金属期权：金属期权策略早报-20251114

Report Summary 1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoint The report provides an early morning outlook for metal options on November 14, 2025. It suggests different strategies for various metal sectors: constructing a neutral volatility selling strategy for non - ferrous metals with a bullish upward trend; a short - volatility combination strategy for the black series with large - amplitude fluctuations; and a bull spread combination strategy for precious metals experiencing a rebound [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Prices and Changes: Various metal futures showed different price movements. For example, copper (CU2512) was at 87,400 with a 0.08% increase; aluminum (AL2512) was at 22,025 with a 0.39% increase; zinc (ZN2512) was at 22,635 with a 0.09% decrease [3]. - Volume and Open Interest: There were also changes in trading volume and open interest. For instance, copper had a trading volume of 10.23 million lots (a 2.60 million - lot increase) and an open interest of 20.10 million lots (a 0.02 million - lot increase) [3]. 3.2 Option Factors - Volume and Open Interest PCR: Different metals had different PCR values. For example, copper's volume PCR was 0.40 (a 0.22 decrease), and its open interest PCR was 0.81 (a 0.03 increase) [4]. - Pressure and Support Levels: From the perspective of option factors, each metal had its own pressure and support levels. For example, copper's pressure point was 90,000 and its support point was 84,000 [5]. - Implied Volatility: Implied volatility also varied among metals. For example, copper's at - the - money implied volatility was 16.57%, and its weighted implied volatility was 18.63% (a 1.83 increase) [6]. 3.3 Strategy and Recommendations - Non - Ferrous Metals - Copper: Based on the analysis of fundamentals, market trends, and option factors, it is recommended to construct a short - volatility selling option combination strategy and a spot long - hedging strategy [7]. - Aluminum: Suggestions include constructing a bull spread combination strategy, a short - volatility option combination strategy, and a spot collar strategy [9]. - Zinc: Recommendations are to build a short - neutral volatility option combination strategy and a spot collar strategy [9]. - Nickel: It is advised to create a short - bearish volatility option combination strategy and a spot covered - call strategy [10]. - Tin: Strategies involve a short - volatility strategy and a spot collar strategy [10]. - Lithium Carbonate: Suggestions are to construct a short - neutral volatility option combination strategy and a spot long - hedging strategy [11]. - Precious Metals - Gold: It is recommended to build a short - neutral volatility option seller combination strategy and a spot hedging strategy [12]. - Black Series - Rebar: Strategies include a short - bearish volatility option combination strategy and a spot long - covered - call strategy [13]. - Iron Ore: Recommendations are to construct a short - bearish volatility option combination strategy and a spot long - collar strategy [13]. - Ferroalloys (Manganese Silicon): A short - volatility strategy is suggested [14]. - Industrial Silicon: It is advised to build a short - volatility option combination strategy and a spot hedging strategy [14]. - Glass: Strategies involve a short - volatility option combination strategy and a spot long - collar strategy [15].