【基本面信息】
　　铜：产业层面，LME库存增加0吨至95425吨，库存和前一交易日持平；注销仓单450吨，注销比例0.47%。
　　铝：SMM现货A00铝报均价18860元/吨，A00铝锭升贴水平均价+150元/吨。LME铝库存减少1525吨至528250吨（前值529775吨），库存减少主要来自光阳仓库；注销仓单280900吨，注销比例53.18%
　　锌：LME锌库存增加3200吨至150175吨，库存增加主要来自新加坡仓库；注销仓单2950吨，注销比例1.56%（前值2.19%）。
　　铁矿石：45港铁矿石到港量2237.5万吨，环比大幅减少943.4万吨。澳洲巴西以及非主流矿到港均环比出现减量，其中澳巴到港量环比降幅均超过25%，澳矿下降576.3万吨，巴西矿环比下降545.5万吨，非主流矿季节性小幅波动，环比减少28.4万吨
　　【期权分析及策略建议】
　　（1）铜期权
　　沪铜（CU2310)经过前两周的持续弱势下行空头下跌，上周以来止跌反弹回暖上升，本周延续短期多头上涨趋势，上方有前期高点压力，形成上方有压力的短期偏多上行市场行情走势形态，涨幅0.57%报收于69260，期权隐含波动率报收于13.29%（-0.56%），持仓量PCR小幅盘整报收于1.21。期权分析：标的行情，沪铜上方有压力的反弹回暖上升的市场行情走势形态；期权角度，期权持仓量PCR仍维持较高水平；波动性，期权隐含波动率窄幅波动历史偏低位置。策略建议：构建卖出偏中性的看涨+看跌期权组合策略，获取时间价值收益和方向性收益，若市场行情快速大涨突破损益平衡点，则平仓逐渐离场，如CU2310，S_CU2310P68000，S_CU2310P69000和S_CU2310C69000，S_CU2310C70000。
　　（2）铝期权
　　沪铝(AL2310)经过前两周以来的宽幅震荡逐渐回落后快速反弹上升延续前期偏多头震荡上行的趋势，本周以来加速上涨突破上行，跌幅0.03%报收于18620，期权隐含波动率报收于10.96%（-0.06%），持仓量PCR小幅度盘整报收于0.88。期权分析：标的行情，沪铝整体表现为止跌反弹回升快速上涨的市场行情走势形态；期权角度，期权持仓量PCR小幅区间盘整偏中性偏空；波动上，期权隐含波动率历史偏低水平窄幅波动。策略建议：构建卖出看涨+看跌偏中性的期权组合策略，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至损益平衡点，则平仓离场，如AL2310，S_AL2310P18500@10，S_AL2310P18600@10和S_AL2310C18700@10，S_AL2310C18800@10。
　　（3）锌期权
　　沪锌(ZN2310)经过前期一个半月以来的偏多头震荡上行，前两周以来市场行情逐渐转弱势震荡下行，上周以来低位超跌反弹回暖上升连续报收阳线，涨幅1.09%报收于20425，期权隐含波动率报收于16.38%（-1.16%），持仓量PCR小幅盘整报收于0.91。期权分析：标的行情，沪锌表现为上方有空头压力的短期偏多头的市场行情格局；期权角度，沪锌期权持仓量PCR仍维持偏低水平；波动性，期权隐含波动率小幅波动历史偏低。策略建议：构建卖出偏中性的看涨+看跌期权组合策略，获取时间价值收益和方向性收益，根据市场行情变化动态地调整持仓Delta，使得持仓保持delta中性，如ZN2310，S_ZN2310P20200，S_ZN2310P20400和S_ZN2310C20600，S_ZN2310C20800。
　　（4）黄金期权
　　黄金(AU2310)维持近三周以来小幅区间盘整震荡，逐渐反弹上升，整体表现为偏多头趋势方向上区间震荡的行情走势，涨幅0.59%报收于459.70；期权隐含波动率报收于12.38%（+1.44%）；期权持仓量PCR小幅波动报收于0.85。期权分析：标的行情，黄金表现为盘多头趋势的盘整震荡的行情走势形态；期权角度，期权持仓量PCR维持在0.90附近；波动上，期权隐含波动率小幅波动历史较低水平。策略建议：构建DELTA偏多头的看涨+看跌卖方期权组合策略，获取时间价值收益和方向性收益，动态地调整持仓头寸，使得持仓delta保持正数，如黄金市场行情急速大涨或大跌，则平仓离场，如AU2310，S_AU2310-P-464@10，S_AU2310-P-456@10和S_AU2310-C-464@10，S_AU2310-C464@10。
　　（5）铁矿石期权
　　铁矿石(I2310)上周以来低位盘整震荡后快速反弹上升突破上行，本周以来延续上涨趋势突破今年3月份以来高点，形成短期偏多头市场行情走势形态，涨幅0.00%报收于890.00；期权隐含波动率报收于32.77%（+2.43%）；期权持仓量PC快速上升报收于2.37。期权分析：标的行情，铁矿石表现为超跌反弹回暖上升短期偏多头上升的市场行情格局；期权角度，期权持仓量PCR小幅盘整仍维持在较高位置；波动上，期权隐含波动率较高位置水平小幅上升。策略建议：构建卖出看涨+看跌偏多头的期权组合策略，获取时间价值收益和方向性价值收益，若市场行情急速大涨或大跌，突破损益平衡点，则平仓离场，如I2310，S_I2310-P-880@10，S_I2310-P-890@10和S_I2310-C-890@10，S_I2310-C-900@10。
　　

研究报告全文：金属期权日报期权研究2023年8月24日星期四基本面信息卢品先铜产业层面LME库存增加0吨至95425吨库存和前一交易日持平注销仓单450吨注销比例047铝SMM现货A00铝报均价18860元吨A00铝锭升贴水平均价150元吨LME铝库存减少1525吨至528250吨前投研经理值529775吨库存减少主要来自光阳仓库注销仓单280900吨注销比例53180755-23375252锌LME锌库存增加3200吨至150175吨库存增加主要来自新加坡仓库注销仓单2950吨注销比例156前lupxwkqhcn值219从业资格号铁矿石45港铁矿石到港量22375万吨环比大幅减少9434万吨澳洲巴西以及非主流矿到港均环比出现减量其中澳巴到港量环比降幅均超过25澳矿下降5763万吨巴西矿环比下降5455万吨非主流矿季节性小幅波F3047321动环比减少284万吨交易咨询号Z0015541期权分析及策略建议1铜期权沪铜CU2310经过前两周的持续弱势下行空头下跌上周以来止跌反弹回暖上升本周延续短期多头上涨趋常俊萍势上方有前期高点压力形成上方有压力的短期偏多上行市场行情走势形态涨幅057报收于69260期权隐含期权研究员波动率报收于1329-056持仓量PCR小幅盘整报收于121期权分析标的行情沪铜上方有压力的反弹回changjpwkqhcn暖上升的市场行情走势形态期权角度期权持仓量PCR仍维持较高水平波动性期权隐含波动率窄幅波动历史偏低位置策略建议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和方向性收益若市场行情快速从业资格号大涨突破损益平衡点则平仓逐渐离场如CU2310SCU2310P68000SCU2310P69000和SCU2310C69000F03117406SCU2310C700002铝期权沪铝AL2310经过前两周以来的宽幅震荡逐渐回落后快速反弹上升延续前期偏多头震荡上行的趋势本周以来加速上涨突破上行跌幅003报收于18620期权隐含波动率报收于1096-006持仓量PCR小幅度盘整报收于088期权分析标的行情沪铝整体表现为止跌反弹回升快速上涨的市场行情走势形态期权角度期权持仓量PCR小幅区间盘整偏中性偏空波动上期权隐含波动率历史偏低水平窄幅波动策略建议构建卖出看涨看跌偏中性的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至损益平衡点则平仓离场如AL2310SAL2310P1850010SAL2310P1860010和SAL2310C1870010SAL2310C18800103锌期权沪锌ZN2310经过前期一个半月以来的偏多头震荡上行前两周以来市场行情逐渐转弱势震荡下行上周以来低位超跌反弹回暖上升连续报收阳线涨幅109报收于20425期权隐含波动率报收于1638-116持仓量PCR小幅盘整报收于091期权分析标的行情沪锌表现为上方有空头压力的短期偏多头的市场行情格局期权角度沪锌期权持仓量PCR仍维持偏低水平波动性期权隐含波动率小幅波动历史偏低策略建议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和方向性收益根据市场行情变化动态地调整持仓Delta使得持仓保持delta中性如ZN2310SZN2310P20200SZN2310P20400和SZN2310C20600SZN2310C208004黄金期权黄金AU2310维持近三周以来小幅区间盘整震荡逐渐反弹上升整体表现为偏多头趋势方向上区间震荡的行情走势涨幅059报收于45970期权隐含波动率报收于1238144期权持仓量PCR小幅波动报收于085期权分析标的行情黄金表现为盘多头趋势的盘整震荡的行情走势形态期权角度期权持仓量PCR维持在090附近波动上期权隐含波动率小幅波动历史较低水平策略建议构建DELTA偏多头的看涨看跌卖方期权组合策略获取时间价值收益和方向性收益动态地调整持仓头寸使得持仓delta保持正数如黄金市场行情急速大涨或大跌则平仓离场如AU2310SAU2310-P-46410SAU2310-P-45610和SAU2310-C-46410SAU2310-C-464105铁矿石期权铁矿石I2310上周以来低位盘整震荡后快速反弹上升突破上行本周以来延续上涨趋势突破今年3月份以来高点形成短期偏多头市场行情走势形态涨幅000报收于89000期权隐含波动率报收于3277243期权持仓量PC快速上升报收于237期权分析标的行情铁矿石表现为超跌反弹回暖上升短期偏多头上升的市场行情格局期权角度期权持仓量PCR小幅盘整仍维持在较高位置波动上期权隐含波动率较高位置水平小幅上升策略建议构建卖出看涨看跌偏多头的期权组合策略获取时间价值收益和方向性价值收益若市场行情急速大涨或大跌突破损益平衡点则平仓离场如I2310SI2310-P-88010SI2310-P-89010和SI2310-C-89010SI2310-C-90010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CUCU231069260003900005761221070ALAL23101862000-500-003142613276ZNZN2310204250022000109121412266AUAU231045970270059121755599AGAG231058820016100281567248678RBRB23103734000000001446754023II2310890000000006816061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CU231068000826008940067932-52000-076-132800292023-09-22AL231018500229002000018529-1300-007-9100292023-09-22ZN231020000306004590019847-32200-160-57800292023-09-22AU2310456600416458136030-186292023-09-22AG231057008900210505579-10600-186-30350292023-09-22RB23103700660089503677-4800-129-5750292023-09-22I231086016502800849-3180-361-4150142023-09-07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MA20UPLOWCU2310125814161329-056153116361426AL2310111910731096-006112511791071ZN2310166416121638-116171918691568AU2310120012841238144114411831105AG2310214320202098033219122462135RB2310198519181958137184719331762I2310318833943277243288531052665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CU231052622192042-0251511718289121005AL231011948310700242695923778088001ZN231015931285081-0041249811411091-004AU231025571697066-0012206218767085001AG23102165975045-0083623421924061-001RB231050072663053-022323397208533064-003I2310241468567035-01171687170244237-012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7200025成交量万收盘价710007000068960002069000680001567000660001065000640005630006200002023-04-032023-06-092023-08-072023-02-202023-02-232023-02-282023-03-032023-03-082023-03-132023-03-162023-03-212023-03-242023-03-292023-04-072023-04-122023-04-172023-04-202023-04-252023-04-282023-05-082023-05-112023-05-162023-05-192023-05-242023-05-292023-06-012023-06-062023-06-142023-06-192023-06-262023-06-292023-07-042023-07-072023-07-122023-07-172023-07-202023-07-252023-07-282023-08-022023-08-102023-08-152023-08-182023-08-23图2铝主力合约走势图2000060成交量万收盘价1950050186500019000401850030180002017500101700002023-03-082023-03-212023-07-122023-07-252023-02-202023-02-232023-02-282023-03-032023-03-132023-03-162023-03-242023-03-292023-04-032023-04-072023-04-122023-04-172023-04-202023-04-252023-04-282023-05-082023-05-112023-05-162023-05-192023-05-242023-05-292023-06-012023-06-062023-06-092023-06-142023-06-192023-06-262023-06-292023-07-042023-07-072023-07-172023-07-202023-07-282023-08-022023-08-072023-08-102023-08-152023-08-182023-08-23图3锌主力合约走势图2600050成交量万收盘价250004024000230003022000210002020000101900020245001800002023-07-202023-07-252023-07-282023-08-022023-02-202023-02-232023-02-282023-03-032023-03-082023-03-132023-03-162023-03-212023-03-242023-03-292023-04-032023-04-072023-04-122023-04-172023-04-202023-04-252023-04-282023-05-082023-05-112023-05-162023-05-192023-05-242023-05-292023-06-012023-06-062023-06-092023-06-142023-06-192023-06-262023-06-292023-07-042023-07-072023-07-122023-07-172023-08-072023-08-102023-08-152023-08-182023-08-23图4黄金主力合约走势图48040成交量万收盘价4704578846030450440204304201041040002023-02-202023-02-232023-02-282023-03-032023-03-082023-03-132023-03-162023-03-212023-03-242023-03-292023-04-032023-04-072023-04-122023-04-172023-04-202023-04-252023-04-282023-05-082023-05-112023-05-162023-05-192023-05-242023-05-292023-06-012023-06-062023-06-092023-06-142023-06-192023-06-262023-06-292023-07-042023-07-072023-07-122023-07-172023-07-202023-07-252023-07-282023-08-022023-08-072023-08-102023-08-152023-08-182023-08-23图5铁矿石主力合约走势图1000140成交量万收盘价950885501209001008508080060750700406502060002023-02-202023-02-232023-02-282023-03-032023-03-082023-03-132023-03-162023-03-212023-03-242023-03-292023-04-032023-04-072023-04-122023-04-172023-04-202023-04-252023-04-282023-05-082023-05-112023-05-162023-05-192023-05-242023-05-292023-06-012023-06-062023-06-092023-06-142023-06-192023-06-262023-06-292023-07-042023-07-072023-07-122023-07-172023-07-202023-07-252023-07-282023-08-022023-08-072023-08-102023-08-152023-08-182023-08-23铜期权持仓分布铜期权持仓分布图铜期权持仓变化图25006004002000200150001000-200500-4000-6005500055000570005900061000630006500067000690007100073000750007700079000820005500057000590006100063000650006700069000710007300075000770007900082000OIPOICOICHANGEPOICHANGEC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8000075000700006500060000550002023-03-032023-06-262023-07-122023-02-202023-02-232023-02-282023-03-082023-03-132023-03-162023-03-212023-03-242023-03-292023-04-032023-04-072023-04-122023-04-172023-04-202023-04-252023-04-282023-05-082023-05-112023-05-162023-05-192023-05-242023-05-292023-06-012023-06-062023-06-092023-06-142023-06-192023-06-292023-07-042023-07-072023-07-172023-07-202023-07-252023-07-282023-08-022023-08-072023-08-102023-08-152023-08-182023-08-23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280OIPCR7200035CLOSE240700003020068000256896000160660002012064000150806200010040600002023-04-202023-05-192023-02-202023-02-282023-03-082023-03-162023-03-242023-04-032023-04-122023-04-282023-05-112023-05-292023-06-062023-06-142023-06-262023-07-042023-07-122023-07-202023-07-282023-08-072023-08-152023-08-232023-08-152023-03-022023-03-142023-03-242023-04-062023-04-182023-04-282023-05-152023-05-252023-06-062023-06-162023-06-302023-07-122023-07-242023-08-032023-02-20IMPVMA20UPLOW铝期权持仓分布铝期权持仓分布图铝期权持仓变化图30008006002500400200020015000-2001000-400500-6000-8001560015600183001620015300153001590016200165001680017100174001770018000186001890019200195001980020200208001530015600159001650016800171001740017700180001830018600189001920019500198002020020800OIPOICOICHANGEPOICHANGEC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20000195001900018500180001750017000165002023-06-292023-07-122023-02-202023-02-232023-02-282023-03-032023-03-082023-03-132023-03-162023-03-212023-03-242023-03-292023-04-032023-04-072023-04-122023-04-172023-04-202023-04-252023-04-282023-05-082023-05-112023-05-162023-05-192023-05-242023-05-292023-06-012023-06-062023-06-092023-06-142023-06-192023-06-262023-07-042023-07-072023-07-172023-07-202023-07-252023-07-282023-08-022023-08-072023-08-102023-08-152023-08-182023-08-23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22019500OIPCR220200CLOSE200180190001801601850014016018650001201401800010012008017500100060040170002023-02-202023-02-282023-03-082023-03-162023-03-242023-04-032023-04-122023-04-202023-04-282023-05-112023-05-192023-05-292023-06-062023-06-142023-06-262023-07-042023-07-122023-07-202023-07-282023-08-072023-08-152023-08-232023-08-152023-03-022023-03-142023-03-242023-04-062023-04-182023-04-282023-05-152023-05-252023-06-062023-06-162023-06-302023-07-122023-07-242023-08-032023-02-20IMPVMA20UPLOW锌期权持仓分布锌期权持仓分布图锌期权持仓变化图200025018002001600150140012001001000508000600-50400200-1000-150164001640016800172001760018000184001880019200196002000020400208002120021600220002240022800232002360016400168001720017600180001840018800192001960020000204002080021200216002200022400228002320023600OIPOICOICHANGEPOICHANGEC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2700025000230002100019000170002023-02-232023-02-202023-02-282023-03-032023-03-082023-03-132023-03-162023-03-212023-03-242023-03-292023-04-032023-04-072023-04-122023-04-172023-04-202023-04-252023-04-282023-05-082023-05-112023-05-162023-05-192023-05-242023-05-292023-06-012023-06-062023-06-092023-06-142023-06-192023-06-262023-06-292023-07-042023-07-072023-07-122023-07-172023-07-202023-07-252023-07-282023-08-022023-08-072023-08-102023-08-152023-08-182023-08-23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180OIPCR26000300160CLOSE25000280260240001402402300022012020022000180100160210001400802000012010006019000040180002023-02-202023-02-282023-03-082023-03-162023-03-242023-04-032023-04-122023-04-202023-04-282023-05-112023-05-192023-05-292023-06-062023-06-142023-06-262023-07-042023-07-122023-07-202023-07-282023-08-072023-08-152023-08-232023-08-152023-03-022023-03-142023-03-242023-04-062023-04-182023-04-282023-05-152023-05-252023-06-062023-06-162023-06-302023-07-122023-07-242023-08-032023-02-20IMPVMA20UPLOW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60003002505000200150400010030005002000-50-1001000-1500-2003883883924883763763803843964004084164244324404484564644724804884965045125205283763803843883923964004084164244324404484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