金属期权策略早报：金属期权-20251020

Report Summary 1. Investment Rating The report does not provide an overall investment rating for the metal options industry. 2. Core Viewpoints - For non - ferrous metals, they are in a range - bound oscillation, and a seller's neutral volatility strategy is recommended [2]. - Black metals show significant fluctuations, and a short - volatility portfolio strategy is suitable [2]. - Precious metals have a pattern of rising, breaking through, and then falling rapidly, so a spot hedging strategy is suggested [2]. 3. Summary by Sections 3.1 Futures Market Overview - Different metal futures have various price changes, trading volumes, and open interest changes. For example, copper (CU2511) closed at 84,840 with a 0.14% increase, and its trading volume was 8.05 million lots with a decrease of 1.70 million lots [3]. 3.2 Option Factors - Volume and Open Interest PCR: These factors describe the strength of the option underlying market and the turning points. For example, the copper option's volume PCR was 0.48 with a - 0.08 change, and the open interest PCR was 0.75 with a - 0.01 change [4]. - Pressure and Support Levels: From the perspective of the maximum open interest of call and put options, the pressure and support levels of each metal option are determined. For example, the pressure level of copper is 92,000, and the support level is 80,000 [5]. - Implied Volatility: The implied volatility of each metal option varies. For example, the flat - strike implied volatility of copper was 19.84%, and the weighted implied volatility was 24.96% with a - 0.02 change [6]. 3.3 Strategy and Recommendations - Non - ferrous Metals - Copper: Build a short - volatility seller's option portfolio strategy and a spot hedging strategy [7]. - Aluminum: Construct a short - neutral call + put option portfolio strategy and a spot collar strategy [9]. - Zinc: Create a short - neutral call + put option portfolio strategy and a spot collar strategy [9]. - Nickel: Build a short - bearish call + put option portfolio strategy and a spot covered - call strategy [10]. - Tin: Implement a short - volatility strategy and a spot collar strategy [10]. - Lithium Carbonate: Construct a short - bearish call + put option portfolio strategy and a spot hedging strategy [11]. - Precious Metals (Gold) - Build a bull - spread strategy for call options, a short - volatility option seller's portfolio strategy, and a spot hedging strategy [12]. - Black Metals - Rebar: Construct a short - bearish call + put option portfolio strategy and a spot covered - call strategy [13]. - Iron Ore: Build a short - bearish call + put option portfolio strategy and a spot collar strategy [13]. - Ferroalloys (Manganese Silicon): Implement a short - volatility strategy [14]. - Industrial Silicon: Construct a short - volatility call + put option portfolio strategy and a spot hedging strategy [14]. - Glass: Build a short - volatility call + put option portfolio strategy and a spot collar strategy [15].