金属期权策略早报：金属期权-20251030

Group 1: Report Summary - Report date: October 30, 2025 [1] - Report type: Metal options strategy morning report - Core view: For non - ferrous metals with range - bound oscillations, construct a neutral volatility strategy for sellers; for the black series with large - amplitude fluctuations, build a short - volatility combination strategy; for precious metals with significant declines after reaching high levels, construct a spot hedging strategy [2] Group 2: Underlying Futures Market Overview - Copper (CU2512): Latest price 89,130, up 1,080 (1.23%), volume 19.77 million lots (down 3.75 million lots), open interest 29.02 million lots (up 0.89 million lots) [3] - Aluminum (AL2512): Latest price 21,315, up 60 (0.28%), volume 15.18 million lots (down 3.57 million lots), open interest 28.33 million lots (down 0.25 million lots) [3] - Other metals follow a similar pattern of presenting price, volume, and open - interest changes [3] Group 3: Option Factors - Volume and Open Interest PCR - Copper: Volume PCR 0.38 (down 0.10), open - interest PCR 0.75 (down 0.01) [4] - Aluminum: Volume PCR 0.37 (up 0.02), open - interest PCR 0.72 (down 0.03) [4] - Other metals also have corresponding PCR values and their changes presented [4] Group 4: Option Factors - Pressure and Support Levels - Copper: Pressure point 90,000, support point 82,000 [5] - Aluminum: Pressure point 21,800, support point 19,900 [5] - Other metals have their respective pressure and support levels indicated [5] Group 5: Option Factors - Implied Volatility - Copper: At - the - money implied volatility 23.24%, weighted implied volatility 25.06% (up 2.16%) [6] - Aluminum: At - the - money implied volatility 12.08%, weighted implied volatility 14.11% (up 1.07%) [6] - Other metals show different implied - volatility data [6] Group 6: Strategy and Recommendations for Non - Ferrous Metals Copper - Fundamental analysis: Total inventory of three major exchanges decreased by 0.4 million tons [7] - Market analysis: Bullish high - level consolidation and oscillation [7] - Option factor research: Implied volatility above historical average, open - interest PCR around 0.80, pressure point 90,000, support point 82,000 [7] - Strategy suggestions: Construct a bull - spread combination strategy for call options and a short - volatility option combination strategy for sellers, and a spot long - hedging strategy [7] Aluminum - Fundamental analysis: Inventory decreased last week [9] - Market analysis: Bullish high - level oscillation [9] - Option factor research: Implied volatility at historical average, open - interest PCR below 0.90, pressure point 21,800, support point 19,900 [9] - Strategy suggestions: Construct a bull - spread combination strategy for call options, a short - volatility option combination strategy, and a spot collar strategy [9] Other non - ferrous metals (zinc, nickel, tin, etc.) follow a similar structure of analysis and strategy recommendations [9][10] Group 7: Strategy and Recommendations for Precious Metals Gold - Fundamental analysis: US CPI data lower than expected [12] - Market analysis: Bullish trend with a sharp decline recently [12] - Option factor research: Implied volatility at a high historical level, open - interest PCR at 1.00, pressure point 1000, support point 856 [12] - Strategy suggestions: Construct a neutral short - volatility option seller combination strategy and a spot hedging strategy [12] Group 8: Strategy and Recommendations for the Black Series Rebar - Fundamental analysis: Inventory decreased last week [13] - Market analysis: Bearish trend with pressure from above [13] - Option factor research: Implied volatility below historical average, open - interest PCR below 0.60, pressure point 3700, support point 3000 [13] - Strategy suggestions: Construct a short - volatility option combination strategy and a spot long - covered call strategy [13] Other black - series metals (iron ore, ferroalloys, etc.) have their own analysis and strategy suggestions [13][14]