金属期权策略早报：金属期权-20251031

Overall Summary - The report is a metal option strategy morning report dated October 31, 2025, covering有色金属, precious metals, and black metals [1][2] - For different metal options, it provides market analysis, option factor research, and strategy recommendations based on their fundamentals and market trends [7][8][9] Report Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoints - For non - ferrous metals with range - bound oscillations, construct seller neutral volatility strategies; for black metals with large - amplitude fluctuations, build short - volatility portfolio strategies; for precious metals with significant declines from high levels, construct spot hedging strategies [2] Summary by Category 1. Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts, such as copper (CU2512), aluminum (AL2512), etc [3] 2. Option Factors - Quantity and Position PCR - PCR indicators, including volume PCR and open interest PCR, are used to describe the strength of the option underlying market and the turning points of the underlying market [4] 3. Option Factors - Pressure and Support Levels - The pressure and support levels of option underlying assets are determined by the strike prices with the largest open interest of call and put options [5] 4. Option Factors - Implied Volatility - It shows the implied volatility data of various metal options, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatilities [6] 5. Strategy and Recommendations Non - Ferrous Metals - Copper: Based on its fundamentals and market trends, construct bull spread strategies for directional trading, short - volatility seller option combinations for volatility trading, and spot hedging strategies [7] - Aluminum: Build bull spread strategies, short call and put option combinations, and spot collar strategies [9] - Zinc: Construct short call and put option combinations and spot collar strategies [9] - Nickel: Build short call and put option combinations with a bearish bias and spot covered call strategies [10] - Tin: Implement short - volatility strategies and spot collar strategies [10] - Lithium Carbonate: Build short call and put option combinations with a bearish bias and spot hedging strategies [11] Precious Metals - Gold: Construct short - volatility option seller combinations and spot hedging strategies [12] Black Metals - Rebar: Build short call and put option combinations with a bearish bias and spot covered call strategies [13] - Iron Ore: Build short call and put option combinations with a bearish bias and spot collar strategies [13] - Ferroalloy: Implement short - volatility strategies [14] - Industrial Silicon: Build short call and put option combinations and spot hedging strategies [14] - Glass: Build short - volatility strategies and spot collar strategies [15]