CallOptions means that the buyer of the option has the right to buy a certain number of specific commodities from the option seller at a pre-agreed price within the validity period of the option contract, but he is not obliged to buy them. The option seller is obliged to sell the specific commodities specified in option contracts at the price specified in advance at the request of the option buyer within the validity period specified in option contracts.

(1) call option: 65438+ 10/,the subject matter is copper futures, and the exercise price of the option is 1 850 USD/ton. A buys this right and pays $5; Sell this right and get 5 dollars. In February 1, copper futures price rose to 1905 USD/ton, and call option price rose to 55 USD. A can adopt two strategies:

Exercise-A has the right to buy copper futures from B at the price of 1.850 USD/ton; After A puts forward the requirement of this exercise option, B must meet it. Even if B doesn't have copper, it can only buy it in the futures market at the market price of 1.905 USD/ton, and sell it to A at the exercise price of 1.850 USD/ton, while A can sell it in the futures market at the market price of 1.905 USD/ton, making a profit of 50 USD/ton (654,300. B will lose $50/ton (1850- 1905+5).

Put right-A can sell a call option at a price of $55, and A earns $50/ton (55-5).

If the copper price falls, that is, the copper futures market price is lower than the final price 1850 USD/ton, A will give up this right and only lose the royalty of 5 USD, while B will gain a net profit of 5 USD.