金属期权策略早报-20250623

Group 1: Report Summary - The report provides a morning strategy report for metal options on June 23, 2025, covering有色金属, precious metals, and black metals [2]. - It includes an overview of the underlying futures market, option factors analysis, and strategy recommendations for each metal option [3][4][8]. Group 2: Underlying Futures Market Overview - The latest prices, changes, trading volumes, and open interests of various metal futures contracts are presented [3]. - For example, the copper futures contract CU2508 closed at 78,170 with a 0.30% increase, and its trading volume was 4.03 million lots [3]. Group 3: Option Factors Analysis - Option factors such as volume - open interest PCR, pressure and support levels, and implied volatility are analyzed for each metal option [4][5][6]. - For instance, the copper option's volume PCR was 1.41, and its weighted implied volatility was 17.50% [4][6]. Group 4: Strategy Recommendations Non - Ferrous Metals - Copper Option: Construct a bull spread strategy for call options, a short - volatility strategy for option sellers, and a spot hedging strategy [8]. - Aluminum/Alumina Option: Use a bull spread strategy for call options, a short - option combination strategy, and a spot collar strategy [9]. - Zinc/Lead Option: Adopt a short - option combination strategy and a spot collar strategy [9]. - Nickel Option: Build a bear spread strategy for put options, a short - option combination strategy, and a spot hedging strategy [10]. - Tin Option: Implement a short - volatility strategy and a spot collar strategy [11]. - Lithium Carbonate Option: Use a bear spread strategy for put options, a short - option combination strategy, and a spot covered call strategy [12]. Precious Metals - Gold/Silver Option: Employ a short - volatility strategy for option sellers and a spot hedging strategy [13]. Black Metals - Rebar Option: Construct a bear spread strategy for put options, a short - option combination strategy, and a spot covered call strategy [14]. - Iron Ore Option: Adopt a short - option combination strategy and a spot collar strategy [14]. - Ferroalloy Option: Use a bear spread strategy for put options and a short - volatility strategy [15]. - Industrial Silicon/Polysilicon Option: Implement a short - option combination strategy and a spot covered call strategy [15]. - Glass Option: Build a bear spread strategy for put options, a short - volatility strategy, and a spot collar strategy [16].