金属期权策略早报：金属期权-20251105

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - For non - ferrous metals, construct a seller neutral volatility strategy as they are in a range - bound oscillation; for black metals, build a short - volatility portfolio strategy due to their large - amplitude fluctuations; for precious metals, create a spot hedging strategy following their significant decline from high levels [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The latest prices of various metal futures showed different trends, with most experiencing price drops. For example, copper (CU2512) dropped by 0.86% to 85,690, and aluminum (AL2512) decreased by 0.35% to 21,405. Trading volumes and open interests also varied among different metals [3]. 3.2 Option Factors - Volume and Open Interest PCR - PCR indicators describe the strength of option underlying market trends and potential turning points. For instance, the copper option's volume PCR was 0.61, and the open interest PCR was 0.78 [4]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of the strike prices with the largest open interest in call and put options, the pressure and support levels of each metal option were identified. For example, the pressure level of copper was 90,000, and the support level was 84,000 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of each metal option showed different levels and trends. For example, the implied volatility of copper was 15.56% at the at - the - money strike, and the weighted implied volatility was 19.01%, showing a decrease of 1.39% [6]. 3.5 Strategy and Recommendations for Different Metals 3.5.1 Non - Ferrous Metals - Copper: The fundamentals showed inventory changes in major exchanges. The market was in a high - level consolidation with support. Option strategies included a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7]. - Aluminum: Inventory data indicated a complex situation. The market showed a long - biased upward high - level oscillation. Strategies included a bullish call option spread strategy, a short - volatility strategy, and a spot collar strategy [9]. - Zinc: The fundamentals involved TC prices and inventory data. The market was in a fluctuating recovery with pressure. Strategies included a short - volatility strategy and a spot collar strategy [9]. - Nickel: Global inventory increased. The market was in a wide - range oscillation with short - side pressure. Strategies included a short - volatility strategy and a spot covered - call strategy [10]. - Tin: The supply side faced challenges. The market showed a short - term high - level oscillation with support. Strategies included a short - volatility strategy and a spot collar strategy [10]. - Lithium Carbonate: Inventory was being depleted. The market was in an oscillating recovery followed by a rapid decline. Strategies included a short - volatility strategy and a spot long - hedging strategy [11]. 3.5.2 Precious Metals - Gold: The Fed's policy influenced the market. The market showed a long - term upward trend with high - level consolidation. Strategies included a short - volatility neutral option seller portfolio strategy and a spot hedging strategy [12]. 3.5.3 Black Metals - Rebar: Inventory decreased. The market was in a weak short - side trend with pressure. Strategies included a short - volatility strategy and a spot long - covered - call strategy [14]. - Iron Ore: Port inventory increased. The market was in a weak oscillating downward trend with support and pressure. Strategies included a short - volatility strategy and a spot long - collar strategy [14]. - Ferroalloy (Manganese Silicon): Production was stable with high inventory. The market was in a weak short - side trend. Strategies included a short - volatility strategy [15]. - Industrial Silicon: Inventory remained high. The market was in a large - range oscillating weak trend. Strategies included a short - volatility strategy and a spot hedging strategy [15]. - Glass: Production was stable, and inventory decreased. The market was in a weak trend with pressure. Strategies included a short - volatility strategy and a spot long - collar strategy [16].