金属期权策略早报：金属期权-20251023

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - For non - ferrous metals, which are in a range - bound oscillation, a neutral volatility strategy for sellers can be constructed [2]. - For the black series, with large - amplitude fluctuation trends, a short - volatility combination strategy is suitable [2]. - For precious metals, experiencing a high - level decline and continuous sharp drops, a spot hedging strategy can be built [2]. 3. Summaries by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various metal futures contracts, including copper, aluminum, zinc, etc [3]. 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - The volume PCR and open interest PCR of different option varieties are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively [4]. 3.2.2 Pressure and Support Levels - The pressure points, support points, and the corresponding offsets of different option varieties are listed, which are determined from the strike prices of the maximum open interest of call and put options [5]. 3.2.3 Implied Volatility - The at - the - money implied volatility, weighted implied volatility, its change, annual average, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility of different option varieties are presented [6]. 3.3 Option Strategies and Recommendations for Different Metals 3.3.1 Non - Ferrous Metals - Copper: With inventory changes and a specific price trend, the implied volatility remains above the historical average, and the open interest PCR indicates support. Strategies include a short - volatility seller option combination and a spot long - hedging strategy [7]. - Aluminum: Based on inventory data and price trends, the implied volatility is at the historical average level, and the open interest PCR shows pressure. Strategies involve a short - neutral call + put option combination and a spot collar strategy [9]. - Zinc: Considering fundamentals and price trends, the implied volatility has declined to the historical average, and the open interest PCR shows increasing pressure. Strategies include a short - neutral call + put option combination and a spot collar strategy [9]. - Nickel: Given the supply - demand situation and price trends, the implied volatility is below the average, and the open interest PCR shows increasing short - side strength. Strategies involve a short - bearish call + put option combination and a spot covered - call strategy [10]. - Tin: Due to supply constraints and price trends, the implied volatility is below the historical average, and the open interest PCR indicates range - bound oscillation. Strategies include a short - volatility strategy and a spot collar strategy [10]. - Lithium Carbonate: Based on inventory and price trends, the implied volatility is at a high level, and the open interest PCR shows a weak range - bound oscillation. Strategies involve a short - bearish call + put option combination and a spot long - hedging strategy [11]. 3.3.2 Precious Metals - Gold: Considering the change in total open interest and price trends, the implied volatility is at a high historical level, and the open interest PCR indicates strong support. Strategies include a short - neutral volatility option seller combination and a spot hedging strategy [12]. 3.3.3 Black Series - Rebar: Based on inventory data and price trends, the implied volatility is below the historical average, and the open interest PCR shows strong short - side pressure. Strategies involve a short - bearish call + put option combination and a spot long - covered - call strategy [13]. - Iron Ore: Considering inventory and price trends, the implied volatility is around the historical average, and the open interest PCR shows strong pressure. Strategies include a short - bearish call + put option combination and a spot long - collar strategy [13]. - Silicomanganese: Based on production and inventory data and price trends, the implied volatility is at the historical average level, and the open interest PCR shows a weak bearish market. Strategies include a short - volatility strategy [14]. - Industrial Silicon: Considering inventory and price trends, the implied volatility remains at a high historical level, and the open interest PCR shows a range - bound oscillation. Strategies involve a short - volatility call + put option combination and a spot hedging strategy [14]. - Glass: Based on inventory data and price trends, the implied volatility remains at a high historical level, and the open interest PCR shows a weak market. Strategies include a short - volatility call + put option combination and a spot long - collar strategy [15].