272022-08-012022-08-042022-08-092022-08-122022-08-172022-08-222022-08-252022-08-302022-09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