金属期权策略早报：金属期权-20251013

Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals, build a seller's neutral volatility strategy as they are in a range - bound oscillation [2]. - For black metals, construct a short - volatility portfolio strategy due to their large - amplitude fluctuations [2]. - For precious metals, build a spot hedging strategy as they break upward [2]. 3. Summaries by Related Catalogs 3.1 Futures Market Overview - The latest prices of various metal futures have different changes. For example, copper (CU2511) dropped 4.46% to 83,030, while gold (AU2512) rose 0.42% to 913.26. The trading volumes and open interests also vary among different metals [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different metal options have different trends. For instance, the volume PCR of copper decreased by 0.14 to 0.33, and the open interest PCR decreased by 0.02 to 0.74 [4]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of option factors, different metal options have their own pressure and support levels. For example, the pressure level of copper is 92,000 and the support level is 80,000 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of different metal options shows different characteristics. For example, the weighted implied volatility of copper increased by 1.37 to 25.40%, while that of aluminum decreased by 0.35 to 12.53% [6]. 3.5 Strategies and Recommendations 3.5.1 Non - ferrous Metals - Copper: Build a short - volatility seller's option portfolio strategy and a spot hedging strategy. The pressure level is 92,000 and the support level is 80,000 [7]. - Aluminum/Alumina: Construct a short - neutral call + put option combination strategy and a spot collar strategy. The pressure level of aluminum is 21,400 and the support level is 20,000; for alumina, the pressure level is 3,000 and the support level is 2,800 [9]. - Zinc/Lead: Build a short - neutral call + put option combination strategy and a spot collar strategy. The pressure level of zinc is 22,000 and the support level is 21,800 [9]. - Nickel: Construct a short - bearish call + put option combination strategy and a spot covered - call strategy. The pressure level is 130,000 and the support level is 120,000 [10]. - Tin: Build a short - volatility strategy and a spot collar strategy. The pressure level is 320,000 and the support level is 270,000 [10]. - Lithium Carbonate: Construct a short - bearish call + put option combination strategy and a spot long - hedging strategy. The pressure level is 99,000 and the support level is 65,000 [11]. 3.5.2 Precious Metals - Gold/Silver: For gold, construct a bull - spread call option strategy, a short - volatility option seller's combination strategy, and a spot hedging strategy. The pressure level is 888 and the support level is 800 [12]. 3.5.3 Black Metals - Rebar: Build a short - bearish call + put option combination strategy and a spot covered - call strategy. The pressure level is 3,500 and the support level is 3,000 [13]. - Iron Ore: Construct a short - neutral call + put option combination strategy and a spot long - collar strategy. The pressure level is 850 and the support level is 750 [13]. - Ferroalloys: For manganese silicon, build a short - volatility strategy. The pressure level is 6,000 and the support level is 5,800 [14]. - Industrial Silicon/Polysilicon: Construct a short - volatility call + put option combination strategy and a spot hedging strategy. The pressure level of industrial silicon is 14,200 and the support level is 8,000 [14]. - Glass: Build a short - volatility call + put option combination strategy and a spot long - collar strategy. The pressure level is 1,200 and the support level is 1,000 [15].