【基本面信息】
　　铜：产业层面，昨日LME库存减少375至88550吨，注销仓单比例微降，Cash/3M贴水7.2美元/吨。国内方面，周末社会库存增逾1万吨，昨日上海地区现货升水上调至190元/吨。
　　铝：SMM现货A00铝报均价18320元/吨。A00铝锭升贴水平均价-30。铝期货仓单40666吨，较前一日增加7925吨。LME铝库存447250吨，减少3050吨。1月03日，SMM统计国内电解铝社会库存56.1万吨。
　　黄金：COMEX金涨1.06%，报1845.5美元/盎司，COMEX银涨0.56%，报24.18美元/盎司；沪金夜盘涨0.49%，报412.98元/克，沪银夜盘跌0.24，报5348元/千克；10年期国债收益率跌0.4个基点，报3.75%，美元指数涨0.88%，报104.66。
　　铁矿石：现货市场成交情况一般，钢厂按需补库。本周澳洲发往中国的量1446.0万吨，环比减少176.5万吨。巴西发运量925.3万吨，环比增加132.1万吨。中国45港铁矿石到港总量2682.3万吨，环比增加603.2万吨。
　　

研究报告全文：金属期权日报期权研究2023年1月4日星期三基本面信息铜产业层面昨日LME库存减少375至88550吨注销仓单比例微降Cash3M贴水72美元吨国内方面周末社会库存增逾1万吨昨日上海地区现货升水上调至190元吨铝SMM现货A00铝报均价18320元吨A00铝锭升贴水平均价-30铝期货仓单40666吨较前一日增加7925吨LME铝库存447250吨减少3050吨1月03日SMM统计国内电解铝社会库存561万吨黄金COMEX金涨106报18455美元盎司COMEX银涨056报2418美元盎司沪金夜盘涨卢品先049报41298元克沪银夜盘跌024报5348元千克10年期国债收益率跌04个基点报375投研经理美元指数涨088报104660755-23375252铁矿石现货市场成交情况一般钢厂按需补库本周澳洲发往中国的量14460万吨环比减少lupxwkjyqhcom1765万吨巴西发运量9253万吨环比增加1321万吨中国45港铁矿石到港总量26823万吨环比增加6032万吨从业资格号F3047321期权分析及操作建议交易咨询号1铜期权Z0015541沪铜上周以来冲高回落逐渐下行跌幅108报收于65010期权隐含波动率下降151报收于1523持仓量PCR小幅下降维持在高位水平报收于170操作建议沪铜多头趋势方向上高位震荡回落形成短期弱势偏空头中期偏多头的市场行情走势期权隐含波动率持续下降至至较低水平持仓量PCR窄幅波动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铝期权沪铝昨日大幅下跌夜盘延续下跌趋势跌破震荡区间下限形成短期偏空头行情跌幅147报收于18060期权隐含波动率上升041报收于1355持仓量PCR报收于071操作建议沪铝高位回落后大幅下跌跌破震荡区间下限和60天均线支撑点形成短期较为偏空的市场行情走势期权隐含波动率持续小幅上升期权持仓量PCR快速下降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AL2302SAL2302P1790010SAL2302P1800010和SAL2302C1810010SAL2302C18200103锌期权沪锌ZN2302前周高位回落后连续跳空低开大幅下跌上周超跌反弹而后受阻回落延续前期的弱势空头行情跌幅017报收于23380期权隐含波动率小幅上升024报收于1649持仓量PCR小幅下降报收于094操作建议沪锌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小幅下降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SZN2302C23600SZN2302C234004黄金期权黄金维持多头趋势方向上大幅波动的市场行情格局温和上涨震荡上行涨幅043报收于41186期权隐含波动率上升031报收于1239期权持仓量PCR报收于068操作建议黄金延续偏多头趋势方向上大幅波动突破上涨下方有60天均线支撑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-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上周以来加速上涨涨幅081报收于87000期权隐含波动率下降179报收于2932期权持仓量PCR小幅上升报收于256操作建议铁矿石持续两个月以来的多头上涨趋势不断突破上涨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快速大涨或大跌则平仓离场如I2305SI2305-C-870SI2305-C-860和SI2305-P-860SI2305-P-850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CUCU23026501000-66000-10149916397ALAL23021806000-27000-147202918600ZNZN23022338000-4000-01799611667AUAU23024118617804333813858II2302870007000812592235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CU2302650001260004680065792-46200-07078200152023-01-18AL230218100315001380018277-42600-22821700152023-01-18ZN230223400369003000023469-28600-1208900152023-01-18AU2302408486254410-014-003-154152023-01-18I23028709401510864-740-085-57062023-01-09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MA20UPLOWCU2302145115751523-151192021201721AL2302142212781355041154816761421ZN2302160216811649024205022791821AU2302121012891239031132913941264I2302265731162932-179327134333110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CU2302908512563138029988216805170-002AL230217601153930870091940313873071-001ZN2302958713692143-00186248118094-003AU230251352907057-0151587410258065-001I23024128661454149-01156418144616256001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7000025657900020650001560000105500055000002022-09-152022-10-312022-12-072022-06-302022-07-052022-07-082022-07-132022-07-182022-07-212022-07-262022-07-292022-08-032022-08-082022-08-112022-08-162022-08-192022-08-242022-08-292022-09-012022-09-062022-09-092022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-122022-12-152022-12-202022-12-232022-12-282023-01-03图2铝主力合约走势图2400045成交量万收盘价2300040220003521000302520000182700020190001518000101700051600002022-07-182022-07-292022-11-212022-12-022022-06-302022-07-052022-07-082022-07-132022-07-212022-07-262022-08-032022-08-082022-08-112022-08-162022-08-192022-08-242022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-242022-11-292022-12-072022-12-122022-12-152022-12-202022-12-232022-12-282023-01-03图3锌主力合约走势图3000050成交量万收盘价280004026000302400020220002345500102000002022-11-292022-12-022022-12-072022-12-122022-06-302022-07-052022-07-082022-07-132022-07-182022-07-212022-07-262022-07-292022-08-032022-08-082022-08-112022-08-162022-08-192022-08-242022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-12-152022-12-202022-12-232022-12-282023-01-03图4黄金主力合约走势图20成交量万收盘价420411204051039037536002022-06-302022-07-052022-07-082022-07-132022-07-182022-07-212022-07-262022-07-292022-08-032022-08-082022-08-112022-08-162022-08-192022-08-242022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-232022-12-282023-01-03图5铁矿石主力合约走势图1000140成交量万收盘价864001209001008008070060406002050002022-06-302022-07-052022-07-082022-07-132022-07-182022-07-212022-07-262022-07-292022-08-032022-08-082022-08-112022-08-162022-08-192022-08-242022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-232022-12-282023-01-03铜期权持仓分布铜期权持仓分布图铜期权持仓变化图30002502002500150200010015005001000-50500-1000-1504700047000490005100053000550005700059000610006300065000670006900071000730007500077000790004700049000510005300055000570005900061000630006500067000690007100073000750007700079000OIPOICOICHANGEPOICHANGEC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8500080000750007000065000600005500050000450002022-07-132022-11-032022-11-212022-06-302022-07-052022-07-082022-07-182022-07-212022-07-262022-07-292022-08-032022-08-082022-08-112022-08-162022-08-192022-08-242022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-082022-11-112022-11-162022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-232022-12-282023-01-03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280OIPCR7500050260CLOSE4524070000220402003518065000301606579000251406000020120100150805500010060040500002022-08-292022-09-232022-06-302022-07-082022-07-182022-07-262022-08-032022-08-112022-08-192022-09-062022-09-152022-10-102022-10-182022-10-262022-11-032022-11-112022-11-212022-11-292022-12-072022-12-152022-12-232023-01-032022-12-232022-07-122022-07-222022-08-032022-08-152022-08-252022-09-062022-09-192022-09-292022-10-182022-10-282022-11-092022-11-212022-12-012022-12-132022-06-30IMPVMA20UPLOW铝期权持仓分布铝期权持仓分布图铝期权持仓变化图300090080025007006002000500400150030010002001005000-1000-2001580015800206001490014900152001550016100164001670017000173001760017900182001850018800191001940019700200002120021800149001520015500158001610016400167001700017300176001790018200185001880019100194001970020000206002120021800OIPOICOICHANGEPOICHANGEC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220002100020000190001800017000160002022-11-082022-11-212022-06-302022-07-052022-07-082022-07-132022-07-182022-07-212022-07-262022-07-292022-08-032022-08-082022-08-112022-08-162022-08-192022-08-242022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-112022-11-162022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-232022-12-282023-01-03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16019500OIPCR350CLOSE1900014030018500120250180001001827000200175000801501700010006016500040160002022-06-302022-07-082022-07-182022-07-262022-08-032022-08-112022-08-192022-08-292022-09-062022-09-152022-09-232022-10-102022-10-182022-10-262022-11-032022-11-112022-11-212022-11-292022-12-072022-12-152022-12-232023-01-032022-12-232022-07-122022-07-222022-08-032022-08-152022-08-252022-09-062022-09-192022-09-292022-10-182022-10-282022-11-092022-11-212022-12-012022-12-132022-06-30IMPVMA20UPLOW锌期权持仓分布锌期权持仓分布图锌期权持仓变化图12003002501000200800150100600504000-50200-1000-150184001840018800180001800018400188001920019600200002040020800212002160022000224002280023200236002400024400248002550026500275002850029500180001920019600200002040020800212002160022000224002280023200236002400024400248002550026500275002850029500OIPOICOICHANGEPOICHANGEC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2880026800248002280020800188002022-07-052022-06-302022-07-082022-07-132022-07-182022-07-212022-07-262022-07-292022-08-032022-08-082022-08-112022-08-162022-08-192022-08-242022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-232022-12-282023-01-03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18028000OIPCR500160CLOSE27000260004001402500012030024000100230002000802200010006021000040200002022-06-302022-07-082022-07-182022-07-262022-08-032022-08-112022-08-192022-08-292022-09-062022-09-152022-09-232022-10-102022-10-182022-10-262022-11-032022-11-112022-11-212022-11-292022-12-072022-12-152022-12-232023-01-032022-12-232022-07-122022-07-222022-08-032022-08-152022-08-252022-09-062022-09-192022-09-292022-10-182022-10-282022-11-092022-11-212022-12-012022-12-132022-06-30IMPVMA20UPLOW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350020030001502500100200050150001000-50500-1000-150480480368416320320328336344352360368376384392400416432448464320328336344352360376384392400432448464480OIPOICOICHANGEPOICHANGEC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5004504003503002022-08-192022-08-292022-06-302022-07-052022-07-082022-07-132022-07-182022-07-212022-07-262022-07-292022-08-032022-08-082022-08-112022-08-162022-08-242022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-232022-12-282023-01-03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10041120420OIPCR35095CLOS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