金属期权策略早报-20250530

Report Title - Metal Options Strategy Morning Report [1] Report Date - May 30, 2025 Core Viewpoints - For non - ferrous metals in consolidation and oscillation, construct short - volatility strategies; for the black series in weak consolidation, construct bearish price - spread combination strategies and seller option combination strategies; for precious metals after a sharp rebound and then a small consolidation, construct short - volatility strategies and spot hedging strategies [2] Industry Investment Rating - Not provided in the report Summary by Relevant Catalogs 1. Futures Market Overview - Different metal futures have various price changes, trading volumes, and open interest changes. For example, the copper futures contract CU2507 has a latest price of 77,850, a decline of 140, and a decline rate of - 0.18%, with a trading volume of 8.02 million lots and an open interest of 17.48 million lots [3] 2. Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different metal options show different trends. For instance, the copper option has a volume PCR of 1.34 with a change of 0.07 and an open interest PCR of 1.17 with a change of - 0.05 [4] 3. Option Factors - Pressure and Support Levels - From the perspective of option factors, different metal options have corresponding pressure and support levels. For example, the pressure level of copper is 80,000 and the support level is 70,000 [5] 4. Option Factors - Implied Volatility - The implied volatility of different metal options varies. For example, the copper option has a flat - value implied volatility of 11.92%, a weighted implied volatility of 16.53% with a change of 0.05 [6] 5. Strategy and Recommendations for Different Metals Non - ferrous Metals - Copper: Construct a bullish option bull - spread combination strategy, a short - volatility seller option combination strategy, and a spot long - hedging strategy [8] - Aluminum/Alumina: Construct a bullish option bull - spread combination strategy, a short - neutral call + put option combination strategy, and a spot collar strategy [9] - Zinc/Lead: Construct a short - neutral call + put option combination strategy and a spot collar strategy [9] - Nickel: Construct a short - bearish call + put option combination strategy and a spot long - hedging strategy [10] - Tin: Construct a bearish option bear - spread combination strategy, a short - volatility strategy, and a spot collar strategy [10] - Lithium Carbonate: Construct a bearish option bear - spread combination strategy, a short - bearish call + put option combination strategy, and a spot covered - call strategy [11] Precious Metals - Gold/Silver: Construct a short - neutral short - volatility option seller combination strategy and a spot hedging strategy [12] Black Series - Rebar: Construct a bearish option bear - spread combination strategy, a short - bearish call + put option combination strategy, and a spot covered - call strategy [13] - Iron Ore: Construct a short - neutral call + put option combination strategy and a spot long - collar strategy [13] - Ferroalloys: Construct a short - volatility strategy [14] - Industrial Silicon/Polysilicon: Construct a bearish option bear - spread combination strategy, a short - bearish call + put option combination strategy, and a spot covered - call strategy [14] - Glass: Construct a bearish option bear - spread combination strategy, a short - volatility call + put option combination strategy, and a spot long - collar strategy [15]