金属期权策略早报-20250430

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The metal sector is mainly divided into non - ferrous metals, precious metals, and black metals. Different options strategies and suggestions are provided for selected varieties in each sector based on their fundamental analysis, option factor research, and market trends [7]. - For non - ferrous metals under pressure and in a consolidation phase, strategies such as shorting volatility can be constructed; for black metals with large fluctuations, seller option combination strategies are suitable; for precious metals that continue to be strong, bull spread combination strategies, short - volatility strategies, and spot hedging strategies can be adopted [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts are presented, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2506) is 77,740, with a price increase of 150 and a trading volume of 7.91 million lots [3]. 3.2 Option Factor - Volume and Open Interest PCR - The volume and open interest PCR of various metal options are provided, 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 0.99, and the open interest PCR is 1.15 [4]. 3.3 Option Factor - Pressure and Support Levels - The pressure and support levels of various metal options are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of copper (CU2506) is 80,000, and the support level is 70,000 [5]. 3.4 Option Factor - Implied Volatility - The implied volatility of various metal options is presented, 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 17.93%, and the weighted implied volatility is 23.55% [6]. 3.5 Strategies and Suggestions 3.5.1 Non - Ferrous Metals - Copper Options: The copper market has shown a trend of over - sold rebound and subsequent fluctuations. Option strategies include constructing short - volatility seller option combination strategies and spot long - hedging strategies [7]. - Aluminum/Alumina Options: The aluminum market has gradually recovered and risen under pressure. Strategies include selling neutral call + put option combination strategies and constructing spot collar strategies [8]. - Zinc/Lead Options: The zinc market has shown a trend of decline and subsequent rebound and consolidation. Strategies include selling bearish call + put option combination strategies and constructing spot collar strategies [8]. - Nickel Options: The nickel market has shown a weak trend under pressure. Strategies include selling bearish call + put option combination strategies and spot long - hedging strategies [9]. - Tin Options: The tin market has shown a weak trend after a decline and rebound. Strategies include bearish put spread combination strategies, short - volatility strategies, and spot collar strategies [9]. - Lithium Carbonate Options: The lithium carbonate market has shown a weak bearish trend. Strategies include constructing bear spread combination strategies, selling bearish call + put option combination strategies, and spot covered call strategies [10]. 3.5.2 Precious Metals - Gold/Silver Options: The gold market has shown a trend of high - level shock after a rise and fall. Strategies include constructing bullish call spread combination strategies, short - volatility option seller combination strategies, and spot hedging strategies [11]. 3.5.3 Black Metals - Rebar Options: The rebar market has shown a weak bearish trend with a recent rebound. Strategies include selling bearish call + put option combination strategies and spot covered call strategies [12]. - Iron Ore Options: The iron ore market has shown a short - term weak bearish trend. Strategies include selling bearish call + put option combination strategies and constructing long collar strategies [12]. - Ferroalloy Options: The manganese silicon market has shown a weak bearish trend. Strategies include constructing bearish put spread combination strategies and selling call + put option combination strategies [13]. - Industrial Silicon/Polysilicon Options: The industrial silicon market has shown a weak downward trend. Strategies include constructing bearish put spread combination strategies, selling bearish call + put option combination strategies, and spot covered call strategies [13]. - Glass Options: The glass market has shown a weak bearish downward trend. Strategies include constructing bearish put spread combination strategies, short - volatility selling call + put option combination strategies, and constructing long collar strategies [14].