金属期权策略早报-20250707

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The report provides strategies for different metal sectors. For non - ferrous metals, it suggests building bull spread combination strategies and short - volatility strategies; for the black series, neutral combination strategies for sellers' options are suitable; for precious metals, spot hedging strategies are recommended [2]. 3. Summary by Related 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. For example, the latest price of copper (CU2508) is 79,720, down 450 with a decline of 0.56%, and the trading volume is 10.06 million lots [3]. 3.2 Option Factor - Volume and Open Interest PCR - It shows the volume and open interest PCR of different metal options. For instance, the volume PCR of copper is 0.58 with a change of 0.20, and the open interest PCR is 0.69 with a change of 0.03 [4]. 3.3 Option Factor - Pressure and Support Levels - The pressure and support levels of different metal options are given. For example, the pressure point of copper is 82,000 and the support point is 77,000 [5]. 3.4 Option Factor - Implied Volatility - The implied volatility data of different metal options are provided, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of copper is 12.49% [6]. 3.5 Strategy and Recommendations for Different Metals 3.5.1 Non - ferrous Metals - Copper: Build a bull spread combination strategy of call options and a short - volatility seller's option combination strategy. Also, construct a spot hedging strategy [7]. - Aluminum/Alumina: Use a bull spread combination strategy of call options, a short - option combination strategy of call and put options, and a spot collar strategy [9]. - Zinc/Lead: Build a bull spread combination strategy, a short - neutral call + put option combination strategy, and a spot collar strategy [9]. - Nickel: Construct a short - bearish call + put option combination strategy and a spot long - side hedging strategy [10]. - Tin: Use a short - volatility strategy and a spot collar strategy [10]. - Lithium Carbonate: Build a short - neutral call + put option combination strategy and a spot covered call strategy [11]. 3.5.2 Precious Metals - Gold/Silver: Construct a short - bullish volatility seller's option combination strategy and a spot hedging strategy [12]. 3.5.3 Black Series - Rebar: Build a short - neutral call + put option combination strategy and a spot covered call strategy [13]. - Iron Ore: Use a short - bullish call + put option combination strategy and a spot long - side collar strategy [13]. - Ferroalloys: Build a short - volatility strategy [14]. - Industrial Silicon/Polysilicon: Use a short - neutral call + put option combination strategy and a spot covered call strategy [14]. - Glass: Build a short - volatility strategy of call and put options and a spot long - side collar strategy [15].