【基本面信息】
　　铜：产业层面，昨日LME库存续减525至62575吨，注销仓单比例提高，Cash/3M贴水28.7美元/吨。国内方面，周末社会库存小幅增加，昨日上海地区现货基差持平于35元/吨，临近交割月间价差较大，持货商挺价意愿偏强，成交氛围一般。
　　铝：SMM现货A00铝报均价18460元/吨。A00铝锭升贴水平均价-40。铝期货仓单190517吨，较前一日增加11602吨。LME铝库存576775吨，上升89850吨。2023年2月13日，SMM统计国内电解铝锭社会库存121.8万吨，较上周四库存增加2.8万吨，较2月6上周一库存量增加7.5万吨。
　　黄金：COMEX金跌0.54%，报1864.3美元/盎司，COMEX银跌0.36%，报22美元/盎司；沪金夜盘跌0.4%，报410.5元/克，沪银夜盘跌0.42%，报4927元/千克；10年期国债收益率报3.7%，美元指数报103.28。
　　铁矿石：现货市场方面，钢厂采购较为谨慎，询盘情况一般，成交活跃性尚可，现货价格与上一交易日下跌15-20元/吨。上周钢联库存数据显示，本周产量增加，两库仍在累库，需求小幅增加。
　　

研究报告全文：金属期权日报期权研究2023年2月14日星期二基本面信息铜产业层面昨日LME库存续减525至62575吨注销仓单比例提高Cash3M贴水287美元吨国内方面周末社会库存小幅增加昨日上海地区现货基差持平于35元吨临近交割月间价差较大持货商挺价意愿偏强成交氛围一般铝SMM现货A00铝报均价18460元吨A00铝锭升贴水平均价-40铝期货仓单190517吨较前一日增加11602吨LME铝库存576775吨上升89850吨2023年2月13日SMM统计国内电解铝锭社会库存1218万吨较上周四库存增卢品先加28万吨较2月6上周一库存量增加75万吨黄金COMEX金跌054报18643美元盎司COMEX银跌036报22美元盎司沪金夜盘跌04报4105投研经理元克沪银夜盘跌042报4927元千克10年期国债收益率报37美元指数报103280755-23375252铁矿石现货市场方面钢厂采购较为谨慎询盘情况一般成交活跃性尚可现货价格与上一交易日下跌15-lupxwkjyqhcom20元吨上周钢联库存数据显示本周产量增加两库仍在累库需求小幅增加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CU2303高位回落后延续近两周以来的震荡下行趋势上周以来矩形区间盘整而中期趋势方向仍向上Z0015541涨幅062报收于68570期权隐含波动率小幅上升033报收于1963持仓量PCR小幅盘整报收于115操作建议沪铜CU2303高位回落后延续两周以来的震荡下行上周以来止跌反弹回升形成区间盘整震荡下方有偏多头趋势线支撑期权隐含波动率窄幅波动期权持仓量PCR则小幅盘整震荡构建卖出看涨看跌偏空头的宽跨式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涨则平仓逐渐离场如CU2303SCU2303P67000SCU2303P68000和SCU2303C70000SCU2303C690002铝期权沪铝AL2303高位盘整震荡两周后连续报收大阴线大幅下跌跌破震荡区间下限跌幅003报收于18530期权隐含波动率下降064报收于1559持仓量PCR报收于085操作建议沪铝AL2303上周以来连续大幅下挫先后跌破21天均线和55天均线以及震荡区间的下限形成短期弱势偏空头趋势的行情状态期权隐含波动率小幅波动期权持仓量PCR持续下降回落构建卖出看涨看跌期权偏空头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平仓离场如AL2303SAL2303P1850010SAL2303P1840010和SAL2303C1850010SAL2303C18600103锌期权沪锌ZN2303春节后冲高回落连续大幅下跌跌破近期低点近一个月以来形成倒V型市场行情走势涨幅070报收于23175期权隐含波动率上升066报收于1990持仓量PCR小幅下降报收于066操作建议沪锌ZN2303近一个月以来形成倒V型走势的市场行情短期弱势偏空头市场行情形态期权隐含波动率小幅波动沪锌期权持仓量PCR弱势下降维持较低水平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则平仓离场如ZN2303SZN2303P22800SZN2303P23000和SZN2303C23400SZN2303C232004黄金期权黄金AU2304前期经过近三个月以来震荡上行突破上涨前一周冲高回落后连续报收大阴线大幅下挫跌破两周以来的低点上周以来弱势盘整低位震荡跌幅044报收于41052期权隐含波动率小幅上升003报收于1127期权持仓量PCR报收于085操作建议黄金AU2304前一周冲高回落后连续报收大阴线大幅下跌上周以来形成上方有压力的弱势偏空头区间盘整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空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涨则平仓离场如AU2304SAU2304-P-40010SAU2304-P-40810和SAU2304-C-41610SAU2304-C-424105铁矿石期权铁矿石I2305维持近三周以来围绕21天均线上下波动且均线斜率逐渐走平跌幅117报收于84300期权隐含波动率下降033报收于3350期权持仓量PCR小幅上涨报收于340操作建议铁矿石I2505延续三周以来偏多头趋势方向上的高位宽幅矩形区间盘整震荡期权隐含波动率先扬后抑逐渐回落期权持仓量PCR延续上升趋势位于较高位置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急速大跌则平仓离场如I2305SI2301-P-830SI2305-P-840和SI2305-C-850SI2305-C-860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CUCU230368570004200006263721702ALAL23031853000-500-003159314761ZNZN2303231750016000070104111978AUAU230441052-166-04091437654II230584300-1000-117778666453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CU2303690004160012260068190-22400-033-3800092023-02-22AL230318500210001580018552-9000-048220092023-02-22ZN230323200188004100022978-25800-111-1970092023-02-22AU2304408854346413240058256422023-03-27I230584042504000843-2030-235-050562023-04-10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MA20UPLOWCU2303196319641963033208723471827AL2303163114961559-064162017061534ZN2303209919151990066199121761806AU2304121210461127003131714341199I2305292135843350-033366738453490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CU230321703266431230392139424535115002AL23032862032662114-0072610822095085-002ZN230326150377881450321702611287066-005AU2304686772601060131265610699085001I2305399487312718300779545270735340-001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70000681500020650001560000105500055000002022-10-262022-12-022023-01-112022-08-032022-08-082022-08-112022-08-162022-08-192022-08-242022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-072022-12-122022-12-152022-12-202022-12-232022-12-282023-01-032023-01-062023-01-162023-01-192023-01-312023-02-032023-02-082023-02-13图2铝主力合约走势图2000040成交量万收盘价19500351855000190003018500251800020175001517000101650051600002022-08-192022-09-012022-12-232023-01-062022-08-032022-08-082022-08-112022-08-162022-08-242022-08-292022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-282023-01-032023-01-112023-01-162023-01-192023-01-312023-02-032023-02-082023-02-13图3锌主力合约走势图2600050成交量万收盘价25000402400030230002022000229600021000102000002023-01-032023-01-062023-01-112023-01-162022-08-032022-08-082022-08-112022-08-162022-08-192022-08-242022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-232022-12-282023-01-192023-01-312023-02-032023-02-082023-02-13图4黄金主力合约走势图30成交量万收盘价42041308405203901037536002022-08-032022-08-082022-08-112022-08-162022-08-192022-08-242022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-232022-12-282023-01-032023-01-062023-01-112023-01-162023-01-192023-01-312023-02-032023-02-082023-02-13图5铁矿石主力合约走势图1000140成交量万收盘价120900841501008008070060406002050002022-08-032022-08-082022-08-112022-08-162022-08-192022-08-242022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-232022-12-282023-01-032023-01-062023-01-112023-01-162023-01-192023-01-312023-02-032023-02-082023-02-13铜期权持仓分布铜期权持仓分布图铜期权持仓变化图4000300350020030001002500200001500-1001000-2005000-3004900049000510005300055000570005900061000630006500067000690007100073000750007700079000820004900051000530005500057000590006100063000650006700069000710007300075000770007900082000OIPOICOICHANGEPOICHANGEC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750007000065000600005500050000450002022-08-162022-12-072022-12-232022-08-032022-08-082022-08-112022-08-192022-08-242022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-122022-12-152022-12-202022-12-282023-01-032023-01-062023-01-112023-01-162023-01-192023-01-312023-02-032023-02-082023-02-13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280OIPCR7500045CLOSE40240700003520065000306815000160256000020120150805500010040500002022-10-102022-11-032022-08-032022-08-112022-08-192022-08-292022-09-062022-09-152022-09-232022-10-182022-10-262022-11-112022-11-212022-11-292022-12-072022-12-152022-12-232023-01-032023-01-112023-01-192023-02-032023-02-132023-02-032022-08-152022-08-252022-09-062022-09-192022-09-292022-10-182022-10-282022-11-092022-11-212022-12-012022-12-132022-12-232023-01-052023-01-172022-08-03IMPVMA20UPLOW铝期权持仓分布铝期权持仓分布图铝期权持仓变化图500012004500100040008003500300060025004002000200150001000500-2000-4001580015800206001490014900149001520015500161001640016700170001730017600179001820018500188001910019400197002000021200218001520015500158001610016400167001700017300176001790018200185001880019100194001970020000206002120021800OIPOICOICHANGEPOICHANGEC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2000019500190001850018000175001700016500160002022-12-122022-12-232022-08-032022-08-082022-08-112022-08-162022-08-192022-08-242022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-152022-12-202022-12-282023-01-032023-01-062023-01-112023-01-162023-01-192023-01-312023-02-032023-02-082023-02-13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16020000OIPCR350CLOSE195001403001900012018500250100180002001855000175000801501700006010016500040160002022-08-032022-08-112022-08-192022-08-292022-09-062022-09-152022-09-232022-10-102022-10-182022-10-262022-11-032022-11-112022-11-212022-11-292022-12-072022-12-152022-12-232023-01-032023-01-112023-01-192023-02-032023-02-132023-02-032022-08-152022-08-252022-09-062022-09-192022-09-292022-10-182022-10-282022-11-092022-11-212022-12-012022-12-132022-12-232023-01-052023-01-172022-08-03IMPVMA20UPLOW锌期权持仓分布锌期权持仓分布图锌期权持仓变化图300090080025007006002000500400150030010002001005000-1000-200184001840018800180001800018400188001920019600200002040020800212002160022000224002280023200236002400024400248002550026500275002850029500180001920019600200002040020800212002160022000224002280023200236002400024400248002550026500275002850029500OIPOICOICHANGEPOICHANGEC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2880026800248002280020800188002022-08-082022-08-032022-08-112022-08-162022-08-192022-08-242022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-232022-12-282023-01-032023-01-062023-01-112023-01-162023-01-192023-01-312023-02-032023-02-082023-02-13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18028000OIPCR500160CLOSE27000260004001402500012030024000100230002000802200010006021000040200002022-08-032022-08-112022-08-192022-08-292022-09-062022-09-152022-09-232022-10-102022-10-182022-10-262022-11-032022-11-112022-11-212022-11-292022-12-072022-12-152022-12-232023-01-032023-01-112023-01-192023-02-032023-02-132023-02-032022-08-152022-08-252022-09-062022-09-192022-09-292022-10-182022-10-282022-11-092022-11-212022-12-012022-12-132022-12-232023-01-052023-01-172022-08-03IMPVMA20UPLOW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2500200150200010015005010000-50500-1000-150496496376432328328336344352360368376384392400416432448464480328336344352360368384392400416448464480496OIPOICOICHANGEPOICHANGEC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5004504003503002022-09-232022-10-102022-08-032022-08-082022-08-112022-08-162022-08-192022-08-242022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-282022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-0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