金属期权策略早报-20250918

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The metals sector is divided into non - ferrous metals, precious metals, and black metals. Different strategies are recommended for each sector and specific metal varieties based on their fundamentals, market trends, and option factors [2][8]. - For non - ferrous metals in a range - bound oscillation, a neutral volatility selling strategy can be constructed; for black metals with large - amplitude fluctuations, a short - volatility combination strategy is suitable; for precious metals with upward breakthroughs, a spot hedging strategy is recommended [2]. Summary by Related Catalogs 1. Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts, including copper, aluminum, zinc, etc. For example, the latest price of copper futures contract CU2510 is 79,880, with a decrease of 840 (- 1.04%) [3]. 2. Option Factors - Volume and Open Interest PCR - Volume and open interest PCR are used to describe the strength of the option underlying market and the turning point of the market. For instance, the volume PCR of copper options is 0.57 with a change of 0.16, and the open interest PCR is 0.72 with a change of - 0.03 [4]. 3. Option Factors - Pressure and Support Levels - Pressure and support levels of each metal option are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure point of copper options is 82,000 and the support point is 78,000 [5]. 4. Option Factors - Implied Volatility - Implied volatility data of various metal options are presented, including at - the - money implied volatility, weighted implied volatility, and its changes. For example, the at - the - money implied volatility of copper options is 13.60%, and the weighted implied volatility is 19.34% with an increase of 1.40% [6]. 5. Option Strategies and Recommendations Non - Ferrous Metals - Copper Options: Based on the analysis of fundamentals, market trends, and option factors, strategies such as a short - volatility selling option combination strategy and a spot collar strategy are recommended [7]. - Aluminum/Alumina Options: Strategies include a neutral call + put option selling combination strategy and a spot collar strategy [9]. - Zinc/Lead Options: A neutral call + put option selling combination strategy and a spot collar strategy are suggested [9]. - Nickel Options: A short - biased call + put option selling combination strategy and a spot covered call strategy are recommended [10]. - Tin Options: A short - volatility strategy and a spot collar strategy are proposed [10]. - Lithium Carbonate Options: A short - biased call + put option selling combination strategy and a spot collar strategy are recommended [11]. Precious Metals - Gold/Silver Options: A long - biased short - volatility option selling combination strategy and a spot hedging strategy are suggested [12]. Black Metals - Rebar Options: A short - biased call + put option selling combination strategy and a spot covered call strategy are recommended [13]. - Iron Ore Options: A neutral call + put option selling combination strategy and a spot collar strategy are suggested [13]. - Ferroalloy Options: A short - volatility strategy is recommended for manganese silicon options, and for industrial silicon/polysilicon options, a short - volatility call + put option selling combination strategy and a spot collar strategy are proposed [14]. - Glass Options: A short - volatility call + put option selling combination strategy and a spot collar strategy are recommended [15].