【基本面信息】
　　铜：产业层面，昨日LME库存减少1250至85150吨，注销仓单比例提高，Cash/3M贴水26.5美元/吨。国内方面，周末社会库存增加约0.5万吨，昨日上海地区现货升水下调至20元/吨，市场询盘减少，成交活跃度低。
　　铝：SMM现货A00铝报均价17860元/吨。A00铝锭升贴水平均价-70。铝期货仓单43528吨，较前一日上升501吨。LME铝库存422075吨，减少6450吨。
　　黄金：COMEX金涨0.35%，报1876.3美元/盎司，COMEX银跌0.8%，报23.8美元/盎司；10年期国债收益率涨1个基点，报3.53%，美元指数报103.19。
　　铁矿石：现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20-25元/吨。本周澳洲发往中国的量1535.8万吨，环比增加89.8万吨。

研究报告全文：金属期权日报期权研究2023年1月10日星期二基本面信息铜产业层面昨日LME库存减少1250至85150吨注销仓单比例提高Cash3M贴水265美元吨国内方面周末社会库存增加约05万吨昨日上海地区现货升水下调至20元吨市场询盘减少成交活跃度低铝SMM现货A00铝报均价17860元吨A00铝锭升贴水平均价-70铝期货仓单43528吨较前一日上升501吨LME铝库存422075吨减少6450吨卢品先黄金COMEX金涨035报18763美元盎司COMEX银跌08报238美元盎司10年期国债收益投研经理率涨1个基点报353美元指数报103190755-23375252铁矿石现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20-25元吨本周澳lupxwkjyqhcom洲发往中国的量15358万吨环比增加898万吨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连续空头下跌而后超跌反弹持续大幅上涨涨幅168报收于Z001554166750期权隐含波动率持续上升126报收于2008持仓量PCR大幅度上升报收于209操作建议沪铜超跌反弹回暖上升后持续大幅上涨延续前期的偏多头市场行情趋势期权隐含波动率持续上升持仓量PCR大幅度上涨至200以上构建卖出看涨看跌宽跨式偏多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CU2302SCU2302P66000SCU2302P67000和SCU2302C67000SCU2302C680002铝期权沪铝经过前一周连续大幅下挫后上周以来低位盘整弱势震荡后逐渐回暖涨幅167报收于18215期权隐含波动率上升066报收于1777持仓量PCR报收于065操作建议沪铝延续空头趋势线下弱势震荡有所反弹回暖上升期权隐含波动率持续上涨期权持仓量PCR窄幅盘整维持较低水平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AL2302SAL2302P1810010SAL2302P1820010和SAL2302C18300010SAL2302C18400103锌期权沪锌ZN2302上周以来低位反弹后逐渐上涨偏多头上行涨幅217报收于23830期权隐含波动率上升022报收于1867持仓量PCR小幅盘整报收于139操作建议沪锌短期趋势偏多头上涨而上方有前期高点压力的市场行情格局期权隐含波动率小幅上升沪锌期权持仓量PCR小幅波动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ZN2302SZN2302P23600SZN2302P23800和SZN2302C24000SZN2302C242004黄金期权黄金沿着多头趋势方向上震荡上行突破上涨而日间振幅加剧涨幅004报收于41186期权隐含波动率小幅上升026报收于1333期权持仓量PCR报收于073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大多空博弈剧烈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维持两个月以来的多头上涨趋势上周以来高位盘整震荡逐渐回落涨幅024报收于83150期权隐含波动率上升077报收于3622期权持仓量PCR小幅上涨报收于253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上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CUCU2302667500011000016858119082ALAL2302182150030000167195017470ZNZN2302238300050500217142216587AUAU23024118601600426310841II2305831502000241152895664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CU230267000374001270006610491800141-6460092023-01-18AL23021820011000322001798811600065-2270092023-01-18ZN23022380016500430002353530400131-2950092023-01-18AU230240864613841342010312292023-01-18I230583048005600822-3230-378-950912023-04-10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MA20UPLOWCU2302176521912008126188820721704AL2302177417821777066156417051422ZN2302180219331867022200122301771AU2302133113351333026132313891256I2305318938953622077327635153038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CU23022766936871133-0211150524023209035AL23023728524112065-0202641217222065004ZN23022428223719098-052828411505139000AU2302112857075063-0271430610467073001I23054008563776159-00456799143682253004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2570000660900020650001560000105500055000002022-09-212022-11-042022-12-132022-07-062022-07-112022-07-142022-07-192022-07-222022-07-272022-08-012022-08-042022-08-092022-08-122022-08-172022-08-222022-08-252022-08-302022-09-022022-09-072022-09-132022-09-162022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-092022-11-142022-11-172022-11-222022-11-252022-11-302022-12-052022-12-082022-12-162022-12-212022-12-262022-12-292023-01-042023-01-09图2铝主力合约走势图2000045成交量万收盘价1950040190003517950001850030251800020175001517000101650051600002022-07-222022-08-042022-11-252022-12-082022-07-062022-07-112022-07-142022-07-192022-07-272022-08-012022-08-092022-08-122022-08-172022-08-222022-08-252022-08-302022-09-022022-09-072022-09-132022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-11-222022-11-302022-12-052022-12-132022-12-162022-12-212022-12-262022-12-292023-01-042023-01-09图3锌主力合约走势图2600050成交量万收盘价25000402400030230002351500202200021000102000002022-12-052022-12-082022-12-132022-12-162022-07-062022-07-112022-07-142022-07-192022-07-222022-07-272022-08-012022-08-042022-08-092022-08-122022-08-172022-08-222022-08-252022-08-302022-09-022022-09-072022-09-132022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-11-222022-11-252022-11-302022-12-212022-12-262022-12-292023-01-042023-01-09图4黄金主力合约走势图20成交量万收盘价420414004051039037536002022-07-062022-07-112022-07-142022-07-192022-07-222022-07-272022-08-012022-08-042022-08-092022-08-122022-08-172022-08-222022-08-252022-08-302022-09-022022-09-072022-09-132022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-11-222022-11-252022-11-302022-12-052022-12-082022-12-132022-12-162022-12-212022-12-262022-12-292023-01-042023-01-09图5铁矿石主力合约走势图1000140成交量万收盘价120900823001008008070060406002050002022-07-062022-07-112022-07-142022-07-192022-07-222022-07-272022-08-012022-08-042022-08-092022-08-122022-08-172022-08-222022-08-252022-08-302022-09-022022-09-072022-09-132022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-11-222022-11-252022-11-302022-12-052022-12-082022-12-132022-12-162022-12-212022-12-262022-12-292023-01-042023-01-09铜期权持仓分布铜期权持仓分布图铜期权持仓变化图4500250040002000350015003000250010002000500150001000500-5000-1000490004900079000470004700049000510005300055000570005900061000630006500067000690007100073000750007700079000470005100053000550005700059000610006300065000670006900071000730007500077000OIPOICOICHANGEPOICHANGEC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750007000065000600005500050000450002022-07-192022-11-092022-11-252022-07-062022-07-112022-07-142022-07-222022-07-272022-08-012022-08-042022-08-092022-08-122022-08-172022-08-222022-08-252022-08-302022-09-022022-09-072022-09-132022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-142022-11-172022-11-222022-11-302022-12-052022-12-082022-12-132022-12-162022-12-212022-12-262022-12-292023-01-042023-01-09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280OIPCR7500050CLOSE4524070000402003565000301606609000256000020120150805500010040500002022-09-022022-09-292022-07-062022-07-142022-07-222022-08-012022-08-092022-08-172022-08-252022-09-132022-09-212022-10-142022-10-242022-11-012022-11-092022-11-172022-11-252022-12-052022-12-132022-12-212022-12-292023-01-092022-12-292022-07-182022-07-282022-08-092022-08-192022-08-312022-09-132022-09-232022-10-122022-10-242022-11-032022-11-152022-11-252022-12-072022-12-192022-07-06IMPVMA20UPLOW铝期权持仓分布铝期权持仓分布图铝期权持仓变化图35001000300080025006002000400150020010000500-2000-4001580015800206001490014900149001520015500161001640016700170001730017600179001820018500188001910019400197002000021200218001520015500158001610016400167001700017300176001790018200185001880019100194001970020000206002120021800OIPOICOICHANGEPOICHANGEC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2000019500190001850018000175001700016500160002022-11-142022-11-252022-07-062022-07-112022-07-142022-07-192022-07-222022-07-272022-08-012022-08-042022-08-092022-08-122022-08-172022-08-222022-08-252022-08-302022-09-022022-09-072022-09-132022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-172022-11-222022-11-302022-12-052022-12-082022-12-132022-12-162022-12-212022-12-262022-12-292023-01-042023-01-09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16019500OIPCR350CLOSE1900014030018500120250180001002001750017950000801501700010006016500040160002022-07-062022-07-142022-07-222022-08-012022-08-092022-08-172022-08-252022-09-022022-09-132022-09-212022-09-292022-10-142022-10-242022-11-012022-11-092022-11-172022-11-252022-12-052022-12-132022-12-212022-12-292023-01-092022-12-292022-07-182022-07-282022-08-092022-08-192022-08-312022-09-132022-09-232022-10-122022-10-242022-11-032022-11-152022-11-252022-12-072022-12-192022-07-06IMPVMA20UPLOW锌期权持仓分布锌期权持仓分布图锌期权持仓变化图16006001400400120020010008000600-200400-4002000-600184001840018800180001800018400188001920019600200002040020800212002160022000224002280023200236002400024400248002550026500275002850029500180001920019600200002040020800212002160022000224002280023200236002400024400248002550026500275002850029500OIPOICOICHANGEPOICHANGEC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2880026800248002280020800188002022-07-112022-07-062022-07-142022-07-192022-07-222022-07-272022-08-012022-08-042022-08-092022-08-122022-08-172022-08-222022-08-252022-08-302022-09-022022-09-072022-09-132022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-11-222022-11-252022-11-302022-12-052022-12-082022-12-132022-12-162022-12-212022-12-262022-12-292023-01-042023-01-09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18028000OIPCR500160CLOSE27000260004001402500012030024000100230002000802200010006021000040200002022-07-062022-07-142022-07-222022-08-012022-08-092022-08-172022-08-252022-09-022022-09-132022-09-212022-09-292022-10-142022-10-242022-11-012022-11-092022-11-172022-11-252022-12-052022-12-132022-12-212022-12-292023-01-092022-12-292022-07-182022-07-282022-08-092022-08-192022-08-312022-09-132022-09-232022-10-122022-10-242022-11-032022-11-152022-11-252022-12-072022-12-192022-07-06IMPVMA20UPLOW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30003503002500250200200015010015005010000-50500-100-1500-200480480368416320320328336344352360368376384392400416432448464320328336344352360376384392400432448464480OIPOICOICHANGEPOICHANGEC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5004504003503002022-08-252022-09-022022-07-062022-07-112022-07-142022-07-192022-07-222022-07-272022-08-012022-08-042022-08-092022-08-122022-08-172022-08-222022-08-302022-09-072022-09-132022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-11-222022-11-252022-11-302022-12-052022-12-082022-12-132022-12-162022-12-212022-12-262022-12-292023-01-042023-01-09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41400095420OIPCR35090CLOSE41008530080400250753902007006538015060370100550503602022-07-062022-09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