金属期权策略早报：金属期权-20251015

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The metals sector is divided into non - ferrous metals, precious metals, and black metals. Different trading strategies are recommended for each type of metal based on their market conditions and option factors [2]. - For non - ferrous metals in a range - bound situation, a seller's neutral volatility strategy can be constructed; for black metals with large - amplitude fluctuations, a short - volatility portfolio strategy is suitable; for precious metals with upward trends, a spot hedging strategy can be built [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interests of various metal futures contracts. For example, the latest price of copper (CU2511) is 84,890, down 820 or 0.96% [3]. 3.2 Option Factors - Volume and Open Interest PCR: These indicators are used to describe the strength of the option underlying market and the turning points. For instance, the open interest PCR of copper is 0.78, with a change of 0.07 [4]. - Pressure and Support Levels: Determined from the strike prices with the largest open interests of call and put options. The pressure point of copper is 92,000, and the support point is 80,000 [5]. - Implied Volatility: It includes at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. The weighted implied volatility of copper is 25.28%, with a change of 0.34% [6]. 3.3 Option Strategies for Different Metals - Non - Ferrous Metals - Copper: A short - volatility seller's option portfolio strategy is recommended to gain time - value income. The pressure level is 92,000, and the support level is 80,000 [7]. - Aluminum/Alumina: A short - neutral call + put option combination strategy is suggested to obtain option time - value and directional income. Aluminum's pressure level is 21,400, and the support level is 20,400 [9]. - Zinc/Lead: Similar to aluminum, a short - neutral option combination strategy is recommended. Zinc's pressure level is 22,600, and the support level is 21,800 [9]. - Nickel: A short - bearish call + put option combination strategy is proposed. The pressure level is 130,000, and the support level is 120,000 [10]. - Tin: A short - volatility strategy is recommended. The pressure level is 320,000, and the support level is 270,000 [10]. - Lithium Carbonate: A short - bearish option combination strategy is suggested. The pressure level is 100,000, and the support level is 64,000 [11]. - Precious Metals - Gold/Silver: For gold, a bull - spread call option combination strategy and a short - volatility option seller's combination strategy are recommended. The pressure level of gold is 968, and the support level is 800 [12]. - Black Metals - Rebar: A short - bearish option combination strategy is recommended. The pressure level is 3,500, and the support level is 3,000 [13]. - Iron Ore: A short - neutral option combination strategy is suggested. The pressure level is 850, and the support level is 750 [13]. - Ferroalloys: For manganese silicon, a short - volatility strategy is recommended. The pressure level is 5,900, and the support level is 5,600 [14]. - Industrial Silicon/Polysilicon: A short - volatility call + put option combination strategy is proposed. The pressure level of industrial silicon is 13,800, and the support level is 9,000 [14]. - Glass: A short - volatility option combination strategy is recommended. The pressure level is 1,380, and the support level is 1,100 [15].