金属期权策略早报-20250801

Group 1: Report Overview - Report Title: Metal Options Strategy Morning Report [1] - Date: August 1, 2025 - Research Team: Lu Pinxian, Huang Kehan, Li Renjun [2] Group 2: Market Overview - Non - ferrous Metals: Most non - ferrous metals showed a downward trend. For example, copper (CU2509) dropped 0.55% to 78,010, aluminum (AL2509) decreased 0.58% to 20,450, etc. [3] - Precious Metals: Gold (AU2510) rose 0.12% to 770.92, while silver (AG2510) fell 1.37% to 8,935 [3] - Black Metals: Some black metals like iron ore (I2509) rose 0.25% to 786.50, while others such as industrial silicon (SI2509) dropped 6.26% to 8,760 [3] Group 3: Option Factors Volume - Open Interest PCR - Different metals have different PCR values and changes, which can be used to analyze market sentiment and potential turning points. For example, copper's volume PCR is 1.51 with a change of 1.00, and its open - interest PCR is 0.87 with a change of 0.15 [4] Pressure and Support Levels - Each metal option has its own pressure and support levels. For instance, copper's pressure point is 82,000 and support point is 75,000 [5] Implied Volatility - Implied volatility varies among different metals. For example, aluminum's weighted implied volatility is 12.47% with a change of 0.35%, and its historical average is 12.78% [6] Group 4: Strategy and Recommendations Non - ferrous Metals - Copper: Build a short - volatility seller option portfolio strategy and a spot hedging strategy [7] - Aluminum/Alumina: Construct a selling call + put option combination strategy with a positive delta and a spot collar strategy [9] - Zinc/Lead: Build a selling neutral call + put option combination strategy with a neutral delta and a spot collar strategy [9] - Nickel: Construct a selling bearish call + put option combination strategy with a negative delta and a spot long - position hedging strategy [10] - Tin: Implement a short - volatility strategy and a spot collar strategy [10] - Lithium Carbonate: Build a selling neutral call + put option combination strategy with a neutral delta and a spot long - position hedging strategy [11] Precious Metals - Gold/Silver: Construct a neutral short - volatility option seller portfolio strategy and a spot hedging strategy [12] Black Metals - Rebar: Build a selling neutral call + put option combination strategy with a neutral delta and a spot long - position covered call strategy [13] - Iron Ore: Use a bullish call spread strategy, a selling bullish call + put option combination strategy, and a spot long - position collar strategy [13] - Ferroalloys: Implement a short - volatility strategy for manganese silicon [14] - Industrial Silicon/Polysilicon: Build a short - volatility selling call + put option combination strategy with a neutral delta and a spot hedging strategy [14] - Glass: Construct a short - volatility selling call + put option combination strategy and a spot long - position collar strategy [15]