金属期权：金属期权策略早报-20251118

Group 1: Report Overview - Report date: November 18, 2025 [1] - Report type: Metal options strategy morning report - Research team members: Lu Pinxian, Huang Kehan, Li Renjun [2] Group 2: Investment Ratings - No investment ratings are provided in the report Group 3: Core Views - Construct a seller neutral volatility strategy for non - ferrous metals as they tend to move upwards [2] - Build a short - volatility portfolio strategy for the black series due to their large - amplitude fluctuations [2] - Create a bull spread portfolio strategy for precious metals as they rebound and rise [2] Group 4: Futures Market Overview - The latest prices, price changes, trading volumes, and open interest of various metal futures contracts are presented, such as copper (CU2512), aluminum (AL2512), etc. [3] Group 5: Option Factor - Volume and Open Interest PCR - The volume and open interest PCR of different metal options are analyzed, which are used to describe the strength of the option underlying market and the turning point of the underlying market [4] Group 6: Option Factor - Pressure and Support Levels - The pressure and support levels of different metal options are determined from the strike prices of the maximum open interest of call and put options [5] Group 7: Option Factor - Implied Volatility - The implied volatility data of different metal options, including at - the - money implied volatility, weighted implied volatility, etc., are provided [6] Group 8: Option Strategies and Recommendations Non - Ferrous Metals - Copper: Build a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7] - Aluminum: Construct a call option bull spread strategy, a short - volatility option combination strategy, and a spot collar strategy [9] - Zinc: Build a short - volatility option combination strategy and a spot collar strategy [9] - Nickel: Construct a short - volatility option combination strategy with a short position and a spot covered - call strategy [10] - Tin: Build a short - volatility strategy and a spot collar strategy [10] - Lithium carbonate: Construct a call option bull spread strategy, a short - volatility option combination strategy with a long position, and a spot long - hedging strategy [11] Precious Metals - Gold: Build a short - volatility option seller combination strategy and a spot hedging strategy [12] Black Series - Rebar: Build a short - volatility option combination strategy with a short position and a spot long - covered - call strategy [13] - Iron ore: Build a short - volatility option combination strategy with a short position and a spot long - collar strategy [13] - Ferroalloys: Build a short - volatility strategy for manganese silicon [14] - Industrial silicon: Build a short - volatility option combination strategy and a spot hedging strategy [14] - Glass: Build a short - volatility option combination strategy and a spot long - collar strategy [15] Group 9: Option Charts - Option charts of various metals, including price trends, volume and open interest distributions, PCR trends, implied volatility trends, historical volatility cones, etc., are presented [16][38][56]