【基本面信息】
　　铜：（LME）监测的仓库中的全球铜库存上月降至17年来的最低水平，LME期铜价格今年以来上涨逾5%，较去年7月中旬上涨了约1/4，当时LME期铜价格处于2020年底以来的最低水平。
　　铝：供应端仍存不稳定性，需求方面缓慢恢复。国内供应方面，近期广西、贵州、四川、内蒙古地区有继续复产、新投产计划，但计划增产速度较慢。需求方面，国内下游消费端小幅回暖，仅铝型材及再生合金板块开工率小幅抬升，其中工业型材中光伏订单较为乐观，而再生铝下游相关订单增长量不及市场预期。
　　铁矿石：现货市场成交情况一般，投机需求有所增加，钢厂采购仍较为谨慎，按需采购为主。主流PB粉价格较上周五上涨10-15元/吨。上周螺纹钢厂库和社库均转为去化，表需大超季节性增加，数据较为利好，市场情绪极为乐观。
　　

研究报告全文：金属期权日报期权研究2023年3月15日星期三基本面信息铜LME监测的仓库中的全球铜库存上月降至17年来的最低水平LME期铜价格今年以来上涨逾5较去年7月中旬上涨了约14当时LME期铜价格处于2020年底以来的最低水平铝供应端仍存不稳定性需求方面缓慢恢复国内供应方面近期广西贵州四川内蒙古地区有继续复产新投产计划但计划增产速度较慢需求方面国内下游消费端小幅回暖仅铝型材及再生合金板块开工率小幅抬升其中工业型材中光伏订单较为乐观而再生铝下游相关订单增长量不及市场预卢品先期投研经理铁矿石现货市场成交情况一般投机需求有所增加钢厂采购仍较为谨慎按需采购为主主流PB0755-23375252粉价格较上周五上涨10-15元吨上周螺纹钢厂库和社库均转为去化表需大超季节性增加数据较为利lupxwkjyqhcom好市场情绪极为乐观从业资格号期权分析及策略建议F30473211铜期权交易咨询号沪铜CU2304上周以来高位回落后震荡下行逐渐转为偏弱势而中期趋势线方向仍向上涨幅Z0015541044报收于68570期权隐含波动率持续大幅上升293报收于2198持仓量PCR有所下降报收于179操作建议沪铜CU2304形成上方有压力而中期趋势线方向向上的短期弱势偏空头行情期权隐含波动率快速上涨期权持仓量PCR小幅下跌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或大跌则平仓逐渐离场如CU2304SCU2304P67000SCU2304P68000和SCU2304C69000SCU2304C700002铝期权沪铝AL2304维持近两周以来弱势偏空头震荡下行的市场行情涨幅027报收于18340期权隐含波动率上升050报收于1438持仓量PCR小幅盘整报收于083操作建议沪铝AL2304延续空头压力线下弱势盘整震荡逐渐下行形成上方有压力的偏空头趋势期权隐含波动率小幅波动期权持仓量PCR小幅盘整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AL2304SAL2304P1820010SAL2304P1830010和SAL2304C1840010SAL2304C18500103锌期权沪锌ZN2304维持两周多以来55天均线压力下大幅波动跌幅026报收于22825期权隐含波动率上升101报收于2072持仓量PCR有所反弹报收于117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离场如ZN2304SZN2304P22600SZN2304P22800和SZN2304C23000SZN2304C232004黄金期权黄金AU2304上周止跌反弹回暖上升后连续大幅上涨突破一个月以来高点形成短期偏多头市场行情走势涨幅045报收于42570期权隐含波动率持续大幅拉升309报收于1609期权持仓量PCR报收于082操作建议黄金AU2304持续上扬多头突破上涨市场表现较浓的情绪期权隐含波动率大幅上升期权持仓量PCR窄幅盘整构建看跌期权牛市价差组合策略获取方向性收益若市场行情快速大跌至低行权价则平仓离场如AU2304BAU2304-P-40810BAU2304-P-41610和SAU2304-P-43210SAU2304-P-440105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上周以来再次加速上涨突破上行涨幅059报收于93200期权隐含波动率下降064报收于3317期权持仓量PCR有所上升报收于341操作建议铁矿石I2505多头趋势方向震荡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-92010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CUCU2304685700030000044119040634ALAL230418340005000027167315304ZNZN23042282500-6000-026118713580AUAU23044257019004566228036II230593200550059699464804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CU2304690007580012120068546-68000-098-2400132023-03-27AL230418300186002000018286-14600-079-5400132023-03-27ZN230422800374003040022870-9900-0434500132023-03-27AU2304424510356426530126-016132023-03-27I230593023403360920-890-096-1220272023-04-10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MA20UPLOWCU2304193723832198293180019231677AL2304144714291438050141815001335ZN2304196821562072101180119101692AU2304156716881609309120513191090I2305275537173317-064321133433079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CU230432405456681410151525827305179001AL23042990330120101-0063322927488083-001ZN23042386729415123-0311198013990117005AU2304184609795053-0011690113845082005I2305109477154090141-076132866452822341014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68550007000020650001560000105500055000002022-11-242023-01-032023-02-162022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-232022-12-282023-01-062023-01-112023-01-162023-01-192023-01-312023-02-032023-02-082023-02-132023-02-212023-02-242023-03-012023-03-062023-03-092023-03-14图2铝主力合约走势图2000040成交量万收盘价19500351900018270003018500251800020175001517000101650051600002022-09-202022-10-102023-01-312023-02-132022-09-012022-09-062022-09-092022-09-152022-09-232022-09-282022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-232022-12-282023-01-032023-01-062023-01-112023-01-162023-01-192023-02-032023-02-082023-02-162023-02-212023-02-242023-03-012023-03-062023-03-092023-03-14图3锌主力合约走势图2600050成交量万收盘价25000402400030230002022000228550021000102000002023-02-082023-02-132023-02-162023-02-212022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-232022-12-282023-01-032023-01-062023-01-112023-01-162023-01-192023-01-312023-02-032023-02-242023-03-012023-03-062023-03-092023-03-14图4黄金主力合约走势图4263630成交量万收盘价420405203901037536002022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-232022-12-282023-01-032023-01-062023-01-112023-01-162023-01-192023-01-312023-02-032023-02-082023-02-132023-02-162023-02-212023-02-242023-03-012023-03-062023-03-092023-03-14图5铁矿石主力合约走势图1000140成交量万收盘价920001209001008008070060406002050002022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-232022-12-282023-01-032023-01-062023-01-112023-01-162023-01-192023-01-312023-02-032023-02-082023-02-132023-02-162023-02-212023-02-242023-03-012023-03-062023-03-092023-03-14铜期权持仓分布铜期权持仓分布图铜期权持仓变化图3500700600300050025004002000300200150010010000-100500-2000-3005000050000520005400056000580006000062000640006600068000700007200074000760007800080000840005000052000540005600058000600006200064000660006800070000720007400076000780008000084000OIPOICOICHANGEPOICHANGEC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80000750007000065000600005500050000450002022-09-152023-01-062023-01-312022-09-012022-09-062022-09-092022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-232022-12-282023-01-032023-01-112023-01-162023-01-192023-02-032023-02-082023-02-132023-02-162023-02-212023-02-242023-03-012023-03-062023-03-092023-03-14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280OIPCR7500040CLOSE352407000030200685500065000251602060000120150805500010040500002022-11-082022-12-022022-09-012022-09-092022-09-202022-09-282022-10-132022-10-212022-10-312022-11-162022-11-242022-12-122022-12-202022-12-282023-01-062023-01-162023-01-312023-02-082023-02-162023-02-242023-03-062023-03-142023-03-062022-09-142022-09-262022-10-132022-10-252022-11-042022-11-162022-11-282022-12-082022-12-202022-12-302023-01-122023-01-312023-02-102023-02-222022-09-01IMPVMA20UPLOW铝期权持仓分布铝期权持仓分布图铝期权持仓变化图60001000500080060040004003000200200001000-2000-4001590015900208001500015000150001530015600162001650016800171001740017700180001830018600189001920019500198002020021400220001530015600159001620016500168001710017400177001800018300186001890019200195001980020200208002140022000OIPOICOICHANGEPOICHANGEC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2000019500190001850018000175001700016500160002023-01-112023-01-312022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-232022-12-282023-01-032023-01-062023-01-162023-01-192023-02-032023-02-082023-02-132023-02-162023-02-212023-02-242023-03-012023-03-062023-03-092023-03-14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16020000OIPCR300CLOSE195002801402601900024012018500220200100180001801601827000175000801401700012006010016500040160002022-09-012022-09-092022-09-202022-09-282022-10-132022-10-212022-10-312022-11-082022-11-162022-11-242022-12-022022-12-122022-12-202022-12-282023-01-062023-01-162023-01-312023-02-082023-02-162023-02-242023-03-062023-03-142023-03-062022-09-142022-09-262022-10-132022-10-252022-11-042022-11-162022-11-282022-12-082022-12-202022-12-302023-01-122023-01-312023-02-102023-02-222022-09-01IMPVMA20UPLOW锌期权持仓分布锌期权持仓分布图锌期权持仓变化图25004003002000200150010010000500-1000-20018800188001920018400184001880019200196002000020400208002120021600220002240022800232002360024000244002480025500265002750028500295001840019600200002040020800212002160022000224002280023200236002400024400248002550026500275002850029500OIPOICOICHANGEPOICHANGEC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2880026800248002280020800188002022-09-062022-09-012022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-232022-12-282023-01-032023-01-062023-01-112023-01-162023-01-192023-01-312023-02-032023-02-082023-02-132023-02-162023-02-212023-02-242023-03-012023-03-062023-03-092023-03-14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18028000OIPCR500160CLOSE27000260004001402500012030024000100230002000802200010006021000040200002022-09-012022-09-092022-09-202022-09-282022-10-132022-10-212022-10-312022-11-082022-11-162022-11-242022-12-022022-12-122022-12-202022-12-282023-01-062023-01-162023-01-312023-02-082023-02-162023-02-242023-03-062023-03-142023-03-062022-09-142022-09-262022-10-132022-10-252022-11-042022-11-162022-11-282022-12-082022-12-202022-12-302023-01-122023-01-312023-02-102023-02-222022-09-01IMPVMA20UPLOW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350040030030002002500100200001500-100-2001000-300500-4000-500496496376432328328336344352360368376384392400416432448464480328336344352360368384392400416448464480496OIPOICOICHANGEPOICHANGEC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5004504003503002022-10-312022-11-082022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-11-032022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-232022-12-282023-01-032023-01-062023-01-112023-01-162023-01-192023-01-312023-02-032023-02-082023-02-132023-02-162023-02-212023-02-242023-03-012023-03-062023-03-092023-03-14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42636095430OIPCR25090CLOSE4200854102008007540007039015065380060100553700503602022-09-012022-11-16202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