【基本面信息】
　　铜：产业层面，昨日LME库存增加3225至73400吨，增量主要来自欧洲仓库，注销仓单比例降低，Cash/3M贴水24.5美元/吨。国内方面，昨日上海地区现货升水涨至90元/吨，2303合约最后交易日市场交易情绪观望为主。
　　铝：SMM现货A00铝报均价18320元/吨。A00铝锭升贴水平均价0。铝期货仓单235352吨，较前一日上升5848吨。LME铝库存532425吨，下降4025吨。2023年3月13日，SMM统计国内电解铝锭社会库存124.6万吨。
　　铁矿石：现货市场成交情况一般，钢厂采购谨慎，按需采购为主，主流PB粉价格较上一交易日上涨5-10元/吨。本周澳巴总发货了较上周减少，供应有所回落。根据钢谷网和找钢网数据，本周建材延续去库，但去库幅度放缓，表需增幅放缓，基本面继续边际改善，表现良好。

研究报告全文：金属期权日报期权研究2023年3月16日星期四基本面信息铜产业层面昨日LME库存增加3225至73400吨增量主要来自欧洲仓库注销仓单比例降低Cash3M贴水245美元吨国内方面昨日上海地区现货升水涨至90元吨2303合约最后交易日市场交易情绪观望为主铝SMM现货A00铝报均价18320元吨A00铝锭升贴水平均价0铝期货仓单235352吨较前一日上升5848吨LME铝库存532425吨下降4025吨2023年3月13日SMM统计国内电解铝锭社会库存1246万吨卢品先铁矿石现货市场成交情况一般钢厂采购谨慎按需采购为主主流PB粉价格较上一交易日上涨5-投研经理10元吨本周澳巴总发货了较上周减少供应有所回落根据钢谷网和找钢网数据本周建材延续去0755-23375252库但去库幅度放缓表需增幅放缓基本面继续边际改善表现良好lupxwkjyqhcom期权分析及策略建议从业资格号1铜期权F3047321沪铜CU2304上周以来高位回落后震荡下行逐渐转为偏弱势昨日夜盘跳空低开大幅下挫跌破2交易咨询号个月以来低点跌幅315报收于666200期权隐含波动率有所回落下降报收于2087持仓量PCR直线Z0015541上升维持较高水平报收于194操作建议沪铜CU2304震荡下行近两周后夜盘大幅下跌破位下行形成短期空头趋势期权隐含波动率快速上涨期权持仓量PCR快速上涨构建看跌期权熊市价差组合策略获取方向性收益若市场行情快速大涨至高行权价则平仓逐渐离场如CU2304BCU2304P68000BCU2304P69000和SCU2304P64000SCU2304P650002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而后低位弱势震荡夜盘快速下跌跌幅155报收于18070期权隐含波动率下降032报收于1406持仓量PCR小幅盘整报收于087操作建议沪铝AL2304延续空头趋势方向震荡下行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AL2304SAL2304P1790010SAL2304P1800010和SAL2304C1800010SAL2304C18100103锌期权沪锌ZN2304维持两周多以来55天均线压力下大幅波动而后逐渐回落下行夜盘大幅下跌空头力量较强跌幅201报收于22415期权隐含波动率下降019报收于2053持仓量PCR小幅下降报收于114操作建议沪锌ZN2304沿着空头趋势方向大幅下跌回落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看涨看跌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ZN2304SZN2304P22200SZN2304P22400和SZN2304C22400SZN2304C226004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本周以来急速上涨涨幅119报收于43014期权隐含波动率下降093报收于1516期权持仓量PCR报收于086操作建议黄金AU2304沿着多头趋势方向突破上涨市场表现较浓的情绪期权隐含波动率小幅波动期权持仓量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-41610BAU2304-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突破高点后快速下跌回落跌幅1080报收于91800期权隐含波动率上升041报收于3359期权持仓量PCR有所下降报收于329操作建议铁矿石I2505多头趋势方向上高位宽幅矩形区间震荡期权隐含波动率小幅波动期权持仓量PCR维持较高水平构建卖方的正DELTA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平仓离场如I2305SI2301-P-90010SI2301-P-91010和SI2305-C-93010SI2305-C-94010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CUCU23046662000-217000-31562921627ALAL23041807000-28500-155131512067ZNZN23042241500-46000-20194710834AUAU23044301450611937615998II230591800-1000-108529449152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CU23046700019620032800686348800013201400122023-03-27AL23041810035500720018383970005331300122023-03-27ZN230422400530001840022746-12400-05433100122023-03-27AU2304432150760426036008-424122023-03-27I230592031902580926590064810262023-04-10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MA20UPLOWCU2304180922872087-110181319521674AL2304137614351406-032141014851335ZN2304197421122053-019180719271687AU2304145916031516-093122313561090I2305283436613359041321433493079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CU23042473934539140-0011525529534194015AL23042330623089099-0023295328560087004ZN230419301259971350111276114610114-002AU23041173976440650121625314035086004I230577345133971173032140299461647329-012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68660007000020650001560000105500055000002022-11-252023-01-042023-02-172022-09-022022-09-072022-09-132022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-11-222022-11-302022-12-052022-12-082022-12-132022-12-162022-12-212022-12-262022-12-292023-01-092023-01-122023-01-172023-01-202023-02-012023-02-062023-02-092023-02-142023-02-222023-02-272023-03-022023-03-072023-03-102023-03-15图2铝主力合约走势图2000040成交量万收盘价19500351900018375003018500251800020175001517000101650051600002022-09-212022-10-112023-02-012023-02-142022-09-022022-09-072022-09-132022-09-162022-09-262022-09-292022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-11-222022-11-252022-11-302022-12-052022-12-082022-12-132022-12-162022-12-212022-12-262022-12-292023-01-042023-01-092023-01-122023-01-172023-01-202023-02-062023-02-092023-02-172023-02-222023-02-272023-03-022023-03-072023-03-102023-03-15图3锌主力合约走势图2600050成交量万收盘价25000402400030230002022000227400021000102000002023-02-092023-02-142023-02-172023-02-222022-09-022022-09-072022-09-132022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-11-222022-11-252022-11-302022-12-052022-12-082022-12-132022-12-162022-12-212022-12-262022-12-292023-01-042023-01-092023-01-122023-01-172023-01-202023-02-012023-02-062023-02-272023-03-022023-03-072023-03-102023-03-15图4黄金主力合约走势图4265430成交量万收盘价420405203901037536002022-09-022022-09-072022-09-132022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-11-222022-11-252022-11-302022-12-052022-12-082022-12-132022-12-162022-12-212022-12-262022-12-292023-01-042023-01-092023-01-122023-01-172023-01-202023-02-012023-02-062023-02-092023-02-142023-02-172023-02-222023-02-272023-03-022023-03-072023-03-102023-03-15图5铁矿石主力合约走势图1000140成交量万收盘价926501209001008008070060406002050002022-09-022022-09-072022-09-132022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-11-2220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