金属期权策略早报-20250619

Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - The report provides option strategies and suggestions for different metal sectors, including non - ferrous metals, precious metals, and black metals. It analyzes the fundamentals, market trends, option factors of various metal options, and gives corresponding option strategies such as directional strategies, volatility strategies, and spot hedging strategies [2][7]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts, including copper, aluminum, zinc, etc. For example, the latest price of copper futures (CU2507) is 78,610, with a decrease of 10 and a decline rate of 0.01% [3]. 3.2 Option Factor Analysis 3.2.1 Volume and Open Interest PCR - The volume and open interest PCR of different metal options are provided. For instance, the volume PCR of copper options is 0.62 with a change of 0.01, and the open interest PCR is 0.88 with a change of - 0.03 [4]. 3.2.2 Pressure and Support Levels - The pressure and support levels of different metal options are analyzed. For example, the pressure level of copper options is 80,000 and the support level is 77,000 [5]. 3.2.3 Implied Volatility - The implied volatility data of different metal options are given, including at - the - money implied volatility, weighted implied volatility, etc. For example, the at - the - money implied volatility of copper options is 12.43, and the weighted implied volatility is 16.89 with a change of 0.86 [6]. 3.3 Option Strategies and Suggestions 3.3.1 Non - ferrous Metals - Copper Options: Directional strategy: Construct a bull spread of call options; Volatility strategy: Construct a short - volatility option seller portfolio; Spot hedging strategy: Construct a spot hedging strategy [8]. - Aluminum/Alumina Options: Directional strategy: Construct a bull spread of call options; Volatility strategy: Construct a short - call + short - put option portfolio; Spot hedging strategy: Construct a spot collar strategy [9]. - Zinc/Lead Options: Directional strategy: None; Volatility strategy: Construct a short - call + short - put option portfolio; Spot hedging strategy: Construct a spot collar strategy [9]. - Nickel Options: Directional strategy: Construct a bear spread of put options; Volatility strategy: Construct a short - call + short - put option portfolio; Spot hedging strategy: Hold spot long + buy put options [10]. - Tin Options: Directional strategy: None; Volatility strategy: Construct a short - volatility strategy; Spot hedging strategy: Construct a spot collar strategy [10]. - Lithium Carbonate Options: Directional strategy: Construct a bear spread of put options; Volatility strategy: Construct a short - call + short - put option portfolio; Spot hedging strategy: Hold spot long + sell call options [11]. 3.3.2 Precious Metals - Gold/Silver Options: Directional strategy: None; Volatility strategy: Construct a short - volatility option seller portfolio; Spot hedging strategy: Hold spot long + buy put options + sell out - of - the - money call options [12]. 3.3.3 Black Metals - Rebar Options: Directional strategy: Construct a bear spread of put options; Volatility strategy: Construct a short - call + short - put option portfolio; Spot hedging strategy: Hold spot long + sell at - the - money call options [13]. - Iron Ore Options: Directional strategy: None; Volatility strategy: Construct a short - call + short - put option portfolio; Spot hedging strategy: Construct a long collar strategy [13]. - Ferroalloy Options: Directional strategy: Construct a bear spread of put options; Volatility strategy: Construct a short - volatility strategy; Spot hedging strategy: None [14]. - Industrial Silicon/Polysilicon Options: Directional strategy: None; Volatility strategy: Construct a short - call + short - put option portfolio; Spot hedging strategy: Hold spot long + sell call options [14]. - Glass Options: Directional strategy: Construct a bear spread of put options; Volatility strategy: Construct a short - call + short - put option portfolio; Spot hedging strategy: Construct a long collar strategy [15].