金属期权策略早报-20250815

Report Overview - Report Date: August 15, 2025 [1] - Report Type: Metal Options Strategy Morning Report - Analysts: Lu Pinxian, Huang Kehan, Li Renjun [2] Industry Investment Rating - Not provided in the document Core Viewpoints - Construct a neutral volatility strategy for the short side in non - ferrous metals as they show a moderately bullish and volatile trend [2] - Build a short - volatility combination strategy for the black series due to their large - amplitude fluctuations [2] - Develop a spot hedging strategy for precious metals which are consolidating at high levels [2] Summary by Directory 1. Futures Market Overview - Price and Volume: The latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various metal futures contracts are presented. For example, the latest price of copper (CU2509) is 78,940, down 180 (- 0.23%), with a trading volume of 5.17 million lots (down 0.03 million lots) and an open interest of 15.23 million lots (down 0.65 million lots) [3] 2. Option Factors - PCR - Volume and Open Interest PCR: The volume PCR and open interest PCR of different metal options are provided. These indicators are used to describe the strength of the option underlying market and the turning point of the underlying market. For instance, the volume PCR of copper is 0.55 (up 0.17), and the open interest PCR is 0.78 (down 0.01) [4] 3. Option Factors - Pressure and Support Levels - Pressure and Support Points: The pressure points, pressure point offsets, support points, support point offsets, maximum call option open interests, and maximum put option open interests of various metal options are listed. For example, the pressure point of copper is 82,000, and the support point is 75,000 [5] 4. Option Factors - Implied Volatility - Implied Volatility Indicators: The at - the - money implied volatility, weighted implied volatility, weighted implied volatility changes, annual average implied volatility, call option implied volatility, put option implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility of different metal options are given. For example, the at - the - money implied volatility of copper is 9.65%, and the weighted implied volatility is 13.96% (down 1.48%) [6] 5. Strategy and Recommendations Non - Ferrous Metals - Copper: Based on the fundamentals and market analysis, construct a short - volatility option combination strategy for the short side and a spot hedging strategy [7] - Aluminum/Alumina: Build a short - neutral call + put option combination strategy and a spot collar strategy [9] - Zinc/Lead: Develop a short - neutral call + put option combination strategy and a spot collar strategy [9] - Nickel: Construct a short - bearish call + put option combination strategy and a spot long - position hedging strategy [10] - Tin: Build a short - volatility strategy and a spot collar strategy [10] - Lithium Carbonate: Develop a short - bullish call + put option combination strategy and a spot long - position hedging strategy [11] Precious Metals - Gold/Silver: Construct a neutral short - volatility option combination strategy for the short side and a spot hedging strategy [12] Black Series - Rebar: Build a short - neutral call + put option combination strategy and a spot long - position covered call strategy [13] - Iron Ore: Develop a short - neutral call + put option combination strategy and a spot long - position collar strategy [13] - Ferroalloys: Construct a short - volatility strategy [14] - Industrial Silicon/Polysilicon: Build a short - volatility call + put option combination strategy and a spot hedging strategy [14] - Glass: Develop a short - volatility call + put option combination strategy and a spot long - position collar strategy [15]