金属期权策略早报-20250624

1. Report Industry Investment Rating No relevant content provided. 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 recommended based on the analysis of the underlying market, option factors, etc. [2][7] - Non - ferrous metals are in a mostly long - biased consolidation phase, and short - volatility strategies are recommended; black metals are in a range - bound consolidation, suitable for bear - spread combinations and seller option combinations; precious metals, with gold in high - level consolidation and silver breaking through upwards, suggest bull - spread combinations and spot hedging strategies. [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, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2508) is 78,280, with a price increase of 150 and a trading volume of 4.15 million lots. [3] 3.2. Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of various metal options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For example, the open interest PCR of copper options is 0.96, with a change of - 0.00. [4] 3.3. Option Factors - Pressure and Support Levels - The pressure and support levels of various metal options are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of copper options is 92,000, and the support level is 70,000. [5] 3.4. Option Factors - Implied Volatility - The implied volatility data of various metal options are presented, including at - the - money implied volatility, weighted implied volatility, etc. For example, the at - the - money implied volatility of copper options is 10.80%. [6] 3.5. Strategy and Recommendations 3.5.1. Non - ferrous Metals - Copper Options: The copper market shows a high - level range - bound shock. Directional strategies suggest building a bull - spread combination of call options; volatility strategies recommend a short - volatility seller option combination; and a spot long - hedging strategy is also proposed. [8] - Aluminum/Alumina Options: The aluminum market is in a long - biased upward trend. Directional strategies involve a bull - spread combination of call options; volatility strategies recommend selling a combination of long - biased call and put options; and a spot collar strategy is recommended. [9] - Zinc/Lead Options: The zinc market is in a wide - range shock. Volatility strategies suggest selling a neutral combination of call and put options; a spot collar strategy is also provided. [9] - Nickel Options: The nickel market is in a weak trend. Directional strategies recommend building a bear - spread combination of put options; volatility strategies suggest selling a short - biased combination of call and put options; and a spot long - hedging strategy is proposed. [10] - Tin Options: The tin market is in a range - bound shock after a rebound. Volatility strategies recommend a short - volatility strategy; a spot collar strategy is also recommended. [11] - Lithium Carbonate Options: The lithium carbonate market is in a weak trend. Directional strategies suggest building a bear - spread combination of put options; volatility strategies recommend selling a short - biased combination of call and put options; and a spot covered - call strategy is proposed. [12] 3.5.2. Precious Metals - Gold/Silver Options: The gold market is in a high - level consolidation. Volatility strategies recommend building a long - biased short - volatility option seller combination; a spot hedging strategy is also provided. [13] 3.5.3. Black Metals - Rebar Options: The rebar market is in a weak trend. Volatility strategies suggest selling a short - biased combination of call and put options; a spot covered - call strategy is proposed. [14] - Iron Ore Options: The iron ore market is in a range - bound shock with a rebound. Volatility strategies recommend selling a neutral combination of call and put options; a spot collar strategy is recommended. [14] - Ferroalloy Options: The manganese silicon market is in a weak trend with a rebound. Directional strategies recommend building a bear - spread combination of put options; volatility strategies recommend a short - volatility strategy. [15] - Industrial Silicon/Polysilicon Options: The industrial silicon market is in a weak trend. Volatility strategies suggest selling a short - biased combination of call and put options; a spot covered - call strategy is proposed. [15] - Glass Options: The glass market is in a weak trend. Directional strategies recommend building a bear - spread combination of put options; volatility strategies recommend a short - volatility strategy; and a spot collar strategy is recommended. [16]