金属期权策略早报：金属期权-20251029

Report Industry The report focuses on the metal options market, covering non - ferrous metals, precious metals, and black metals [8]. Core Viewpoints - For non - ferrous metals, which are in a range - bound oscillation, a seller's neutral volatility strategy is recommended. - Black metals maintain a large - amplitude fluctuating market, suitable for constructing a short - volatility portfolio strategy. - Precious metals have fallen sharply from high levels, and a spot hedging strategy is proposed [2]. Summary by Category 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 (CU2512) is 87,910, with a price increase of 220 and a trading volume of 23.52 million lots [3]. 2. Option Factors 2.1 Volume and Open Interest PCR - It shows the volume and open - interest PCR of different metal options, which are used to describe the strength of the option underlying market and the turning point of the underlying market. For example, the volume PCR of copper options is 0.47, and the open - interest PCR is 0.76 [4]. 2.2 Pressure and Support Levels - The pressure and support levels of various metal options are analyzed. For instance, the pressure level of copper options is 90,000, and the support level is 82,000 [5]. 2.3 Implied Volatility - The implied volatility of different metal options is presented, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of copper options is 18.93% [6]. 3. Strategy and Recommendations 3.1 Non - Ferrous Metals - Copper: Based on the analysis of fundamentals, market trends, and option factors, a short - volatility seller's option portfolio strategy is recommended, along with a spot long - hedging strategy [7]. - Aluminum, Zinc, Nickel, Tin, and Lithium Carbonate: Similar analysis methods are used, and corresponding volatility and spot hedging strategies are proposed according to their respective characteristics [8][9][10][11]. 3.2 Precious Metals - Gold: Considering the fundamentals, market trends, and option factors, a neutral short - volatility option seller's portfolio strategy and a spot hedging strategy are recommended [12]. 3.3 Black Metals - Rebar, Iron Ore, Ferroalloy, Industrial Silicon, and Glass: After analyzing the fundamentals, market trends, and option factors, corresponding volatility and spot hedging strategies are put forward [13][14][15].