金属期权策略早报-20250423

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The non - ferrous metals are consolidating and oscillating within a range under the short - selling pressure above, and a strategy to short volatility is recommended. The black metals have large fluctuations, suitable for constructing a seller's option portfolio strategy. The precious metals continue their strong trend, reaching a record high and then sharply falling in the night session, and a bull spread combination strategy and a spot hedging strategy are recommended [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report provides the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various metal futures contracts, including copper, aluminum, zinc, etc. For example, the latest price of copper futures contract CU2506 is 77,610, with a price increase of 660 and a price change rate of 0.86% [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of various metal options are presented, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For instance, the volume PCR of copper options is 0.79, and the open interest PCR is 1.03 [4]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of the strike prices with the largest open interest of call and put options, the pressure and support levels of option underlyings are analyzed. For example, the pressure level of copper option CU2506 is 80,000, and the support level is 70,000 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility data of various metal options are given, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of copper options is 17.96% [6]. 3.5 Strategy and Recommendations 3.5.1 Non - ferrous Metals - Copper Options: The fundamentals show a decrease in inventory. The market has experienced a bullish rise, followed by a decline and then a rebound. It is recommended to construct a short - volatility seller's option portfolio strategy and a spot hedging strategy [7]. - Aluminum/Alumina Options: The inventory of alumina has increased, while the inventory of aluminum has decreased. The market shows a downward trend with fluctuations. A short - biased call + put option combination strategy and a spot collar strategy are recommended [9]. - Zinc/Lead Options: The zinc market has experienced a decline and then a rebound. It is recommended to construct a short - biased call + put option combination strategy and a spot collar strategy [9]. - Nickel Options: The domestic port inventory of nickel is decreasing. The market has shown a high - level decline and then a rebound. A short - biased call + put option combination strategy and a spot long - position hedging strategy are recommended [10]. - Tin Options: The production of tin has changed. The market has fallen from a high level and then consolidated. A bear spread combination strategy, a short - volatility strategy, and a spot collar strategy are recommended [10]. - Lithium Carbonate Options: The production of lithium carbonate has decreased, and the inventory has increased. The market is in a downward trend. A bear spread combination strategy, a short - biased call + put option combination strategy, and a spot covered - call strategy are recommended [11]. 3.5.2 Precious Metals - Gold/Silver Options: The net long position of gold management funds has decreased, while the global gold ETF holdings have increased. The gold market has reached a record high and then fallen. A bull spread combination strategy, a short - volatility option seller's combination strategy, and a spot hedging strategy are recommended [12]. 3.5.3 Black Metals - Rebar Options: The inventory of rebar has decreased. The market is in a weak downward trend. A bear spread combination strategy, a short - biased call + put option combination strategy, and a spot covered - call strategy are recommended [13]. - Iron Ore Options: The inventory of iron ore has decreased. The market is in a short - term weak downward trend. A short - biased call + put option combination strategy and a spot collar strategy are recommended [13]. - Ferroalloy Options: The production of manganese silicon has decreased, and the inventory has increased. The market is in a weak downward trend. A bear spread combination strategy and a short - put + call option combination strategy are recommended [14]. - Industrial Silicon/Polysilicon Options: The inventory of industrial silicon has increased. The market is in a downward trend. A bear spread combination strategy, a short - biased call + put option combination strategy, and a spot covered - call strategy are recommended [14]. - Glass Options: The inventory of glass has decreased. The market is in a downward trend. A bear spread combination strategy, a short - volatility call + put option combination strategy, and a spot collar strategy are recommended [15].