金属期权策略早报-20250710

Report Summary 1. Report Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The metal sector is divided into non - ferrous metals, precious metals, and black metals. Different options strategies and suggestions are provided for selected varieties in each sector based on the analysis of underlying market conditions, option factor research, and option strategy recommendations [7]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - For various metal options, information such as the latest price, price change, percentage change, trading volume, volume change, open interest, and open interest change of the underlying contracts is presented. For example, the latest price of copper (CU2508) is 78,330, with a decrease of 580 and a decline rate of 0.74% [3]. 3.2 Option Factor - Volume and Open Interest PCR - The volume and open interest PCR data of different metal options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market. For instance, the volume PCR of copper is 0.75 with a change of - 0.12, and the open interest PCR is 0.61 with a change of - 0.06 [4]. 3.3 Option Factor - Pressure and Support Levels - The pressure and support levels of different metal options are determined from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of copper is 82,000 and the support level is 78,000 [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 its change. For example, the at - the - money implied volatility of copper is 12.67%, and the weighted implied volatility is 17.79% with a change of 2.24% [6]. 3.5 Strategy and Suggestions - Non - ferrous Metals - Copper Options: Based on the analysis of copper fundamentals, market conditions, option factors, directional strategies (constructing a bull - spread combination of call options), volatility strategies (constructing a short - volatility seller option combination), and spot long - hedging strategies are proposed [8]. - Aluminum/Alumina Options: Analyze the fundamentals and market conditions of aluminum and alumina, and suggest directional strategies (bull - spread combination of call options), volatility strategies (constructing a short - position call + put option combination), and spot long - hedging strategies [9]. - Zinc/Lead Options: Provide strategies for zinc and lead options, including volatility strategies (constructing a short - neutral call + put option combination) and spot long - hedging strategies [9]. - Nickel Options: Suggest volatility strategies (constructing a short - bearish call + put option combination) and spot long - hedging strategies for nickel options [10]. - Tin Options: Propose volatility strategies (short - volatility strategy) and spot long - hedging strategies for tin options [10]. - Lithium Carbonate Options: Suggest volatility strategies (constructing a short - neutral call + put option combination) and spot long - covered call strategies for lithium carbonate options [11]. - Precious Metals - Gold/Silver Options: Analyze the fundamentals and market conditions of gold and silver, and suggest volatility strategies (constructing a long - biased short - volatility option seller combination) and spot long - hedging strategies [12]. - Black Metals - Rebar Options: Provide volatility strategies (constructing a short - neutral call + put option combination) and spot long - covered call strategies for rebar options [13]. - Iron Ore Options: Suggest volatility strategies (constructing a short - bullish call + put option combination) and spot long - hedging strategies for iron ore options [13]. - Ferroalloy Options: Propose volatility strategies (short - volatility strategy) for ferroalloy options [14]. - Industrial Silicon/Polysilicon Options: Provide volatility strategies (constructing a short - neutral call + put option combination) and spot long - covered call strategies for industrial silicon and polysilicon options [14]. - Glass Options: Suggest volatility strategies (constructing a short - volatility call + put option combination) and spot long - hedging strategies for glass options [15].