金属期权：金属期权策略早报-20251117

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The metal sector is divided into non - ferrous metals, precious metals, and black metals. Different option strategies are recommended for selected varieties in each sector based on market analysis, option factor research, and specific investment goals [8]. - For non - ferrous metals, the overall market shows various trends such as upward, oscillatory, and downward. Option strategies are designed according to each metal's fundamentals, market trends, and option factors [7][9][10][11]. - Precious metals like gold and silver have their own market trends affected by factors such as government policies. Appropriate option strategies are proposed to deal with market fluctuations [12]. - Black metals, including steel products, iron ore, and alloys, also present different market conditions, and corresponding option strategies are provided [13][14][15]. 3. Summary by Related Catalogs 3.1 Market Overview of Underlying Futures - The latest prices, price changes, trading volumes, and open interest changes of various metal futures are presented. For example, copper (CU2512) is priced at 86,680, down 0.64%; aluminum (AL2512) is at 21,730, down 0.82%; and so on [3]. 3.2 Option Factors - Volume and Open Interest PCR - Volume PCR and open interest PCR are used to analyze market trends and turning points. For instance, copper's volume PCR is 0.39 with a - 0.01 change, and open interest PCR is 0.79 with a - 0.02 change [4]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels of each option variety are determined based on the strike prices of the maximum open interest of call and put options. For example, copper's pressure point is 90,000 and support point is 84,000 [5]. 3.4 Option Factors - Implied Volatility - Implied volatility data, including at - the - money implied volatility, weighted implied volatility, and its changes, are provided for each option variety. For example, copper's at - the - money implied volatility is 14.86%, and weighted implied volatility is 18.88% with a 0.24 change [6]. 3.5 Option Strategies for Each Metal 3.5.1 Non - Ferrous Metals - Copper: Based on its fundamentals and market trends, a short - volatility option selling strategy and a spot long - hedging strategy are recommended. For example, construct a short - volatility option combination like S_CU2512P86000, S_CU2512P84000, S_CU2512C88000, S_CU2512C90000, and a spot long - hedging strategy with LONG_CU2512 + BUY_CU2512P84000 + SELL_CU2512C88000 [7]. - Aluminum: A bullish option bull - spread strategy, a short - option combination strategy, and a spot collar strategy are suggested. For example, use S_AL2512C21200, S_AL2512C21600 for the bull - spread strategy, and LONG_AL2512 + BUY_AL2512P21200 + SELL_AL2512C22000 for the spot collar strategy [9]. - Zinc: A short - option combination strategy with a neutral delta and a spot collar strategy are proposed. For example, construct S_ZN2512P22000, S_ZN2512P22200, S_ZN2512C22600, S_ZN2512C22800 for the short - option combination, and LONG_ZN2512 + BUY_ZN2512P22400 + SELL_ZN2512C22800 for the spot collar strategy [9]. - Nickel: A short - option combination strategy with a bearish delta and a spot covered - call strategy are recommended. For example, use S_NI2512P116000, S_NI2512P118000, S_NI2512C122000, S_NI2512C124000 for the short - option combination, and LONG_NI2512 + SELL_NI2512C122000 for the spot covered - call strategy [10]. - Tin: A short - volatility strategy and a spot collar strategy are suggested. For example, use S_SN2512P285000 and S_SN2512C300000 for the short - volatility strategy, and LONG_SN2512 + BUY_SN2512P290000 + SELL_SN2512C300000 for the spot collar strategy [10]. - Lithium Carbonate: A short - option combination strategy with a bullish delta and a spot long - hedging strategy are recommended. For example, construct S_LC2601P84000, S_LC2601P85000, S_LC2601C87000, S_LC2601C88000 for the short - option combination, and LONG_LC2601 + BUY_LC2601P86000 + SELL_LC2601C89000 for the spot long - hedging strategy [11]. 3.5.2 Precious Metals - Gold: A short - volatility option selling strategy with a neutral delta and a spot hedging strategy are proposed. For example, use S_AU2512P944, S_AU2512P952, S_AU2512C968, S_AU2512C976 for the short - volatility option selling strategy, and LONG_AU2512 + BUY_AU2512P960 + SELL_AU2512C984 for the spot hedging strategy [12]. 3.5.3 Black Metals - Rebar: A short - option combination strategy with a bearish delta and a spot covered - call strategy are recommended. For example, use S_RB2601P2950 and S_RB2601C3050 for the short - option combination, and LONG_RB2601 + SELL_RB2601C3100 for the spot covered - call strategy [13]. - Iron Ore: A short - option combination strategy with a neutral delta and a spot collar strategy are suggested. For example, construct S_I2601P750, S_I2601P760, S_I2601C760, S_I2601C770 for the short - option combination, and LONG_I2601 + BUY_I2601P760 + SELL_I2601C800 for the spot collar strategy [13]. - Ferroalloys (Manganese Silicon and Silicon Iron): Short - volatility strategies are recommended for manganese silicon. For example, use S_SM2512P5700 and S_SM2512C5800 for the short - volatility strategy [14]. - Industrial Silicon: A short - option combination strategy with a neutral delta and a spot hedging strategy are proposed. For example, use S_SI2601P9100, S_SI2601P9200, S_SI2601C9200, S_SI2512C9300 for the short - option combination, and LONG_SI2601 + BUY_SI2601P9200 + SELL_SI2601C9600 for the spot hedging strategy [14]. - Glass: A short - volatility option selling strategy and a spot collar strategy are suggested. For example, use S_FG2601P1020 and S_FG2601C1060 for the short - volatility option selling strategy, and LONG_FG2601 + BUY_FG2601P1040 + SELL_FG2601C1100 for the spot collar strategy [15].