金属期权策略早报-20250820

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For non - ferrous metals, construct a seller neutral volatility strategy as they are in a weak and volatile state [2] - For the black series, build a short - volatility combination strategy due to their large - amplitude fluctuations [2] - For precious metals, construct a spot hedging strategy as they are consolidating at high levels and have declined [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of 17 metal futures contracts including copper, aluminum, and zinc are presented [3] 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of various metal options are provided, which are used to describe the strength of options underlying market trends and the turning points of the underlying market trends respectively [4] 3.3 Option Factors - Pressure and Support Levels - From the perspective of the strike prices with the largest open interest of call and put options, the pressure and support levels of various metal options are given [5] 3.4 Option Factors - Implied Volatility - The implied volatility data of various metal options are presented, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [6] 3.5 Strategy and Recommendations 3.5.1 Non - ferrous Metals - Copper: Build a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7] - Aluminum/Alumina: Construct a short - neutral call + put option combination strategy and a spot collar strategy [9] - Zinc/Lead: Build 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 covered - call strategy [10] - Tin: Build a short - volatility strategy and a spot collar strategy [10] - Lithium Carbonate: Construct a short - bullish call + put option combination strategy and a spot long - hedging strategy [11] 3.5.2 Precious Metals - Gold/Silver: Build a neutral short - volatility option seller combination strategy and a spot hedging strategy [12] 3.5.3 Black Series - Rebar: Construct a bearish call spread strategy, a short - bearish call + put option combination strategy, and a spot covered - call strategy [13] - Iron Ore: Build a short - bearish call + put option combination strategy and a spot collar strategy [13] - Ferroalloys: Build a short - volatility strategy for manganese silicon [14] - Industrial Silicon/Polysilicon: Construct a short - volatility call + put option combination strategy and a spot hedging strategy [14] - Glass: Build a bearish call spread strategy, a short - volatility call + put option combination strategy, and a spot collar strategy [15] 3.6 Charts - Price charts, option volume and open interest charts, PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support level charts of various metals such as copper, aluminum, and zinc are provided [18][38][57]