金属期权策略早报-20250627

Group 1: Report Summary - The report is a metal options strategy morning report dated June 27, 2025, covering有色金属, precious metals, and black metals [1][2] - The report provides market overviews, option factor analyses, and strategy recommendations for various metal options [2][7] Group 2: Market Overview Futures Market - Copper (CU2508) closed at 79,790, up 1,050 (1.33%) with a trading volume of 7.73 million lots and an open interest of 19.11 million lots [3] - Aluminum (AL2508) closed at 20,660, up 280 (1.37%) with a trading volume of 15.24 million lots and an open interest of 26.05 million lots [3] - Other metals also showed various price changes, trading volumes, and open interest adjustments [3] Option Factors - Volume and open interest PCRs are used to describe the strength of the option underlying market and potential turning points [4] - Pressure and support levels are identified based on the strike prices with the largest call and put option open interests [5] - Implied volatility is calculated for each option, with weighted implied volatility using volume - weighted averages [6] Group 3: Strategy Recommendations Non - Ferrous Metals - Copper: Construct a bull spread strategy for call options and a short - volatility strategy for option sellers; also, a spot hedging strategy is recommended [8] - Aluminum/Alumina: Use a bull spread strategy for call options, a short - option strategy with a positive delta, and a spot collar strategy [9] - Zinc/Lead: Adopt a bull spread strategy for call options, a short - option strategy with a neutral delta, and a spot collar strategy [9] - Nickel: Build a bear spread strategy for put options, a short - option strategy with a negative delta, and a spot risk - hedging strategy [10] - Tin: Implement a short - volatility strategy and a spot collar strategy [11] - Lithium Carbonate: Use a short - option strategy with a neutral delta and a spot covered call strategy [12] Precious Metals - Gold/Silver: Apply a short - volatility strategy with a neutral delta and a spot hedging strategy [13] Black Metals - Rebar: Use a short - option strategy with a negative delta and a spot covered call strategy [14] - Iron Ore: Adopt a short - option strategy with a neutral delta and a spot collar strategy [14] - Ferroalloys: Implement a short - volatility strategy for manganese silicon [15] - Industrial Silicon/Polysilicon: Use a short - option strategy with a negative delta and a spot covered call strategy [15] - Glass: Build a bear spread strategy for put options, a short - volatility strategy, and a spot collar strategy [16]