金属期权策略早报-20250811

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The report provides strategies for metal options, including constructing seller neutral volatility strategies for non - ferrous metals, short - volatility combination strategies for black metals, and spot hedging strategies for precious metals [2] 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts, such as copper, aluminum, zinc, etc [3] 3.2 Option Factors - Volume and Open Interest PCR - It shows the volume and open interest PCR of different metal options, which are used to describe the strength of the option underlying market and the turning point of the market [4] 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of different metal options are determined from 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 are provided, including at - the - money implied volatility, weighted implied volatility, etc [6] 3.5 Option Strategies and Recommendations 3.5.1 Non - Ferrous Metals - Copper: Construct a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7] - Aluminum/Alumina: Build a short - neutral call + put option combination strategy and a spot collar strategy [9] - Zinc/Lead: Configure a short - neutral call + put option combination strategy and a spot collar strategy [9] - Nickel: Create a short - bearish call + put option combination strategy and a spot long - hedging strategy [10] - Tin: Adopt a short - volatility strategy and a spot collar strategy [10] - Lithium Carbonate: Set up a short - neutral call + put option combination strategy and a spot long - hedging strategy [11] 3.5.2 Precious Metals - Gold/Silver: Construct a short - neutral volatility option seller portfolio strategy and a spot hedging strategy [12] 3.5.3 Black Metals - Rebar: Build a short - neutral call + put option combination strategy and a spot long - covered call strategy [13] - Iron Ore: Configure a short - neutral call + put option combination strategy and a spot long - collar strategy [13] - Ferroalloys: Adopt a short - volatility strategy for manganese silicon and a short - volatility call + put option combination strategy for industrial silicon and polysilicon, along with corresponding spot hedging strategies [14] - Glass: Create a short - volatility call + put option combination strategy and a spot long - collar strategy [15]