金属期权策略早报-20250721

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals, they are in a state of fluctuating decline, and a seller's neutral volatility strategy is recommended; for the black series, they are in a state of range consolidation, and a seller's option neutral combination strategy is suitable; for precious metals, gold is in a state of high - level consolidation and weak decline, and a spot hedging strategy is recommended [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Copper (CU2509): The latest price is 79,140, up 810 with a gain of 1.03%. The trading volume is 5.48 million lots, an increase of 1.91 million lots, and the open interest is 14.18 million lots, an increase of 0.38 million lots [3]. - Aluminum (AL2509): The latest price is 20,770, up 265 with a gain of 1.29%. The trading volume is 12.90 million lots, an increase of 2.69 million lots, and the open interest is 28.27 million lots, an increase of 1.41 million lots [3]. - Other metals: Similar data are provided for zinc, lead, nickel, tin, alumina, gold, silver, lithium carbonate, industrial silicon, polysilicon, rebar, iron ore, manganese silicon, silicon iron, and glass [3]. 3.2 Option Factors - Volume and Open Interest PCR - Copper: The volume PCR is 0.53, down 0.01, and the open interest PCR is 0.61, down 0.02 [4]. - Aluminum: The volume PCR is 0.70, down 0.32, and the open interest PCR is 0.93, up 0.01 [4]. - Other metals: Volume and open interest PCR data are also provided for other metals [4]. 3.3 Option Factors - Pressure and Support Levels - Copper: The pressure point is 82,000, and the support point is 78,000 [5]. - Aluminum: The pressure point is 20,600, and the support point is 20,000 [5]. - Other metals: Pressure and support levels are provided for other metals [5]. 3.4 Option Factors - Implied Volatility - Copper: The at - the - money implied volatility is 10.53%, the weighted implied volatility is 14.68%, down 0.36% [6]. - Aluminum: The at - the - money implied volatility is 9.09%, the weighted implied volatility is 12.24%, up 0.92% [6]. - Other metals: Implied volatility data are provided for other metals [6]. 3.5 Strategy and Recommendations 3.5.1 Non - Ferrous Metals - Copper: Build a short - volatility seller's option combination strategy and a spot long - hedging strategy [8]. - Aluminum/Alumina: Use a bullish option bull spread strategy, a short - position call + put option combination strategy, and a spot collar strategy [9]. - Zinc/Lead: Adopt a bullish option bull spread strategy, a short - position call + put option combination strategy, and a spot collar strategy [9]. - Nickel: Build a short - position call + put option combination strategy and a spot long - hedging strategy [10]. - Tin: Use a short - volatility strategy and a spot collar strategy [10]. - Lithium Carbonate: Build a short - position call + put option combination strategy and a spot long - hedging strategy [11]. 3.5.2 Precious Metals - Gold/Silver: Adopt a neutral short - volatility option seller's combination strategy and a spot hedging strategy [12]. 3.5.3 Black Series - Rebar: Use a bullish option bull spread strategy, a short - position call + put option combination strategy, and a spot long - covered call strategy [14]. - Iron Ore: Adopt a bullish option bull spread strategy, a short - position call + put option combination strategy, and a spot long - collar strategy [14]. - Ferroalloys: Build a short - volatility strategy for manganese silicon [15]. - Industrial Silicon/Polysilicon: Use a bullish option bull spread strategy, a short - position call + put option combination strategy, and a spot hedging strategy [15]. - Glass: Adopt a bullish option bull spread strategy, a short - volatility call + put option combination strategy, and a spot long - collar strategy [16].