Nanhua Futures
Overall, the trading situation of cast aluminum alloy options on the first day of listing is good, the option price is relatively stable, and call options trading is slightly stronger than put options.
Cast aluminum alloy options are listedAD2511,AD2512Option contract. inAD2512Since the contract is far away from the expiration date and is a non-main contract, the trading volume and position volume are relatively small. Cast aluminum alloy main option2511The liquidity of the series contract is the best, and the trading volume is8128The position is2603hand. The main options for cast aluminum alloy are tradedPCRyes0.53holding positionsPCRyes0.77.
Options trading position situation
WindNanhua Research
Option volatility
The implied volatility of the main futures of cast aluminum alloys is12.84%which is closer to the implied volatility of Shanghai copper and Shanghai zinc flat value options in the current commodity options market. From the perspective of volatility skewness, the volatility of options is in a volatility smiling state, and the implicit volatility of imaginary put options is slightly higher than that of call options, indicating that the options market participants have neutral and pessimistic expectations of the short-term trend of underlying futures for cast aluminum alloy options.
The option term structure of cast aluminum alloy shows a trend of near high and far low, indicating that option market participants expect that the recent trend of cast aluminum alloys will fluctuate slightly higher than in the future. Based on the volatility curve of cast aluminum alloy options, cast aluminum alloy futures may continue to have a slow bottoming trend in the future.
Investment consulting business qualification: Securities Regulatory Commission License【2011】1290Number
Author: Cao Yanghui, Nanhua Research InstituteZ0000505, Lu ZhimingF03124116
(Reprinted from: Nanhua Futures)