金属期权策略早报-20250729

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals with a weak and volatile trend, construct a neutral volatility strategy for sellers [2]. - For the black series that has significantly declined after a continuous rise, it is suitable to construct a short - volatility portfolio strategy [2]. - For precious metals that have fluctuated at a high level and then declined, construct a spot hedging strategy [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interests of various metal futures are presented, such as copper (CU2509) at 79,010 with a 0.04% increase, and aluminum (AL2509) at 20,660 with a 0.05% increase [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR 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 respectively [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure points and support points of various metal options are analyzed from the perspective of the strike prices with the largest open interest of call and put options [5]. 3.4 Option Factors - Implied Volatility - The implied volatility data of different metal options, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility, are presented [6]. 3.5 Option Strategies and Recommendations - Non - ferrous Metals - Copper: Construct a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7]. - Aluminum/Alumina: Use a bull - spread strategy for call options, a short - call + put option combination strategy, and a spot collar strategy [9]. - Zinc/Lead: Adopt a bull - spread strategy for call options, a short - call + put option combination strategy, and a spot collar strategy [9]. - Nickel: Construct a short - call + put option combination strategy with a short bias and a spot long - hedging strategy [10]. - Tin: Use a short - volatility strategy and a spot collar strategy [10]. - Lithium Carbonate: Adopt a bull - spread strategy for call options, a short - call + put option combination strategy with a long bias, and a spot long - hedging strategy [11]. - Precious Metals - Gold/Silver: Construct a neutral short - volatility option seller portfolio strategy and a spot hedging strategy [12]. - Black Series - Rebar: Use a short - call + put option combination strategy and a spot long - covered call strategy [13]. - Iron Ore: Adopt a bull - spread strategy for call options, a short - call + put option combination strategy with a long bias, and a spot long - collar strategy [13]. - Ferroalloys: Use a bull - spread strategy for call options and a short - volatility strategy for manganese silicon; for industrial silicon/polysilicon, construct a short - call + put option combination strategy and a spot long - hedging strategy [14]. - Glass: Use a short - volatility strategy and a spot long - collar strategy [15]. 3.6 Option Charts - Price charts, option volume and open interest charts, PCR charts, implied volatility charts, historical volatility cone charts, and pressure - support point charts of various metals are provided, including copper, aluminum, alumina, zinc, lead, nickel, tin, gold, silver, and lithium carbonate [17][36][53]