Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals, which are in a state of shock and decline, a seller's neutral volatility strategy is recommended; black metals are in a range - bound consolidation state, suitable for constructing a seller's option neutral combination strategy; precious metals, specifically gold, are in a high - level consolidation with a weak decline, suggesting a spot hedging strategy [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market Overview - Different metal futures have different price changes, trading volumes, and open interest changes. For example, copper (CU2508) has a latest price of 78,070, a rise of 140, and a trading volume of 8.17 million lots; aluminum (AL2508) has a latest price of 20,390 with no change, and a trading volume of 10.36 million lots [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different metal options reflect the strength of the option underlying market and the turning point of the market. For instance, the volume PCR of copper options is 0.50 with a change of - 0.01, and the open interest PCR is 0.62 with a change of 0.02 [4]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of option factors, the pressure and support levels of different metal options are different. For example, the pressure level of copper options is 82,000 and the support level is 77,000; the pressure level of aluminum options is 20,600 and the support level is 20,000 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of different metal options varies. For example, the at - the - money implied volatility of copper options is 10.75%, and the weighted implied volatility is 16.31% with a change of - 0.88% [6]. 3.5 Strategies and Recommendations - Non - ferrous Metals - Copper Options: Based on the analysis of fundamentals, market trends, and option factors, a short - volatility seller's option combination strategy and a spot long - hedging strategy are recommended [7]. - Aluminum/Alumina Options: A bull spread strategy for call options, a short - option combination strategy, and a spot collar strategy are recommended [9]. - Zinc/Lead Options: A short - neutral call + put option combination strategy and a spot collar strategy are recommended [9]. - Nickel Options: A short - bearish call + put option combination strategy and a spot long - hedging strategy are recommended [10]. - Tin Options: A short - volatility strategy and a spot collar strategy are recommended [10]. - Lithium Carbonate Options: A short - bullish call + put option combination strategy and a spot long - hedging strategy are recommended [11]. - Precious Metals - Gold/Silver Options: A short - neutral volatility option seller's combination strategy and a spot hedging strategy are recommended [12]. - Black Metals - Rebar Options: A short - neutral call + put option combination strategy and a spot long - covered call strategy are recommended [13]. - Iron Ore Options: A short - bullish call + put option combination strategy and a spot long - collar strategy are recommended [13]. - Ferroalloy Options: A short - volatility strategy is recommended for manganese silicon options, and a bull spread strategy for call options, a short - bullish call + put option combination strategy, and a spot hedging strategy are recommended for industrial silicon/polysilicon options [14]. - Glass Options: A short - volatility call + put option combination strategy and a spot long - collar strategy are recommended [15].
金属期权策略早报-20250716
Wu Kuang Qi Huo·2025-07-16 08:48