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金属期权策略早报-20250616
Wu Kuang Qi Huo·2025-06-16 07:49

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - For non - ferrous metals in a range - bound consolidation, construct short - volatility strategies; for the black series in a weak oscillation, construct bear spread and short - option combination strategies; for precious metals, with gold consolidating at a high level and silver breaking through upwards, construct short - volatility and spot hedging strategies [2] 3. Summary by Related Catalogs 3.1 Market Overview of Underlying Futures - Presents the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various metal futures contracts such as copper, aluminum, zinc, etc. [3] 3.2 Option Factors - Volume and Open Interest PCR - Displays the trading volume, volume change, open interest, open interest change, trading volume PCR, volume PCR change, open interest PCR, and open interest PCR change of different option varieties, which are used to describe the strength of the option underlying market and the turning point of the underlying market [4] 3.3 Option Factors - Pressure and Support Levels - Shows the pressure points, pressure point offsets, support points, support point offsets, maximum call option positions, and maximum put option positions of different option varieties from the perspective of the exercise prices with the maximum call and put option positions [5] 3.4 Option Factors - Implied Volatility - Presents the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average, call option implied volatility, put option implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility of different option varieties [6] 3.5 Option Strategies by Metal Category Non - ferrous Metals - Copper Option: Fundamental analysis shows inventory changes; the market presents a bullish oscillation pattern. Option factors suggest high implied volatility and increasing pressure above. Strategies include constructing bull spread, short - volatility, and spot long - hedging strategies [8] - Aluminum/Alumina Option: Aluminum inventory is decreasing; the market is in a bullish oscillation. Option factors show high implied volatility and a strong upward trend. Strategies include short - option combination and spot collar strategies [9] - Zinc/Lead Option: Zinc inventory shows a small increase; the market is in a wide - range oscillation. Option factors suggest high implied volatility and support below. Strategies include short - option combination and spot collar strategies [9] - Nickel Option: Nickel port inventory is increasing; the market is in a weak oscillation. Option factors show high implied volatility and weakening bullish power. Strategies include short - option combination and spot long - hedging strategies [10] - Tin Option: Tin inventory is decreasing; the market is in a rebound after a decline. Option factors suggest high implied volatility. Strategies include short - volatility and spot collar strategies [10] - Lithium Carbonate Option: Supply is increasing, and inventory pressure is high; the market is in a weak rebound. Option factors show high implied volatility and a weak trend. Strategies include bear spread, short - option combination, and spot covered - call strategies [11] Precious Metals - Gold/Silver Option: Geopolitical conflicts boost gold prices; the market shows a bullish consolidation for gold. Option factors suggest high implied volatility for gold. Strategies include short - volatility and spot hedging strategies [12] Black Series - Rebar Option: Rebar production and inventory are decreasing; the market is in a weak oscillation. Option factors show low implied volatility and strong bearish pressure above. Strategies include bear spread, short - option combination, and spot covered - call strategies [13] - Iron Ore Option: Iron ore inventory is increasing; the market is in a range - bound oscillation. Option factors show low implied volatility and support below. Strategies include short - option combination and spot collar strategies [13] - Ferroalloy Option: Manganese silicon production is increasing slightly, and inventory is high; the market is in a rebound after a decline. Option factors show low implied volatility and a weak trend. Strategies include bear spread and short - volatility strategies [14] - Industrial Silicon/Polysilicon Option: Industrial silicon production is increasing, and inventory is high; the market is in a rebound and then a decline. Option factors show high implied volatility and a weak trend. Strategies include short - option combination and spot covered - call strategies [14] - Glass Option: Glass supply and demand are weak; the market is in a decline and then a rebound. Option factors show high implied volatility and a weak trend. Strategies include bear spread, short - volatility, and spot collar strategies [15]