金属期权策略早报-20251126

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoints - For non - ferrous metals, a neutral volatility selling strategy is recommended as they tend to move upward. - For the black series, a short - volatility combination strategy is suitable due to their large - amplitude fluctuations. - For precious metals, a bull spread combination strategy is advised as they are rebounding [2]. 3. Summary by Relevant Catalogs 3.1. Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest of various metal futures contracts, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2601) is 86,350, with a decrease of 70 and a decline rate of - 0.08%. [3] 3.2. Option Factors - Volume and Open Interest PCR - It shows the volume and open - interest PCR of different metal options. For instance, the volume PCR of copper options is 0.62, with a change of - 0.19, and the open - interest PCR is 0.85, with no change [4]. 3.3. Option Factors - Pressure and Support Levels - The pressure and support levels of each option are analyzed. For example, the pressure level of copper is 90,000, and the support level is 84,000 [5]. 3.4. Option Factors - Implied Volatility - The report provides the at - the - money implied volatility, weighted implied volatility, and other related data of different metal options. For example, the at - the - money implied volatility of copper options is 11.17%, and the weighted implied volatility is 14.76%, with a change of - 0.61% [6]. 3.5. Strategy and Recommendations for Each Metal Option - Copper: Based on the analysis of fundamentals, market trends, and option factors, a short - volatility selling option combination strategy is recommended, along with a spot long - hedging strategy [7]. - Aluminum: A bull spread combination strategy for call options and a selling option combination strategy for both call and put options are suggested, as well as a spot collar strategy [9]. - Zinc: A neutral selling option combination strategy for both call and put options and a spot collar strategy are recommended [9]. - Nickel: A short - volatility selling option combination strategy with a bearish bias and a spot covered - call strategy are proposed [10]. - Tin: A short - volatility strategy and a spot collar strategy are recommended [10]. - Lithium Carbonate: A bullish selling option combination strategy and a spot long - hedging strategy are advised [11]. - Silver: A bull spread combination strategy for call options and a bullish short - volatility option selling combination strategy are recommended, along with a spot hedging strategy [12]. - Rebar: A short - volatility selling option combination strategy with a bearish bias and a spot covered - call strategy are proposed [13]. - Iron Ore: A short - volatility selling option combination strategy with a bearish bias and a spot long - collar strategy are recommended [13]. - Ferroalloy (Manganese Silicon and Ferrosilicon): A short - volatility strategy for manganese silicon and relevant analysis and strategies for ferrosilicon are provided [14]. - Industrial Silicon: A short - volatility selling option combination strategy and a spot hedging strategy are recommended [14]. - Glass: A bear spread combination strategy, a short - volatility selling option combination strategy, and a spot long - collar strategy are proposed [15].