金属期权策略早报-20250828

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The metal sector is divided into non - ferrous metals, precious metals, and black metals. Different option strategies are proposed for each sector and selected varieties based on market conditions and option factors [8]. - For non - ferrous metals, which are in a weak and volatile state, a neutral volatility strategy for sellers is recommended; black metals maintain a large - amplitude volatile trend, suitable for constructing short - volatility portfolios; precious metals are consolidating at high levels with a slight decline, and a spot hedging strategy is recommended [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts are presented. For example, the price of copper futures (CU2510) is 78,850, down 500 (- 0.63%); the price of aluminum futures (AL2510) is 20,680, down 170 (- 0.82%) [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of various metal options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market. For example, the volume PCR of copper options is 0.49, and the open interest PCR is 0.82 [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of various metal options are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of copper is 82,000, and the support level is 75,000 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of various metal options is presented, including at - the - money implied volatility, weighted implied volatility, and its changes. For example, the at - the - money implied volatility of copper is 8.41%, and the weighted implied volatility is 13.00% with a change of - 1.44% [6]. 3.5 Option Strategies and Recommendations 3.5.1 Non - Ferrous Metals - Copper Options: The fundamental situation shows a decrease in inventory in some exchanges. The market has been in a high - level consolidation. Implied volatility is at the historical average. Recommended strategies include a short - volatility seller option portfolio and a spot long - hedging strategy [7]. - Aluminum/Alumina Options: Aluminum inventory has changed, and the market is in a bullish high - level shock. Implied volatility is below the historical average. Recommended strategies include a bullish call spread, a short - neutral call + put option combination, and a spot collar strategy [9]. - Zinc/Lead Options: Zinc has specific inventory and开工 rate data, and the market is in a volatile decline. Implied volatility is below the historical average. Recommended strategies include a short - neutral call + put option combination and a spot collar strategy [9]. - Nickel Options: The spot market has inventory changes, and the market is in a wide - range shock. Implied volatility is at a high historical level. Recommended strategies include a short - bearish call + put option combination and a spot covered - call strategy [10]. - Tin Options: Tin inventory has decreased, and the market is in a short - term weak shock. Implied volatility is at a low historical level. Recommended strategies include a short - volatility strategy and a spot collar strategy [10]. - Lithium Carbonate Options: The market has large fluctuations, and implied volatility has risen rapidly. Recommended strategies include a short - neutral call + put option combination and a spot long - hedging strategy [11]. 3.5.2 Precious Metals - Gold/Silver Options: Gold is affected by the Fed's interest - rate policy. The market is in a short - term consolidation with a weak trend. Implied volatility is around the historical average. Recommended strategies include a short - neutral volatility seller option portfolio and a spot hedging strategy [12]. 3.5.3 Black Metals - Rebar Options: Rebar inventory has increased, and the market is in a weak consolidation. Implied volatility is at a relatively high historical level. Recommended strategies include a short - bearish call + put option combination and a spot long - covered - call strategy [13]. - Iron Ore Options: Iron ore inventory has changed, and the market is in a range - bound rebound. Implied volatility is above the historical average. Recommended strategies include a short - neutral call + put option combination and a spot long - collar strategy [13]. - Ferroalloy Options: Manganese silicon inventory has decreased, and the market is in a weak and bearish trend. Implied volatility is at a high historical level. Recommended strategies include a short - volatility strategy [14]. - Industrial Silicon/Polysilicon Options: Industrial silicon inventory is at a high level, and the market has large fluctuations. Implied volatility is rising. Recommended strategies include a short - volatility call + put option combination and a spot hedging strategy [14]. - Glass Options: Glass inventory has increased, and the market is in a weak trend. Implied volatility is at a high historical level. Recommended strategies include a short - volatility call + put option combination and a spot long - collar strategy [15].