金属期权策略早报-20250728

Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals, construct a seller neutral volatility strategy as they are oscillating weakly [2]. - For the black series, build a short - volatility portfolio strategy after a significant drop following continuous rise [2]. - For precious metals, construct a spot hedging strategy as they are oscillating at a high level and have declined [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Copper (CU2509) is priced at 78,800, down 530 or 0.67% with a trading volume of 8.81 million lots and an open interest of 18.08 million lots [3]. - Aluminum (AL2509) is at 20,615, down 135 or 0.65% with a volume of 14.36 million lots and an open interest of 30.20 million lots [3]. - Multiple other metal futures are also presented with their latest prices, price changes, trading volumes, and open interest [3]. 3.2 Option Factors - Quantity and Position PCR - Copper's volume PCR is 0.64 (change: 0.25), and position PCR is 0.64 (change: - 0.04) [4]. - Aluminum's volume PCR is 0.59 (change: - 0.19), and position PCR is 0.78 (change: - 0.13) [4]. - Similar data for other metal options are provided [4]. 3.3 Option Factors - Pressure and Support Levels - Copper's pressure point is 82,000 and support point is 75,000 [5]. - Aluminum's pressure point is 21,000 and support point is 20,000 [5]. - Pressure and support levels for other metals are also given [5]. 3.4 Option Factors - Implied Volatility - Copper's at - the - money implied volatility is 12.15%, weighted implied volatility is 18.78% (change: 0.15) [6]. - Aluminum's at - the - money implied volatility is 12.57%, weighted implied volatility is 14.68% (change: - 0.17) [6]. - Implied volatility data for other metals are presented [6]. 3.5 Option Strategies and Recommendations 3.5.1 Non - Ferrous Metals - Copper: Construct a short - volatility seller option portfolio and a spot long - hedging strategy [7]. - Aluminum/Alumina: Use a bull - spread strategy for call options, a short - volatility strategy, and a spot collar strategy [8][9]. - Zinc/Lead: Implement a bull - spread strategy for call options, a short - volatility strategy, and a spot collar strategy [9]. - Nickel: Build a short - volatility strategy with a bearish bias and a spot long - hedging strategy [10]. - Tin: Adopt a short - volatility strategy and a spot collar strategy [10]. - Lithium Carbonate: Use a bull - spread strategy for call options, a short - volatility strategy with a bullish bias, and a spot long - hedging strategy [11]. 3.5.2 Precious Metals - Gold/Silver: Construct a neutral short - volatility option seller portfolio and a spot hedging strategy [12]. 3.5.3 Black Series - Rebar: Build a short - volatility strategy with a neutral bias and a spot long - covered call strategy [13]. - Iron Ore: Use a bull - spread strategy for call options, a short - volatility strategy with a bullish bias, and a spot long - collar strategy [13]. - Ferroalloys: Implement a bull - spread strategy for call options and a short - volatility strategy [14]. - Industrial Silicon/Polysilicon: Build a short - volatility strategy and a spot long - hedging strategy [14]. - Glass: Adopt a short - volatility strategy and a spot long - collar strategy [15].