金属期权策略早报：金属期权-20251106

Group 1: Report Overview - Report Date: November 6, 2025 [1] - Report Type: Metal Options Strategy Morning Report - Core Views: - For non - ferrous metals in a range - bound oscillation, build a seller's neutral volatility strategy [2] - For the black series with large - amplitude fluctuations, build a short - volatility portfolio strategy [2] - For precious metals with a continuous sharp decline after falling from a high level, build a spot hedging strategy [2] Group 2: Futures Market Overview - Copper (CU2512): Latest price 85,860, up 430 (0.50%), volume 14.23 million lots (down 2.44 million), open interest 21.70 million lots (down 1.05 million) [3] - Aluminum (AL2512): Latest price 21,445, up 95 (0.44%), volume 19.33 million lots (down 1.83 million), open interest 22.51 million lots (down 3.10 million) [3] - Zinc (ZN2512): Latest price 22,600, down 10 (- 0.04%), volume 10.08 million lots (down 4.97 million), open interest 11.25 million lots (down 0.44 million) [3] - Other metals follow a similar pattern of presenting price, volume, and open - interest changes [3] Group 3: Option Factor - Volume and Open Interest PCR - Copper: Volume PCR 0.79 (up 0.18), open interest PCR 0.77 (down 0.01) [4] - Aluminum: Volume PCR 0.54 (up 0.18), open interest PCR 0.70 (up 0.03) [4] - Zinc: Volume PCR 0.56 (up 0.26), open interest PCR 0.83 (unchanged) [4] - Other metals also have their respective PCR values and changes presented [4] Group 4: Option Factor - Pressure and Support Levels - Copper: Pressure point 90,000, support point 84,000 [5] - Aluminum: Pressure point 21,800, support point 19,900 [5] - Zinc: Pressure point 22,800, support point 22,000 [5] - Other metals have their corresponding pressure and support levels [5] Group 5: Option Factor - Implied Volatility - Copper: At - the - money implied volatility 15.32%, weighted implied volatility 18.08% (down 0.93%) [6] - Aluminum: At - the - money implied volatility 10.67%, weighted implied volatility 11.68% (down 0.46%) [6] - Zinc: At - the - money implied volatility 11.35%, weighted implied volatility 12.83% (up 0.03%) [6] - Other metals have their implied volatility data presented [6] Group 6: Option Strategies for Non - Ferrous Metals Copper - Fundamental Analysis: Three major exchanges' copper inventories increased by 17,000 tons month - on - month [7] - Market Analysis: Shanghai copper has shown a high - level consolidation and oscillation pattern [7] - Option Factor Research: Implied volatility is above the historical average, and the open - interest PCR indicates strong support below [7] - Option Strategy: Build a short - volatility seller's option portfolio and a spot hedging strategy [7] Aluminum - Fundamental Analysis: Aluminum ingot and related inventories have different changes [9] - Market Analysis: Shanghai aluminum shows a bullish high - level oscillation pattern [9] - Option Factor Research: Implied volatility is at the historical average, and the open - interest PCR indicates pressure above [9] - Option Strategy: Build a bullish call spread, a short - volatility option portfolio, and a spot collar strategy [9] Other Non - Ferrous Metals - Zinc, nickel, tin, and lithium carbonate also have their own fundamental, market, option - factor analysis, and corresponding option strategies [9][10][11] Group 7: Option Strategies for Precious Metals Gold - Fundamental Analysis: Powell's hawkish stance and the Fed's monetary policy outlook [12] - Market Analysis: Shanghai gold shows a bullish high - level consolidation pattern [12] - Option Factor Research: Implied volatility is at a high historical level, and the open - interest PCR indicates strong pressure above [12] - Option Strategy: Build a neutral short - volatility option seller's portfolio and a spot hedging strategy [12] Group 8: Option Strategies for the Black Series Rebar - Fundamental Analysis: Rebar inventories have decreased [14] - Market Analysis: Rebar shows a weak bearish pattern with pressure above [14] - Option Factor Research: Implied volatility is below the historical average, and the open - interest PCR indicates strong bearish pressure above [14] - Option Strategy: Build a short - volatility option portfolio and a spot covered - call strategy [14] Iron Ore - Fundamental Analysis: Iron ore inventories and port throughput changes [14] - Market Analysis: Iron ore shows a weak oscillation pattern [14] - Option Factor Research: Implied volatility is around the historical average, and the open - interest PCR indicates strong pressure above [14] - Option Strategy: Build a short - volatility option portfolio and a spot collar strategy [14] Other Black - Series Metals - Ferrosilicon, industrial silicon, and glass also have their own analysis and option strategies [15][16]