金属期权策略早报-20250606

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints of the Report - The metal sector is divided into non - ferrous metals, precious metals, and black metals. For each sector, specific options strategies are proposed based on the analysis of the underlying market, option factors, and other aspects [2][7]. - For non - ferrous metals, the overall trend is mostly in a state of oscillation, with different trends for each variety. For precious metals, gold is in a high - level consolidation, and silver has a bullish breakthrough. For black metals, there are signs of a weak rebound [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts are presented. For example, the price of copper (CU2507) is 78,570, with a price increase of 450 and a trading volume of 6.41 million lots [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of various metal options are calculated. These indicators are used to describe the strength of the option underlying market and whether the underlying market has a turning point. For example, the volume PCR of copper options is 1.03, and the open interest PCR is 1.26 [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of various metal options are analyzed. For example, the pressure level of copper options is 80,000, and the support level is 70,000 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of various metal options is studied, 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 11.34% [6]. 3.5 Strategy and Recommendations 3.5.1 Non - ferrous Metals - Copper Options: Build a bullish call option spread strategy and a short - volatility seller option portfolio strategy. Also, construct a spot hedging strategy [8]. - Aluminum/Alumina Options: Build a bullish call option spread strategy, a short - neutral call + put option portfolio strategy, and a spot collar strategy [9]. - Zinc/Lead Options: Build a short - neutral call + put option portfolio strategy and a spot collar strategy [9]. - Nickel Options: Build a short - bearish call + put option portfolio strategy and a spot long - position hedging strategy [10]. - Tin Options: Build a short - volatility strategy and a spot collar strategy [10]. - Lithium Carbonate Options: Build a bearish put option spread strategy, a short - bearish call + put option portfolio strategy, and a spot covered call strategy [11]. 3.5.2 Precious Metals - Gold/Silver Options: Build a short - bullish volatility option seller portfolio strategy and a spot hedging strategy [12]. 3.5.3 Black Metals - Rebar Options: Build a bearish put option spread strategy, a short - bearish call + put option portfolio strategy, and a spot covered call strategy [13]. - Iron Ore Options: Build a short - neutral call + put option portfolio strategy and a spot collar strategy [13]. - Ferroalloy Options: Build a bearish put option spread strategy and a short - volatility strategy [14]. - Industrial Silicon/Polysilicon Options: Build a bearish put option spread strategy, a short - bearish call + put option portfolio strategy, and a spot covered call strategy [14]. - Glass Options: Build a bearish put option spread strategy, a short - volatility call + put option portfolio strategy, and a spot collar strategy [15].