金属期权策略早报-20250808

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - For non - ferrous metals, in a state of oscillation, a seller neutral volatility strategy is recommended; for the black series, after continuous rises followed by significant drops and large fluctuations, a short - volatility combination strategy is suitable; for precious metals, in a high - level consolidation phase, a spot hedging strategy is advisable. [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market Overview - The latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various metal option underlying futures contracts are presented, including copper, aluminum, zinc, etc. [3] 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR, their changes, and the corresponding trading volume and open interest of various option varieties are provided, which can be used to analyze the strength of the option underlying market and the turning points of the market. [4] 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of various option varieties 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 at - the - money implied volatility, weighted implied volatility, its change, annual average, call and put implied volatilities, historical 20 - day volatility, and the difference between implied and historical volatilities of various option varieties are given. [6] 3.5 Strategy and Suggestions 3.5.1 Non - ferrous Metals - Copper: The inventory of the three major exchanges increased, and the market showed a high - level consolidation pattern. It is recommended to construct a short - volatility seller option portfolio strategy and a spot long - hedging strategy. [7] - Aluminum/Alumina: The domestic aluminum ingot inventory increased, and the market showed a high - level oscillating and declining trend. It is recommended to construct a short - neutral call + put option combination strategy and a spot collar strategy. [9] - Zinc/Lead: The zinc ore inventory continued to accumulate, and the zinc market showed a small - scale oscillating pattern. It is recommended to construct a short - neutral call + put option combination strategy and a spot collar strategy. [9] - Nickel: The nickel ore price was weak, and the market showed a wide - range oscillating pattern. It is recommended to construct a short - bearish call + put option combination strategy and a spot long - position hedging strategy. [10] - Tin: The tin inventory increased slightly, and the market showed a short - term weak - oscillating pattern. It is recommended to construct a short - volatility strategy and a spot collar strategy. [10] - Lithium Carbonate: The inventory growth trend reversed, and the market showed a large - scale fluctuating pattern. It is recommended to construct a short - neutral call + put option combination strategy and a spot long - hedging strategy. [11] 3.5.2 Precious Metals - Gold/Silver: The US economic data was resilient, and the gold market showed a short - term strong - consolidation pattern. It is recommended to construct a short - neutral volatility option seller combination strategy and a spot hedging strategy. [12] 3.5.3 Black Series - Rebar: The rebar inventory increased, and the market showed an oscillating upward pattern. It is recommended to construct a short - neutral call + put option combination strategy and a spot long - covered call strategy. [13] - Iron Ore: The iron ore inventory decreased, and the market showed a bullish - oscillating pattern. It is recommended to construct a short - neutral call + put option combination strategy and a spot long - collar strategy. [13] - Ferroalloys: The manganese silicon inventory decreased, and the market showed a pattern of large declines followed by small oscillations. It is recommended to construct a short - volatility strategy. [14] - Industrial Silicon/Polysilicon: The industrial silicon inventory remained high, and the market showed a large - scale fluctuating pattern. It is recommended to construct a short - volatility call + put option combination strategy and a spot hedging strategy. [14] - Glass: The glass factory inventory decreased, and the market showed a pattern of significant declines in the bullish direction. It is recommended to construct a short - volatility call + put option combination strategy and a spot long - collar strategy. [15]