【基本面信息】
　　铜：产业层面，昨日LME库存减少2200至68400吨，注销仓单比例降低，Cash/3M贴水9.8美元/吨。国内方面，昨日上海地区现货升水下滑至50元/吨，持货商出货换现意愿环比降低，下游刚需采购为主。
　　铝：SMM现货A00铝报均价18590元/吨。A00铝锭升贴水平均价-50。铝期货仓单212323吨，较前一日减少101吨。LME铝库存532025吨，增加4150吨。
　　铁矿石：现货市场成交情况一般，主流品种价格上涨5-10元/吨，钢厂按需采购为主，采购积极性一般。本周建材日成交量较上周有了明显改善，市场对于本周表观需求预期较为乐观，盘面价格企稳后持续反弹。

研究报告全文：金属期权日报期权研究2023年3月29日星期三基本面信息铜产业层面昨日LME库存减少2200至68400吨注销仓单比例降低Cash3M贴水98美元吨国内方面昨日上海地区现货升水下滑至50元吨持货商出货换现意愿环比降低下游刚需采购为主铝SMM现货A00铝报均价18590元吨A00铝锭升贴水平均价-50铝期货仓单212323吨较前一日减少101吨LME铝库存532025吨增加4150吨铁矿石现货市场成交情况一般主流品种价格上涨5-10元吨钢厂按需采购为主采购积极性一卢品先般本周建材日成交量较上周有了明显改善市场对于本周表观需求预期较为乐观盘面价格企稳后持续投研经理反弹0755-23375252lupxwkjyqhcom期权分析及策略建议1铜期权从业资格号沪铜CU2305上周止跌反弹连续回暖上升连续大幅上涨修复前一周下跌空间企稳20天均线和60F3047321天均线本周以来高位震荡形成短期偏多头上升趋势涨幅014报收于69530期权隐含波动率上升交易咨询号027报收于2645持仓量PCR有所下降维持较高水平报收于214操作建议沪铜CU2305上周止跌反弹Z0015541回暖上升连续上涨先后站上21天均线和55天均线形成短期偏多头市场行情格局期权隐含波动率小幅波动期权持仓量PCR持续上升仍维持较高水平构建卖出看涨看跌偏多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跌则平仓逐渐离场如CU2305SCU2305P68000SCU2305P69000和SCU2305C71000SCU2305C700002铝期权沪铝AL2305经过前两周以来弱势偏空头震荡下行的市场行情上周以来止跌反弹回暖上升连续报收阳线突破上行修复前两周的跌幅涨幅046报收于18705期权隐含波动率小幅上升013报收于1494持仓量PCR小幅盘整报收于110操作建议沪铝AL2305止跌反弹回暖上升后连续报收阳线突破上涨形成短期偏多头市场行情形态期权隐含波动率有所上升期权持仓量PCR小幅波动维持在较高水平位置构建卖出看涨看跌期权偏多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跌则平仓离场如AL2305SAL2305P1860010SAL2305P1870010和SAL2305C1880010SAL2305C18900103锌期权沪锌ZN2305维持一周多以来低位宽幅矩形区间大幅波动而后逐渐反弹上升涨幅060报收于22750期权隐含波动率大幅下降242报收于1951持仓量PCR小幅上升报收于126操作建议沪锌ZN2305经过前期连续空头下跌后上周以来低位宽幅矩形区间震荡上行形成上方有压力的反弹回暖上升期权隐含波动率小幅波动沪锌期权持仓量PCR快速上升至100以上构建卖出宽跨式期权偏中性的组合策略获取时间价值收益若市场行情快速大跌或急速大涨则平仓离场如ZN2305SZN2305P22600SZN2305P22400和SZN2305C23000SZN2305C228004黄金期权黄金AU2306经过前期两周以来持续多头上涨突破一个月以来高点上周以来冲高回落连续大幅波动上涨075报收于43922期权隐含波动率下降085报收于1626期权持仓量PCR小幅上升报收于097操作建议黄金AU2306维持多头趋势方向上高位大幅震荡且趋势线方向仍向上期权隐含波动率小幅波动期权持仓量PCR小幅上涨构建看涨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AU2306BAU2306-C-43210BAU2306-C-42410和SAU2306-C-45610SAU2306-C-448105铁矿石期权铁矿石I2305上周以来高位震荡连续大幅下跌先后跌破21天均线和55天均线本周以来超跌反弹逐渐回升震荡上行形成上方有压力的震荡上涨涨幅165报收于89150期权隐含波动率下降193报收于3270期权持仓量PCR小幅上升报收于200操作建议铁矿石I2505空头压力线下反弹回暖上升期权隐含波动率快速下降期权持仓量PCR小幅盘整构建卖出偏空头的看涨看跌期权组合策略获取方向性收益和时间价值若市场行情快速大涨则平仓离场如I2305SI2301-P-88010SI2305-P-89010和SI2301-C-90020SI2305-C-89010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CUCU230569530001000001468723832ALAL230518705008500046183217061ZNZN2305227500013500060112612739AUAU230643922328075120752642II2305891501450165398734987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CU2305700001314001978006933612000017-19400272023-04-24AL23051870026000292001866819000103-3700272023-04-24ZN2305228003220055300225693200014-18100272023-04-24AU23064407981194436-256-058-318582023-05-25I230589013802240881740085-1010132023-04-10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MA20UPLOWCU2305227628782645027221626641768AL2305141915981494013148316391326ZN2305187220181951-242207724151738AU2306164615981626-085167922411117I2305282835353270-193339036003181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CU23051421122522158-0111364729240214-006AL23052221516013072-0161818520030110-001ZN2305955211192117-01973399269126002AU2306973973370750031318512826097006I230597950163745167-024198596396823200007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693200020700001565000106000055500002022-12-082023-01-172023-03-022022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-11-222022-11-252022-11-302022-12-052022-12-132022-12-162022-12-212022-12-262022-12-292023-01-042023-01-092023-01-122023-01-202023-02-012023-02-062023-02-092023-02-142023-02-172023-02-222023-02-272023-03-072023-03-102023-03-152023-03-202023-03-232023-03-28图2铝主力合约走势图2000040成交量万收盘价19500186900035190003018500251800020175001517000101650051600002022-10-112022-10-242023-02-142023-02-272022-09-162022-09-212022-09-262022-09-292022-10-142022-10-192022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-11-222022-11-252022-11-302022-12-052022-12-082022-12-132022-12-162022-12-212022-12-262022-12-292023-01-042023-01-092023-01-122023-01-172023-01-202023-02-012023-02-062023-02-092023-02-172023-02-222023-03-022023-03-072023-03-102023-03-152023-03-202023-03-232023-03-28图3锌主力合约走势图2600050成交量万收盘价25000402400030230002022000225750021000102000002023-02-222023-02-272023-03-022023-03-072022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-11-222022-11-252022-11-302022-12-052022-12-082022-12-132022-12-162022-12-212022-12-262022-12-292023-01-042023-01-092023-01-122023-01-172023-01-202023-02-012023-02-062023-02-092023-02-142023-02-172023-03-102023-03-152023-03-202023-03-232023-03-28图4黄金主力合约走势图45030成交量万收盘价43618435420204053901037536002022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-11-222022-11-252022-11-302022-12-052022-12-082022-12-132022-12-162022-12-212022-12-262022-12-292023-01-042023-01-092023-01-122023-01-172023-01-202023-02-012023-02-062023-02-092023-02-142023-02-172023-02-222023-02-272023-03-022023-03-072023-03-102023-03-152023-03-202023-03-232023-03-28图5铁矿石主力合约走势图1000140成交量万收盘价882001209001008008070060406002050002022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-11-222022-11-252022-11-302022-12-052022-12-082022-12-132022-12-162022-12-212022-12-262022-12-292023-01-042023-01-092023-01-122023-01-172023-01-202023-02-012023-02-062023-02-092023-02-142023-02-172023-02-222023-02-272023-03-022023-03-072023-03-102023-03-152023-03-202023-03-232023-03-28铜期权持仓分布铜期权持仓分布图铜期权持仓变化图60001400120050001000400080030006004002000200100000-200600006000062000500005000052000540005600058000600006200064000660006800070000720007400076000780008000084000500005200054000560005800064000660006800070000720007400076000780008000084000OIPOICOICHANGEPOICHANGEC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80000750007000065000600005500050000450002022-09-292023-01-202023-02-142022-09-162022-09-212022-09-262022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-11-222022-11-252022-11-302022-12-052022-12-082022-12-132022-12-162022-12-212022-12-262022-12-292023-01-042023-01-092023-01-122023-01-172023-02-012023-02-062023-02-092023-02-172023-02-222023-02-272023-03-022023-03-072023-03-102023-03-152023-03-202023-03-232023-03-28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280OIPCR7500040CLOSE352407000030200693200065000251602060000120150805500010040500002022-11-222022-12-162022-09-162022-09-262022-10-112022-10-192022-10-272022-11-042022-11-142022-11-302022-12-082022-12-262023-01-042023-01-122023-01-202023-02-062023-02-142023-02-222023-03-022023-03-102023-03-202023-03-282023-03-202022-09-282022-10-172022-10-272022-11-082022-11-182022-11-302022-12-122022-12-222023-01-042023-01-162023-02-022023-02-142023-02-242023-03-082022-09-16IMPVMA20UPLOW铝期权持仓分布铝期权持仓分布图铝期权持仓变化图40006003500500300040025003002000200150010010000500-1000-2001590015900208001500015000153001560016200165001680017100174001770018000183001860018900192001950019800202002140022000150001530015600159001620016500168001710017400177001800018300186001890019200195001980020200208002140022000OIPOICOICHANGEPOICHANGEC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20000195001900018500180001750017000165002023-02-012023-02-142022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-11-222022-11-252022-11-302022-12-052022-12-082022-12-132022-12-162022-12-212022-12-262022-12-292023-01-042023-01-092023-01-122023-01-172023-01-202023-02-062023-02-092023-02-172023-02-222023-02-272023-03-022023-03-072023-03-102023-03-152023-03-202023-03-232023-03-28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16020000OIPCR300CLOSE195002801402601900024012018500220200100186900018000180160175000801401700012006010016500040160002022-09-162022-09-262022-10-112022-10-192022-10-272022-11-042022-11-142022-11-222022-11-302022-12-082022-12-162022-12-262023-01-042023-01-122023-01-202023-02-062023-02-142023-02-222023-03-022023-03-102023-03-202023-03-282023-03-202022-09-282022-10-172022-10-272022-11-082022-11-182022-11-302022-12-122022-12-222023-01-042023-01-162023-02-022023-02-142023-02-242023-03-082022-09-16IMPVMA20UPLOW锌期权持仓分布锌期权持仓分布图锌期权持仓变化图12003503001000250800200150600100400500200-500-10018800188001920018400184001880019200196002000020400208002120021600220002240022800232002360024000244002480025500265002750028500295001840019600200002040020800212002160022000224002280023200236002400024400248002550026500275002850029500OIPOICOICHANGEPOICHANGEC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2880026800248002280020800188002022-09-212022-09-162022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-11-222022-11-252022-11-302022-12-052022-12-082022-12-132022-12-162022-12-212022-12-262022-12-292023-01-042023-01-092023-01-122023-01-172023-01-202023-02-012023-02-062023-02-092023-02-142023-02-172023-02-222023-02-272023-03-022023-03-072023-03-102023-03-152023-03-202023-03-232023-03-28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18028000OIPCR500160CLOSE27000260004001402500012030024000100230002000802200010006021000040200002022-09-162022-09-262022-10-112022-10-192022-10-272022-11-042022-11-142022-11-222022-11-302022-12-082022-12-162022-12-262023-01-042023-01-122023-01-202023-02-062023-02-142023-02-222023-03-022023-03-102023-03-202023-03-282023-03-202022-09-282022-10-172022-10-272022-11-082022-11-182022-11-302022-12-122022-12-222023-01-042023-01-162023-02-022023-02-142023-02-242023-03-082022-09-16IMPVMA20UPLOW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350050040030003002500200200010015000-1001000-200500-3000-400496496376432328328336344352360368376384392400416432448464480328336344352360368384392400416448464480496OIPOICOICHANGEPOICHANGEC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5004504003503002022-11-142022-11-222022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-172022-11-252022-11-302022-12-052022-12-082022-12-132022-12-162022-12-212022-12-262022-12-292023-01-042023-01-092023-01-122023-01-172023-01-202023-02-012023-02-062023-02-092023-02-142023-02-172023-02-222023-02-272023-03-022023-03-072023-03-102023-03-152023-03-202023-03-232023-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