【基本面信息】
　　铜：产业层面，昨日LME库存减少800至87775吨，注销仓单比例提高，Cash/3M贴水16美元/吨。国内方面，昨日上海地区现货升水下调至60元/吨，盘面回落持货商挺价意愿增强，买盘未改善。
　　铝：SMM现货A00铝报均价17730元/吨。A00铝锭升贴水平均价-80。铝期货仓单43249吨，较前一日上升2331吨。LME铝库存436500吨，减少5925吨。
　　黄金：COMEX金跌1.14%，报1837.9美元/盎司，COMEX银跌2.44%，报23.38美元/盎司；10年期国债收益率报3.72%，美元指数报105.11。
　　铁矿石：货市场成交情况一般，钢厂按需补库，PB粉价格较上一个交易日下跌5-10元/吨。钢联库存数据显示，本周建材产量下降，两库累库速度有所加快，表需下降，和昨日钢谷网数据表现基本一致，数据中性偏空。

研究报告全文：金属期权日报期权研究2023年1月6日星期五基本面信息铜产业层面昨日LME库存减少800至87775吨注销仓单比例提高Cash3M贴水16美元吨国内方面昨日上海地区现货升水下调至60元吨盘面回落持货商挺价意愿增强买盘未改善铝SMM现货A00铝报均价17730元吨A00铝锭升贴水平均价-80铝期货仓单43249吨较前一日上升2331吨LME铝库存436500吨减少5925吨黄金COMEX金跌114报18379美元盎司COMEX银跌244报2338美元盎司10年期国债收卢品先益率报372美元指数报10511投研经理铁矿石货市场成交情况一般钢厂按需补库PB粉价格较上一个交易日下跌5-10元吨钢联库存0755-23375252数据显示本周建材产量下降两库累库速度有所加快表需下降和昨日钢谷网数据表现基本一致数lupxwkjyqhcom据中性偏空从业资格号期权分析及操作建议F30473211铜期权交易咨询号沪铜上周以来冲高回落冲高回落后弱势偏空本周以来连续报收阴线加速下跌夜盘跳空高开大幅上Z0015541涨涨幅161报收于65140期权隐含波动率持续上升192报收于1949持仓量PCR小幅度上升报收于153操作建议沪铜高位回落后连续大幅下跌夜盘大幅反弹上升形成短期弱势偏空头趋势期权隐含波动率持续快速上升持仓量PCR小幅盘整震荡构建卖出看涨看跌宽跨式偏空头期权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跌则平仓逐渐离场如CU2302SCU2302P64000SCU2302P65000和SCU2302C65000SCU2302C660002铝期权沪铝上周冲高回落后弱势下行本周以来连续报收大阴线大幅下挫涨幅008报收于17815期权隐含波动率上升285报收于1640持仓量PCR报收于071操作建议沪铝延续弱势空头下行趋势期权隐含波动率持续快速上升期权持仓量PCR窄幅盘整构建看涨看跌卖方偏空头的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则逐渐平仓离场如AL2302SAL2302P1770010SAL2302P1780010和SAL2302C1800010SAL2302C17900103锌期权沪锌ZN2302上周超跌反弹上升受阻回落本周以来延续前期的弱势空头行情涨幅032报收于23190期权隐含波动率上升022报收于1960持仓量PCR急速上涨报收于140操作建议沪锌连续大幅下跌延续上方有压力的弱势偏空头行情期权隐含波动率小幅上升沪锌期权持仓量PCR急速上升构建卖出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涨或大跌则平仓离场如ZN2302SZN2302P23000SZN2302P23200和SZN2302C23200SZN2302C234004黄金期权黄金沿着多头趋势方向上震荡上行突破上涨而后冲高回落大幅波动跌幅095报收于40956期权隐含波动率小幅下降022报收于1258期权持仓量PCR报收于074操作建议黄金延续偏多头趋势方向震荡上行突破上涨日间振幅加剧期权隐含波动率小幅下降期权持仓量PCR窄幅盘整构建卖出偏多头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跌则逐渐平仓离场如AU2302SAU2302-C-42410SAU2302-C-41610和SAU2302-P-40810SAU2302-P-408105铁矿石期权铁矿石I2305超跌反弹V型反转后维持两个月以来的多头上涨趋势本周以来高位回落连续报收阴线跌幅048报收于83550期权隐含波动率直线上升1009报收于3842期权持仓量PCR快速上涨报收于260操作建议铁矿石持续两个月以来的多头上涨趋势突破上行本周市场行情逐渐转为弱势连续大幅下跌而趋势线方向仍向上期权隐含波动率持续下降期权持仓量PCR窄幅波动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急速大涨或大跌则平仓离场如I2305SI2305-C-840SI2305-C-850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CUCU2302651400010300016164420630ALAL230217815001500008164414633ZNZN23022319000750003293910854AUAU230240956-392-09529112050II230583550-400-048734461691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CU2302650004540011880064266-28400-044-87400132023-01-18AL23021780026700171001789614000088100132023-01-18ZN2302232003010030900231928700038200132023-01-18AU2302408566168412-024-006242132023-01-18I230584056405760839-820-097330952023-04-10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MA20UPLOWCU2302172120491949192190721061709AL2302168116581671031155216821422ZN2302184220261960022203322631803AU2302129611961258-022132513931258I23053310408038421009326634943039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CU230214173323882290571227818747153006AL230220444164430800002371916298069-003ZN2302934216757179-018794911107140006AU2302972659610610071404610371074006I23051264128163223-05850719132090260-005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7000025642900020650001560000105500055000002022-09-192022-11-022022-12-092022-07-042022-07-072022-07-122022-07-152022-07-202022-07-252022-07-282022-08-022022-08-052022-08-102022-08-152022-08-182022-08-232022-08-262022-08-312022-09-052022-09-082022-09-142022-09-222022-09-272022-09-302022-10-122022-10-172022-10-202022-10-252022-10-282022-11-072022-11-102022-11-152022-11-182022-11-232022-11-282022-12-012022-12-062022-12-142022-12-192022-12-222022-12-272022-12-302023-01-05图2铝主力合约走势图2000045成交量万收盘价1950040190003518500179050030251800020175001517000101650051600002022-07-202022-08-022022-11-232022-12-062022-07-042022-07-072022-07-122022-07-152022-07-252022-07-282022-08-052022-08-102022-08-152022-08-182022-08-232022-08-262022-08-312022-09-052022-09-082022-09-142022-09-192022-09-222022-09-272022-09-302022-10-122022-10-172022-10-202022-10-252022-10-282022-11-022022-11-072022-11-102022-11-152022-11-182022-11-282022-12-012022-12-092022-12-142022-12-192022-12-222022-12-272022-12-302023-01-05图3锌主力合约走势图2600050成交量万收盘价25000402400030230002317000202200021000102000002022-12-012022-12-062022-12-092022-12-142022-07-042022-07-072022-07-122022-07-152022-07-202022-07-252022-07-282022-08-022022-08-052022-08-102022-08-152022-08-182022-08-232022-08-262022-08-312022-09-052022-09-082022-09-142022-09-192022-09-222022-09-272022-09-302022-10-122022-10-172022-10-202022-10-252022-10-282022-11-022022-11-072022-11-102022-11-152022-11-182022-11-232022-11-282022-12-192022-12-222022-12-272022-12-302023-01-05图4黄金主力合约走势图20成交量万收盘价420412504051039037536002022-07-042022-07-072022-07-122022-07-152022-07-202022-07-252022-07-282022-08-022022-08-052022-08-102022-08-152022-08-182022-08-232022-08-262022-08-312022-09-052022-09-082022-09-142022-09-192022-09-222022-09-272022-09-302022-10-122022-10-172022-10-202022-10-252022-10-282022-11-022022-11-072022-11-102022-11-152022-11-182022-11-232022-11-282022-12-012022-12-062022-12-092022-12-142022-12-192022-12-222022-12-272022-12-302023-01-05图5铁矿石主力合约走势图1000140成交量万收盘价120900840001008008070060406002050002022-07-042022-07-072022-07-122022-07-152022-07-202022-07-252022-07-282022-08-022022-08-052022-08-102022-08-152022-08-182022-08-232022-08-262022-08-312022-09-052022-09-082022-09-142022-09-192022-09-222022-09-272022-09-302022-10-122022-10-172022-10-202022-10-252022-10-282022-11-022022-11-072022-11-102022-11-152022-11-182022-11-232022-11-282022-12-012022-12-062022-12-092022-12-142022-12-192022-12-222022-12-272022-12-302023-01-05铜期权持仓分布铜期权持仓分布图铜期权持仓变化图3500600300050040025003002000200150010001000-100500-2000-3004700047000490005100053000550005700059000610006300065000670006900071000730007500077000790004700049000510005300055000570005900061000630006500067000690007100073000750007700079000OIPOICOICHANGEPOICHANGEC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750007000065000600005500050000450002022-07-152022-11-072022-11-232022-07-042022-07-072022-07-122022-07-202022-07-252022-07-282022-08-022022-08-052022-08-102022-08-152022-08-182022-08-232022-08-262022-08-312022-09-052022-09-082022-09-142022-09-192022-09-222022-09-272022-09-302022-10-122022-10-172022-10-202022-10-252022-10-282022-11-022022-11-102022-11-152022-11-182022-11-282022-12-012022-12-062022-12-092022-12-142022-12-192022-12-222022-12-272022-12-302023-01-05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280OIPCR7500050CLOSE4524070000402003565000301602564290006000020120150805500010040500002022-08-312022-09-272022-07-042022-07-122022-07-202022-07-282022-08-052022-08-152022-08-232022-09-082022-09-192022-10-122022-10-202022-10-282022-11-072022-11-152022-11-232022-12-012022-12-092022-12-192022-12-272023-01-052022-12-272022-07-142022-07-262022-08-052022-08-172022-08-292022-09-082022-09-212022-10-102022-10-202022-11-012022-11-112022-11-232022-12-052022-12-152022-07-04IMPVMA20UPLOW铝期权持仓分布铝期权持仓分布图铝期权持仓变化图300060050025004002000300150020010010000500-1000-2001580015800206001490014900152001550016100164001670017000173001760017900182001850018800191001940019700200002120021800149001520015500158001610016400167001700017300176001790018200185001880019100194001970020000206002120021800OIPOICOICHANGEPOICHANGEC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2000019500190001850018000175001700016500160002022-11-102022-11-232022-07-042022-07-072022-07-122022-07-152022-07-202022-07-252022-07-282022-08-022022-08-052022-08-102022-08-152022-08-182022-08-232022-08-262022-08-312022-09-052022-09-082022-09-142022-09-192022-09-222022-09-272022-09-302022-10-122022-10-172022-10-202022-10-252022-10-282022-11-022022-11-072022-11-152022-11-182022-11-282022-12-012022-12-062022-12-092022-12-142022-12-192022-12-222022-12-272022-12-302023-01-05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16019500OIPCR350CLOSE1900014030018500120250180001002001750008017905001501700010006016500040160002022-07-042022-07-122022-07-202022-07-282022-08-052022-08-152022-08-232022-08-312022-09-082022-09-192022-09-272022-10-122022-10-202022-10-282022-11-072022-11-152022-11-232022-12-012022-12-092022-12-192022-12-272023-01-052022-12-272022-07-142022-07-262022-08-052022-08-172022-08-292022-09-082022-09-212022-10-102022-10-202022-11-012022-11-112022-11-232022-12-052022-12-152022-07-04IMPVMA20UPLOW锌期权持仓分布锌期权持仓分布图锌期权持仓变化图140020012001501000100800506000400200-500-100184001840018800180001800018400188001920019600200002040020800212002160022000224002280023200236002400024400248002550026500275002850029500180001920019600200002040020800212002160022000224002280023200236002400024400248002550026500275002850029500OIPOICOICHANGEPOICHANGEC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2880026800248002280020800188002022-07-072022-07-042022-07-122022-07-152022-07-202022-07-252022-07-282022-08-022022-08-052022-08-102022-08-152022-08-182022-08-232022-08-262022-08-312022-09-052022-09-082022-09-142022-09-192022-09-222022-09-272022-09-302022-10-122022-10-172022-10-202022-10-252022-10-282022-11-022022-11-072022-11-102022-11-152022-11-182022-11-232022-11-282022-12-012022-12-062022-12-092022-12-142022-12-192022-12-222022-12-272022-12-302023-01-05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18028000OIPCR500160CLOSE27000260004001402500012030024000100230002000802200010006021000040200002022-07-042022-07-122022-07-202022-07-282022-08-052022-08-152022-08-232022-08-312022-09-082022-09-192022-09-272022-10-122022-10-202022-10-282022-11-072022-11-152022-11-232022-12-012022-12-092022-12-192022-12-272023-01-052022-12-272022-07-142022-07-262022-08-052022-08-172022-08-292022-09-082022-09-212022-10-102022-10-202022-11-012022-11-112022-11-232022-12-052022-12-152022-07-04IMPVMA20UPLOW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30002002500100200001500-1001000-200500-3000-400480480368416320320328336344352360368376384392400416432448464320328336344352360376384392400432448464480OIPOICOICHANGEPOICHANGEC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5004504003503002022-08-232022-08-312022-07-042022-07-072022-07-122022-07-152022-07-202022-07-252022-07-282022-08-022022-08-052022-08-102022-08-152022-08-182022-08-262022-09-052022-09-082022-09-142022-09-192022-09-222022-09-272022-09-302022-10-122022-10-172022-10-202022-10-252022-10-282022-11-022022-11-072022-11-102022-11-152022-11-182022-11-232022-11-282022-12-012022-12-062022-12-092022-12-142022-12-192022-12-222022-12-272022-12-302023-01-05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09541250420OIPCR35090CLOSE41008530080400250753902007006538015060370100550503602022-07-042022-09-082022-07-122022-07-202022-07-282022-08-052022-08-152022-08-232022-08-312022-09-192022-09-272022-10-122022-10-202022-10-282022-11-072022-11-152022-11-232022-12-012022-12-092022-12-192022-12-272023-01-052022-12-272022-07-142022-07-262022-08-052022-08-172022-08-292022-09-082022-09-212022-10-102022-10-202022-11-012022-11-112022-11-232022-12-052022-12-152022-07-04IMPVMA20UPLOW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250008006002000040015000200010000-200-4005000-6000-80057057093048048051054060063066069072075078081084087090096099010404805105405706006306606907207507808108408709009309609901040OIPOICOICHANGEPOICHANGEC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10009509008508007507006506005505002022-08-022022-10-202022-12-142022-07-042022-07-072022-07-122022-07-152022-07-202022-07-252022-07-282022-08-052022-08-102022-08-152022-08-182022-08-232022-08-262022-08-312022-09-052022-09-082022-09-142022-09-192022-09-222022-09-272022-09-302022-10-122022-10-172022-10-252022-10-282022-11-022022-11-072022-11-102022-11-152022-11-182022-11-232022-11-282022-12-012022-12-062022-12-092022-12-192022-12-222022-12-272022-12-302023-01-05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31084000900OIPCR80CLOSE26085070800602107505016070040110650300606002022-08-232022-10-122022-07-042022-07-122022-07-202022-07-282022-08-052022-08-152022-08-312022-09-082022-09-192022-09-272022-10-202022-10-282022-11-072022-11-152022-11-232022-12-012022-12-092022-12-192022-12-272023-01-052022-12-272022-07-142022-07-262022-08-052022-08-172022-08-292022-09-082022-09-212022-10-102022-10-202022-11-012022-11-112022-11-232022-12-052022-12-152022-07-04IMPVMA20UPLOW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