【基本面信息】
　　铜：产业层面，昨日LME库存减少975至72375吨，注销仓单比例提高，Cash/3M贴水20.7美元/吨。国内方面，昨日上海地区现货升水涨至65元/吨，买盘仍较活跃，成交积极。进出口方面，昨日国内现货铜进口亏损微扩至500元/吨左右，洋山铜溢价微降。
　　铝：SMM现货A00铝报均价18450元/吨。A00铝锭升贴水平均价-50。铝期货仓单220917吨，较前一日增加5629吨。LME铝库存551175吨，下降3125吨。2023年3月9日，SMM统计国内电解铝锭社会库存126.7万吨。
　　黄金：周四（3月9日），COMEX黄金期货收涨0.9%报1835美元/盎司，COMEX白银期货收跌0.1%报20.13美元/盎司。
　　铁矿石：港口现货市场成交情况尚可，现货价格较上一交易日持稳，钢厂按需采购较为谨慎。钢联库存数据显示，本周产量继续增加，库存去化，表需大幅回升，数据中性偏多，符合市场预期。

研究报告全文：金属期权日报期权研究2023年3月10日星期五基本面信息铜产业层面昨日LME库存减少975至72375吨注销仓单比例提高Cash3M贴水207美元吨国内方面昨日上海地区现货升水涨至65元吨买盘仍较活跃成交积极进出口方面昨日国内现货铜进口亏损微扩至500元吨左右洋山铜溢价微降铝SMM现货A00铝报均价18450元吨A00铝锭升贴水平均价-50铝期货仓单220917吨较前一日增加5629吨LME铝库存551175吨下降3125吨2023年3月9日SMM统计国内电解铝锭社会库存1267万吨卢品先投研经理黄金周四3月9日COMEX黄金期货收涨09报1835美元盎司COMEX白银期货收跌01报20130755-23375252美元盎司lupxwkjyqhcom铁矿石港口现货市场成交情况尚可现货价格较上一交易日持稳钢厂按需采购较为谨慎钢联库存数据显示本周产量继续增加库存去化表需大幅回升数据中性偏多符合市场预期从业资格号F3047321期权分析及策略建议交易咨询号1铜期权Z0015541沪铜CU2304上周冲高回落震荡下行而后止跌反弹上升本周以来围绕20天均线附近上下波动延续近两周以来高位区间震荡涨幅007报收于69350期权隐含波动率下降059报收于1673持仓量PCR有所上升报收于180操作建议沪铜CU2304形成上方有压力下方有支撑的高位大幅震荡期权隐含波动率小幅波动期权持仓量PCR小幅下跌构建卖出看涨看跌偏中性的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逐渐离场如CU2304SCU2304P69000SCU2304P68000和SCU2304C70000SCU2304C710002铝期权沪铝AL2304前一周上升而后受阻回落延续弱势偏空头市场行情走势上周以来维持空头压力线下大幅震荡跌幅005报收于18505期权隐含波动率上升006报收于1306持仓量PCR小幅盘整报收于093操作建议沪铝AL2304延续空头压力线下弱势盘整震荡期权隐含波动率小幅波动期权持仓量PCR有所反弹上升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AL2304SAL2304P1850010SAL2304P1840010和SAL2304C1870010SAL2304C18600103锌期权沪锌ZN2304维持两周多以来55天均线压力向下大幅波动涨幅054报收于23375期权隐含波动率下降051报收于1726持仓量PCR窄幅盘整报收于124操作建议沪锌ZN2304上方有压力的低位震荡延续前期弱势偏空头趋势期权隐含波动率窄幅波动沪锌期权持仓量PCR小幅下降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ZN2304SZN2304P23200SZN2304P23000和SZN2304C23600SZN2304C234004黄金期权黄金AU2304上周以来持续上涨突破区间上限本周冲高回落大幅下跌回落至前期矩形震荡区间涨幅059报收于41642期权隐含波动率小幅下跌0702报收于1077期权持仓量PCR报收于072操作建议黄金AU2304近两周以来先扬后抑连续报收大阳线上涨后又快速下跌回落至前期的宽幅矩形震荡区间期权隐含波动率持续下降期权持仓量PCR窄幅盘整构建卖出偏中性的看涨看跌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AU2304SAU2304-P-40810SAU2304-P-41610和SAU2304-C-41610SAU2304-C-424105铁矿石期权铁矿石I2305近三周以来多头趋势方向上高位震荡夜盘大幅上涨突破近期高点涨幅248报收于93150期权隐含波动率上升047报收于3187期权持仓量PCR有所上升报收于325操作建议铁矿石I2505多头趋势方向高位盘整震荡而后突破上行且趋势线方向斜率仍为正期权隐含波动率小幅波动期权持仓量PCR维持较高水平构建牛市价差组合策略获取方向性收益若市场行情快速大跌则平仓离场如I2305BI2301-C-90010和SI2305-C-96010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CUCU23046935000500000776826597ALAL23041850500-1000-005127111764ZNZN230423375001250005490910565AUAU23044164224405945318741II2305931502250248719265394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CU230469000103600762006927435000051-7600182023-03-27AL230418500206002030018503-4700-025-200182023-03-27ZN230423400246004500023196-5700-025-17900182023-03-27AU2304416232426414002000-236182023-03-27I230593022603660916340037-1550322023-04-10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MA20UPLOWCU2304160017471673-059179418891699AL2304137112461306006144115421339ZN2304174517121726-051179718971697AU2304102611261077-070117112311111I2305268234493187047320133153087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CU23042993329518099-0471408425348180009AL230418765201671070092931527380093002ZN23041762025192143-0011034712856124003AU2304441946521050151786812815072-003I230586681166560192-007126437410574325005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69290007000020650001560000105500055000002022-11-212022-12-282023-02-132022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-232023-01-032023-01-062023-01-112023-01-162023-01-192023-01-312023-02-032023-02-082023-02-162023-02-212023-02-242023-03-012023-03-062023-03-09图2铝主力合约走势图2000040成交量万收盘价19500351849500190003018500251800020175001517000101650051600002022-09-152022-09-282023-01-192023-02-082022-08-292022-09-012022-09-062022-09-092022-09-202022-09-232022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-232022-12-282023-01-032023-01-062023-01-112023-01-162023-01-312023-02-032023-02-132023-02-162023-02-212023-02-242023-03-012023-03-062023-03-09图3锌主力合约走势图2600050成交量万收盘价25000402400030230002318500202200021000102000002023-02-032023-02-082023-02-132023-02-162022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-232022-12-282023-01-032023-01-062023-01-112023-01-162023-01-192023-01-312023-02-212023-02-242023-03-012023-03-062023-03-09图4黄金主力合约走势图30成交量万收盘价42041402405203901037536002022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-232022-12-282023-01-032023-01-062023-01-112023-01-162023-01-192023-01-312023-02-032023-02-082023-02-132023-02-162023-02-212023-02-242023-03-012023-03-062023-03-09图5铁矿石主力合约走势图1000140成交量万收盘价916501209001008008070060406002050002022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-232022-12-282023-01-032023-01-062023-01-112023-01-162023-01-192023-01-312023-02-032023-02-082023-02-132023-02-162023-02-212023-02-242023-03-012023-03-062023-03-09铜期权持仓分布铜期权持仓分布图铜期权持仓变化图3500100300050250002000-501500-1001000500-1500-2005000050000520005400056000580006000062000640006600068000700007200074000760007800080000840005000052000540005600058000600006200064000660006800070000720007400076000780008000084000OIPOICOICHANGEPOICHANGEC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80000750007000065000600005500050000450002022-09-092023-01-032023-01-192022-08-292022-09-012022-09-062022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-232022-12-282023-01-062023-01-112023-01-162023-01-312023-02-032023-02-082023-02-132023-02-162023-02-212023-02-242023-03-012023-03-062023-03-09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280OIPCR7500040CLOSE352407000030200692900065000251602060000120150805500010040500002022-11-032022-11-292022-08-292022-09-062022-09-152022-09-232022-10-102022-10-182022-10-262022-11-112022-11-212022-12-072022-12-152022-12-232023-01-032023-01-112023-01-192023-02-032023-02-132023-02-212023-03-012023-03-092023-03-012022-09-082022-09-212022-10-102022-10-202022-11-012022-11-112022-11-232022-12-052022-12-152022-12-272023-01-092023-01-192023-02-072023-02-172022-08-29IMPVMA20UPLOW铝期权持仓分布铝期权持仓分布图铝期权持仓变化图450050040004003500300300020025001002000015001000-100500-2000-3001590015900208001500015000153001560016200165001680017100174001770018000183001860018900192001950019800202002140022000150001530015600159001620016500168001710017400177001800018300186001890019200195001980020200208002140022000OIPOICOICHANGEPOICHANGEC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2000019500190001850018000175001700016500160002023-01-062023-01-192022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-232022-12-282023-01-032023-01-112023-01-162023-01-312023-02-032023-02-082023-02-132023-02-162023-02-212023-02-242023-03-012023-03-062023-03-09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16020000OIPCR300CLOSE195002801402601900024012018500220200100180001801849500160175000801401700012006010016500040160002022-08-292022-09-062022-09-152022-09-232022-10-102022-10-182022-10-262022-11-032022-11-112022-11-212022-11-292022-12-072022-12-152022-12-232023-01-032023-01-112023-01-192023-02-032023-02-132023-02-212023-03-012023-03-092023-03-012022-09-082022-09-212022-10-102022-10-202022-11-012022-11-112022-11-232022-12-052022-12-152022-12-272023-01-092023-01-192023-02-072023-02-172022-08-29IMPVMA20UPLOW锌期权持仓分布锌期权持仓分布图锌期权持仓变化图18001501600100140050120010000800-50600-100400200-1500-20018800188001920018400184001880019200196002000020400208002120021600220002240022800232002360024000244002480025500265002750028500295001840019600200002040020800212002160022000224002280023200236002400024400248002550026500275002850029500OIPOICOICHANGEPOICHANGEC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2880026800248002280020800188002022-09-012022-08-292022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-232022-12-282023-01-032023-01-062023-01-112023-01-162023-01-192023-01-312023-02-032023-02-082023-02-132023-02-162023-02-212023-02-242023-03-012023-03-062023-03-09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18028000OIPCR500160CLOSE27000260004001402500012030024000100230002000802200010006021000040200002022-08-292022-09-062022-09-152022-09-232022-10-102022-10-182022-10-262022-11-032022-11-112022-11-212022-11-292022-12-072022-12-152022-12-232023-01-032023-01-112023-01-192023-02-032023-02-132023-02-212023-03-012023-03-092023-03-012022-09-082022-09-212022-10-102022-10-202022-11-012022-11-112022-11-232022-12-052022-12-152022-12-272023-01-092023-01-192023-02-072023-02-172022-08-29IMPVMA20UPLOW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30002002500150100200050150001000-50500-1000-150496496376432328328336344352360368376384392400416432448464480328336344352360368384392400416448464480496OIPOICOICHANGEPOICHANGEC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5004504003503002022-10-262022-11-032022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-312022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-232022-12-282023-01-032023-01-062023-01-112023-01-162023-01-192023-01-312023-02-032023-02-082023-02-132023-02-162023-02-212023-02-242023-03-012023-03-062023-03-09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095430OIPCR4140225090CLOSE420085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