【基本面信息】
　　铜：产业层面，昨日LME库存减少275至83325吨，注销仓单比例进一步提高，Cash/3M贴水17美元/吨。国内方面，昨日上海地区现货由升水转为贴水50元/吨，临近假期市场交易氛围延续清淡。
　　铝：SMM现货A00铝报均价18520元/吨。A00铝锭升贴水平均价-100。铝期货仓单130274吨，较前一日上升4473吨。LME铝库存395150吨，下降4500吨。2022年12月（31天）中国电解铝产量343.8万吨，同比增加8.3%。
　　黄金：COMEX金跌0.55%，报1911.2美元/盎司，COMEX银跌1.2%，报24.08美元/盎司；沪金夜盘涨0.05%，报419.14元/克，沪银夜盘跌0.51%，报5294元/千克；10年期国债收益率涨1.4个基点，报3.55%，美元指数报102.39。
　　铁矿石：港口现货市场成交尚可，现货价格持稳，部分钢厂按需补库。本周澳洲发往中国的量1497.4万吨，环比减少38.4万吨。巴西发运量415.8万吨，环比减少43.7万吨，海外发运量继续下降，供应短期偏紧。
　　

研究报告全文：金属期权日报期权研究2023年1月18日星期三基本面信息铜产业层面昨日LME库存减少275至83325吨注销仓单比例进一步提高Cash3M贴水17美元吨国内方面昨日上海地区现货由升水转为贴水50元吨临近假期市场交易氛围延续清淡铝SMM现货A00铝报均价18520元吨A00铝锭升贴水平均价-100铝期货仓单130274吨较前一日上升4473吨LME铝库存395150吨下降4500吨2022年12月31天中国电解铝产量3438万吨同比增加83黄金COMEX金跌055报19112美元盎司COMEX银跌12报2408美元盎司沪金夜盘涨005报卢品先41914元克沪银夜盘跌051报5294元千克10年期国债收益率涨14个基点报355美元指数报10239铁矿石港口现货市场成交尚可现货价格持稳部分钢厂按需补库本周澳洲发往中国的量14974万吨环投研经理比减少384万吨巴西发运量4158万吨环比减少437万吨海外发运量继续下降供应短期偏紧0755-23375252lupxwkjyqhcom期权分析及操作建议1铜期权从业资格号沪铜CU2303上周止跌反弹持续大幅上涨加速上涨突破2022年11月以来高点而后高位震荡昨日夜盘大幅上F3047321升维持较强的多头信号涨幅195报收于69900期权隐含波动率持续上升006报收于2455持仓量PCR小幅交易咨询号盘整报收于176操作建议沪铜止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Z0015541波动率有所上升持仓量PCR小幅盘整震荡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CU2303SCU2303P68000SCU2303P69000和SCU2303C71000SCU2303C700002铝期权沪铝AL2303经过前期连续大幅下挫后而后超跌反弹V型反转连续报收阳线延续近两周以来的多头上涨趋势而上方有前期高点压力涨幅070报收于18750期权隐含波动率下降053报收于1712持仓量PCR报收于154操作建议沪铝超跌反弹持续上涨回暖上升而上方有前期高点压力形成短期偏多头中期偏空头的市场行情格局期权隐含波动率小幅波动期权持仓量PCR窄幅盘整构建看涨看跌卖方偏多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跌则逐渐平仓离场如AL2303SAL2303P1850010SAL2303P1860010和SAL2303C18600010SAL2303C18700103锌期权沪锌ZN2303上周以来低位反弹后持续上涨偏多头上行企稳20天均线和60天均线而后高位盘整震荡涨幅027报收于24295期权隐含波动率下降014报收于2247持仓量PCR小幅盘整报收于100操作建议沪锌上周以来延续偏多头趋势方向上围绕20天均线窄幅波动而后加速上涨突破近期高点后冲高回落形成短期偏多头上方有压力的市场行情格局期权隐含波动率小幅波动沪锌期权持仓量PCR窄幅波动构建卖出宽跨式偏多头方向的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离场如ZN2303SZN2303P24000SZN2303P23800和SZN2303C24400SZN2303C242004黄金期权黄金AU2304维持近一个半月以来沿着多头趋势方向上震荡上行突破上涨涨幅005报收于41914期权隐含波动率小幅上升036报收于1394期权持仓量PCR报收于078操作建议黄金延续偏多头趋势方向震荡上行突破上涨期权隐含波动率小幅上升期权持仓量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AU2304SAU2304C42410SAU2304C43210和SAU2304P41610SAU2304P408105铁矿石期权铁矿石I2305维持两个半月以来的多头上涨趋势上周加速上涨本周以来大幅下降后低位盘整震荡涨幅120报收于84400期权隐含波动率下降038报收于3836期权持仓量PCR小幅上涨报收于298操作建议铁矿石持续两个半月以来的多头加速上涨本周以来高位回落大幅下跌而趋势线方向仍向上期权隐含波动率小幅上升期权持仓量PCR持续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急速大跌则平仓离场如I2305SI2305-C-850SI2305-C-860和SI2305-P-830SI2305-P-840操作提醒临近春节长假注意仓位管控或清仓离场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CUCU2303699000013400019551617706ALAL230318750001300007010189476ZNZN2303242950065000277689310AUAU23044191402000591938519II2305844001000120543045296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CU23037000010160026420068374-20800-030-152600362023-02-22AL23031880029700464001863315100082-11700362023-02-22ZN230324200565005860024179-9300-038-11600362023-02-22AU23044161022716419168040-008692023-03-27I230584050805500836260031-820832023-04-10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MA20UPLOWCU2303223525972455006192921751682AL2303170517171712-053156017011418ZN2303225622412247-014191720991735AU2304148912401394036131613781254I2305334240713836-038339737383055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CU230341716435154-042979017225176001AL230365869281141029922014168154002ZN23032237322514405948454855100003AU230438212359062-01091967140078000I2305211534464921101359189176546298004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7500025成交量万收盘价68400007000020650001560000105500055000002022-09-292022-11-142022-12-212022-07-142022-07-192022-07-222022-07-272022-08-012022-08-042022-08-092022-08-122022-08-172022-08-222022-08-252022-08-302022-09-022022-09-072022-09-132022-09-162022-09-212022-09-262022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-172022-11-222022-11-252022-11-302022-12-052022-12-082022-12-132022-12-162022-12-262022-12-292023-01-042023-01-092023-01-122023-01-17图2铝主力合约走势图2000040成交量万收盘价19500186150035190003018500251800020175001517000101650051600002022-08-012022-08-122022-12-052022-12-162022-07-142022-07-192022-07-222022-07-272022-08-042022-08-092022-08-172022-08-222022-08-252022-08-302022-09-022022-09-072022-09-132022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-11-222022-11-252022-11-302022-12-082022-12-132022-12-212022-12-262022-12-292023-01-042023-01-092023-01-122023-01-17图3锌主力合约走势图2600050成交量万收盘价25000402400024120003023000202200021000102000002022-12-132022-12-162022-12-212022-12-262022-07-142022-07-192022-07-222022-07-272022-08-012022-08-042022-08-092022-08-122022-08-172022-08-222022-08-252022-08-302022-09-022022-09-072022-09-132022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-11-222022-11-252022-11-302022-12-052022-12-082022-12-292023-01-042023-01-092023-01-122023-01-17图4黄金主力合约走势图20成交量万收盘价419004204051039037536002022-07-142022-07-192022-07-222022-07-272022-08-012022-08-042022-08-092022-08-122022-08-172022-08-222022-08-252022-08-302022-09-022022-09-072022-09-132022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-11-222022-11-252022-11-302022-12-052022-12-082022-12-132022-12-162022-12-212022-12-262022-12-292023-01-042023-01-092023-01-122023-01-17图5铁矿石主力合约走势图1000140成交量万收盘价120900835001008008070060406002050002022-07-142022-07-192022-07-222022-07-272022-08-012022-08-042022-08-092022-08-122022-08-172022-08-222022-08-252022-08-302022-09-022022-09-072022-09-132022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-11-222022-11-252022-11-302022-12-052022-12-082022-12-132022-12-162022-12-212022-12-262022-12-292023-01-042023-01-092023-01-122023-01-17铜期权持仓分布铜期权持仓分布图铜期权持仓变化图30001502500100200050150001000-50500-1000-1504900049000510005300055000570005900061000630006500067000690007100073000750007700079000820004900051000530005500057000590006100063000650006700069000710007300075000770007900082000OIPOICOICHANGEPOICHANGEC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750007000065000600005500050000450002022-07-272022-11-172022-12-052022-07-142022-07-192022-07-222022-08-012022-08-042022-08-092022-08-122022-08-172022-08-222022-08-252022-08-302022-09-022022-09-072022-09-132022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-142022-11-222022-11-252022-11-302022-12-082022-12-132022-12-162022-12-212022-12-262022-12-292023-01-042023-01-092023-01-122023-01-17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280OIPCR7500050CLOSE4524070000402003565000684000030160256000020120150805500010040500002022-09-132022-10-142022-07-142022-07-222022-08-012022-08-092022-08-172022-08-252022-09-022022-09-212022-09-292022-10-242022-11-012022-11-092022-11-172022-11-252022-12-052022-12-132022-12-212022-12-292023-01-092023-01-172023-01-092022-07-262022-08-052022-08-172022-08-292022-09-082022-09-212022-10-102022-10-202022-11-012022-11-112022-11-232022-12-052022-12-152022-12-272022-07-14IMPVMA20UPLOW铝期权持仓分布铝期权持仓分布图铝期权持仓变化图160010008001400600120040010002000800-200600-400400-600-800200-10000-12001580015800206001490020000149001490015200155001610016400167001700017300176001790018200185001880019100194001970020000212002180015200155001580016100164001670017000173001760017900182001850018800191001940019700206002120021800OIPOICOICHANGEPOICHANGEC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2000019500190001850018000175001700016500160002022-11-222022-12-052022-07-142022-07-192022-07-222022-07-272022-08-012022-08-042022-08-092022-08-122022-08-172022-08-222022-08-252022-08-302022-09-022022-09-072022-09-132022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-11-252022-11-302022-12-082022-12-132022-12-162022-12-212022-12-262022-12-292023-01-042023-01-092023-01-122023-01-17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16019500OIPCR350CLOSE1900014030018500120250186150018000100200175000801501700010006016500040160002022-07-142022-07-222022-08-012022-08-092022-08-172022-08-252022-09-022022-09-132022-09-212022-09-292022-10-142022-10-242022-11-012022-11-092022-11-172022-11-252022-12-052022-12-132022-12-212022-12-292023-01-092023-01-172023-01-092022-07-262022-08-052022-08-172022-08-292022-09-082022-09-212022-10-102022-10-202022-11-012022-11-112022-11-232022-12-052022-12-152022-12-272022-07-14IMPVMA20UPLOW锌期权持仓分布锌期权持仓分布图锌期权持仓变化图900808006070040600205000400-20300-40200-60100-800-100216002160026500184001880018000180001840018800192001960020000204002080021200220002240022800232002360024000244002480025500275002850029500180001920019600200002040020800212002160022000224002280023200236002400024400248002550026500275002850029500OIPOICOICHANGEPOICHANGEC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2880026800248002280020800188002022-07-192022-07-142022-07-222022-07-272022-08-012022-08-042022-08-092022-08-122022-08-172022-08-222022-08-252022-08-302022-09-022022-09-072022-09-132022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-11-222022-11-252022-11-302022-12-052022-12-082022-12-132022-12-162022-12-212022-12-262022-12-292023-01-042023-01-092023-01-122023-01-17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18028000OIPCR500160CLOSE27000260004001402500012030024000100230002000802200010006021000040200002022-07-142022-07-222022-08-012022-08-092022-08-172022-08-252022-09-022022-09-132022-09-212022-09-292022-10-142022-10-242022-11-012022-11-092022-11-172022-11-252022-12-052022-12-132022-12-212022-12-292023-01-092023-01-172023-01-092022-07-262022-08-052022-08-172022-08-292022-09-082022-09-212022-10-102022-10-202022-11-012022-11-112022-11-232022-12-052022-12-152022-12-272022-07-14IMPVMA20UPLOW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1600300140025012002001000150800100600504000200-500-100480480368416320320328336344352360368376384392400416432448464320328336344352360376384392400432448464480OIPOICOICHANGEPOICHANGEC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5004504003503002022-09-022022-09-132022-07-142022-07-192022-07-222022-07-272022-08-012022-08-042022-08-092022-08-122022-08-172022-08-222022-08-252022-08-302022-09-072022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-11-222022-11-252022-11-302022-12-052022-12-082022-12-132022-12-162022-12-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