金属期权：金属期权策略早报-20251121

Report Summary 1. Investment Rating The report does not mention any investment ratings for the industry. 2. Core Viewpoints - The metal sector is divided into non - ferrous metals, precious metals, and black metals. Different trading strategies are recommended for each metal category based on their market trends and option factors [2][8]. - For non - ferrous metals, a neutral volatility seller strategy is suggested for copper; a bull spread strategy for aluminum; a neutral - biased volatility selling strategy for zinc; a bear - biased volatility selling strategy for nickel; a volatility - shorting strategy for tin; and a bull spread and bull - biased volatility selling strategy for lithium carbonate [7][9][10][11]. - For precious metals, a neutral volatility - shorting strategy is recommended for gold [12]. - For black metals, a bear - biased volatility selling strategy is recommended for rebar and iron ore; a volatility - shorting strategy for ferrosilicon and industrial silicon; a bear spread strategy for glass [13][14][15]. 3. Summary by Related Catalogs 3.1. Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts, such as copper (CU2601), aluminum (AL2601), and zinc (ZN2601) [3]. 3.2. Option Factors - Volume and Open Interest PCR: It shows the volume and open interest PCR of different metal options, which can be used to analyze the strength and turning points of the underlying market [4]. - Pressure and Support Levels: The pressure and support levels of various metal options are determined by the strike prices with the largest open interest of call and put options [5]. - Implied Volatility: The implied volatility data of different metal options are presented, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [6]. 3.3. Option Strategies for Each Metal - Non - ferrous Metals - Copper: Based on the analysis of fundamentals, market trends, and option factors, a volatility - shorting seller option portfolio strategy and a spot long - hedging strategy are recommended [7]. - Aluminum: A bull spread strategy, a long - biased volatility selling strategy, and a spot collar strategy are suggested [9]. - Zinc: A neutral - biased volatility selling strategy and a spot collar strategy are recommended [9]. - Nickel: A bear - biased volatility selling strategy and a spot covered - call strategy are proposed [10]. - Tin: A volatility - shorting strategy and a spot collar strategy are recommended [10]. - Lithium Carbonate: A bull spread strategy, a bull - biased volatility selling strategy, and a spot long - hedging strategy are suggested [11]. - Precious Metals - Gold: A neutral volatility - shorting option seller portfolio strategy and a spot hedging strategy are recommended [12]. - Black Metals - Rebar: A bear - biased volatility selling strategy and a spot covered - call strategy are proposed [13]. - Iron Ore: A bear - biased volatility selling strategy and a spot collar strategy are recommended [13]. - Ferrosilicon: A volatility - shorting strategy is suggested [14]. - Industrial Silicon: A volatility - shorting selling call and put option portfolio strategy and a spot hedging strategy are recommended [14]. - Glass: A bear spread strategy, a volatility - shorting strategy, and a spot collar strategy are proposed [15].