金属期权策略早报-20250703

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The metal sector is divided into non - ferrous metals, precious metals, and black metals. Different options strategies are recommended for each sector and variety based on their fundamental and market conditions [7]. - For non - ferrous metals, it is recommended to construct bullish option bull spread combination strategies and short volatility strategies as they are in a mostly upward - trending or oscillating market. For black metals, which are in a range - bound consolidation, neutral option seller combination strategies are suitable. For precious metals, especially gold, which is in a high - level consolidation and weak decline, spot hedging strategies are recommended [2]. 3. Summary by Relevant Catalogs 3.1. Futures Market Overview - The report provides 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 contract CU2508 is 80,900, with a price increase of 280 and a trading volume of 102,000 lots [3]. 3.2. Option Factor - Volume and Open Interest PCR - The volume and open interest PCR of various metal options are presented. For example, the open interest PCR of copper options is 0.63, with a change of 0.03, which is used to describe the strength of the option underlying market [4]. 3.3. Option Factor - Pressure and Support Levels - The pressure and support levels of various metal options are analyzed. For example, the pressure level of copper options is 82,000, and the support level is 77,000, which are determined by the maximum open interest of call and put options [5]. 3.4. Option Factor - Implied Volatility - The implied volatility of various metal options is reported, including at - the - money implied volatility and weighted implied volatility. For example, the at - the - money implied volatility of copper options is 14.01%, and the weighted implied volatility is 19.53% with a change of - 0.78% [6]. 3.5. Strategy and Recommendations 3.5.1. Non - Ferrous Metals - Copper Options: Construct bullish option bull spread combination strategies, short volatility seller option combination strategies, and spot long - position hedging strategies. The copper market has shown an upward - trending breakthrough after high - level consolidation [8]. - Aluminum/Alumina Options: Use bullish option bull spread combination strategies, short bullish call + put option combination strategies, and spot collar strategies. The aluminum market has shown a mostly upward - trending oscillating pattern [9]. - Zinc/Lead Options: Adopt bullish bull spread combination strategies, short neutral call + put option combination strategies, and spot collar strategies. The zinc market has shown an upward - trending breakthrough after a decline [9]. - Nickel Options: Use short bearish call + put option combination strategies and spot long - position hedging strategies. The nickel market has shown a weak rebound [10]. - Tin Options: Apply short volatility strategies and spot collar strategies. The tin market has shown a short - term upward - trending breakthrough after a wide - range oscillation [10]. - Lithium Carbonate Options: Use short neutral call + put option combination strategies and spot covered call strategies. The lithium carbonate market has shown a rebound after a decline [11]. 3.5.2. Precious Metals - Gold/Silver Options: Use short bullish volatility option seller combination strategies and spot hedging strategies. The gold market has shown a short - term weakening pattern after high - level consolidation [12]. 3.5.3. Black Metals - Rebar Options: Use short bearish call + put option combination strategies and spot covered call strategies. The rebar market has shown a weak rebound [13]. - Iron Ore Options: Adopt short neutral call + put option combination strategies and spot collar strategies. The iron ore market has shown a weak rebound after an upward - trending breakthrough [13]. - Ferroalloy Options: Use short volatility strategies. The manganese silicon market has shown a rebound after a decline [14]. - Industrial Silicon/Polysilicon Options: Use short neutral call + put option combination strategies and spot covered call strategies. The industrial silicon market has shown a rebound after a decline [14]. - Glass Options: Apply short volatility strategies and spot collar strategies. The glass market has shown a rebound after a decline [15].