金属期权策略早报：金属期权-20251103

Group 1: Report Overview - The report is a metal options strategy morning report dated November 3, 2025 [1] - It covers various metal options including non - ferrous metals, precious metals, and black metals [8] - Different strategies are proposed for each metal based on market conditions, option factors, etc. [7][9][10] Group 2: Market Conditions of Underlying Futures - Copper (CU2512) is priced at 87,130, down 80 (-0.09%), with a trading volume of 24.44 million lots and an open interest of 25.83 million lots [3] - Aluminum (AL2512) is at 21,415, up 130 (0.61%), with a trading volume of 20.09 million lots and an open interest of 26.69 million lots [3] - Other metals such as zinc, lead, nickel, etc., also have their respective price, trading volume, and open - interest data [3] Group 3: Option Factors Volume and Open Interest PCR - For copper, the volume PCR is 0.55 with a change of 0.14, and the open - interest PCR is 0.75 with no change [4] - Aluminum has a volume PCR of 0.40 with no change and an open - interest PCR of 0.70 with a - 0.07 change [4] Pressure and Support Levels - Copper's pressure point is 90,000 and support point is 82,000 [5] - Aluminum's pressure point is 21,800 and support point is 19,900 [5] Implied Volatility - Copper's average implied volatility of at - the - money options is 21.02%, and the weighted implied volatility is 22.69% with a - 1.95 change [6] - Aluminum's average implied volatility of at - the - money options is 12.77%, and the weighted implied volatility is 13.86% with a - 0.26 change [6] Group 4: Strategies and Recommendations Non - ferrous Metals - Copper: Build a bull spread strategy for call options and a short - volatility seller option combination strategy, and also a spot long - hedging strategy [7] - Aluminum: Construct a bull spread strategy for call options, a short call + put option combination strategy, and a spot collar strategy [9] Precious Metals - Gold: Build a neutral short - volatility option seller combination strategy and a spot hedging strategy [12] Black Metals - Rebar: Construct a short call + put option combination strategy and a spot long - covered call strategy [14] - Iron Ore: Build a short call + put option combination strategy and a spot long - collar strategy [14]