关键亮点

新交所 62% 铁矿石价格（第二合约月份）上涨 2%，至每吨 64.71 美元。经过持续很久的盘整期间后，多空对决继续。基本面情况看起来处于平衡状态——(i) 由于唐山计划在 8 月份将高炉产品削减 20%，中国钢厂利润率将保持强劲，这为铁矿石价格提供了支撑；然而，(ii) 人民币贬值将减少海运货物的进口套利交易，铁矿石价格感受到了人民币贬值带来的压力。但纵观整条曲线，运费已上涨，FFA（远期运费协议）市场上的良好动能使远期曲线保持上升走势，同时热带风暴暂时造成了现货的紧俏，运往中国的货物被延迟。

该周总成交量为 300 万吨。看跌期权占交投活动的一多半，为 52%，而看涨期权占 49%。80 美元看涨期权占交易的最大部分。过去一周整条 delta 曲线上均有 48 美元的看跌期权至 85 美元的看涨期权在交易。

该周未平仓合约量小幅上升 0.8%，至 7,320 万吨。未平仓合约量集中在 50 美元的看跌期权和 80 美元的看涨期权之间，但尾部最宽从 30 美元的看跌期权至 115 美元的看涨期权。

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