金属期权：金属期权策略早报-20251128

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - For non - ferrous metals, a neutral volatility seller strategy is recommended as they are trending upwards; for the black metals sector, a short - volatility portfolio strategy is suitable due to large - scale fluctuations; for precious metals, a bull spread portfolio strategy is suggested as they are rebounding [2]. 3. Summary by Category 3.1 Futures Market Overview - The table shows the latest prices, price changes, trading volumes, and open interest of various metal futures contracts. For example, the latest price of copper (CU2601) is 87,050, with a decline of 20 and a decrease rate of 0.02%. The trading volume is 9.53 million lots, and the open interest is 21.07 million lots [3]. 3.2 Option Factors - Volume and Open Interest PCR: This indicator describes the strength of the option underlying market and the turning point of the market. For instance, the volume PCR of copper is 0.43, with a change of 0.02, and the open interest PCR is 0.81, with a change of - 0.00 [4]. - Pressure and Support Levels: Determined from the strike prices of the maximum open interest of call and put options. For example, the pressure point of copper is 90,000, and the support point is 84,000 [5]. - Implied Volatility: The implied volatility of options reflects the market's expectation of future price fluctuations. For example, the at - the - money implied volatility of copper is 12.62%, and the weighted implied volatility is 15.85%, with a change of 0.60 [6]. 3.3 Strategy and Recommendations - Non - ferrous Metals - Copper: Based on the analysis of fundamentals, market trends, and option factors, a short - volatility seller option portfolio strategy and a spot long - hedging strategy are recommended [7]. - Aluminum: A bull spread portfolio strategy for call options, a short - volatility option combination strategy, and a spot collar strategy are suggested [9]. - Zinc: A short - volatility option combination strategy and a spot collar strategy are proposed [9]. - Nickel: A short - volatility option combination strategy with a short bias and a spot covered - call strategy are recommended [10]. - Tin: A short - volatility strategy and a spot collar strategy are suggested [10]. - Lithium Carbonate: A short - volatility option combination strategy with a long bias and a spot long - hedging strategy are recommended [11]. - Precious Metals (Silver) - A bull spread portfolio strategy for call options, a short - volatility option seller combination strategy with a long bias, and a spot hedging strategy are recommended [12]. - Black Metals - Rebar: A short - volatility option combination strategy with a short bias and a spot covered - call strategy are recommended [13]. - Iron Ore: A short - volatility option combination strategy with a short bias and a spot long - collar strategy are suggested [13]. - Ferroalloys (Manganese Silicon): A short - volatility strategy is recommended, and no spot hedging strategy is provided [14]. - Industrial Silicon: A short - volatility option combination strategy and a spot hedging strategy are recommended [14]. - Glass: A short - volatility option combination strategy and a spot long - collar strategy are suggested [15].