金属期权：金属期权策略早报-20251201

1. Report Overview - The report is a metal options strategy morning report dated December 1, 2025, covering various metal options including non - ferrous metals, precious metals, and black metals [1][2]. 2. Industry Investment Rating - Not provided in the report. 3. Core Views - For non - ferrous metals, which are showing a bullish upward trend, a neutral volatility selling strategy is recommended [2]. - For black metals, which maintain large - amplitude fluctuations, a short - volatility combination strategy is suitable [2]. - For precious metals, which are rebounding and warming up, a bull spread combination strategy is suggested [2]. 4. Summary by Relevant Catalogs 4.1 Futures Market Overview - Copper (CU2601): The latest price is 88,740, up 1,530 (1.75%) with a trading volume of 9.45 million lots (down 0.08 million lots) and an open interest of 21.83 million lots (up 0.76 million lots) [3]. - Aluminum (AL2601): The latest price is 21,780, up 270 (1.26%) with a trading volume of 12.77 million lots (down 2.29 million lots) and an open interest of 26.07 million lots (up 0.35 million lots) [3]. - Other Metals: Similar data are provided for zinc, lead, nickel, tin, alumina, gold, silver, lithium carbonate, industrial silicon, polycrystalline silicon, rebar, iron ore, manganese silicon, ferrosilicon, and glass [3]. 4.2 Option Factors - Volume and Open Interest PCR - Volume PCR: It measures whether the underlying asset's market is at a turning point. For example, copper's volume PCR is 0.43 with no change [4]. - Open Interest PCR: It describes the strength of the underlying asset's market. For example, copper's open interest PCR is 0.83, up 0.02 [4]. 4.3 Option Factors - Pressure and Support Levels - Copper: The pressure point is 90,000 and the support point is 84,000 [5]. - Aluminum: The pressure point is 22,000 and the support point is 21,000 [5]. - Other metals also have corresponding pressure and support levels provided [5]. 4.4 Option Factors - Implied Volatility - Copper: The at - the - money implied volatility is 14.83%, and the weighted implied volatility is 16.35% (up 0.49%) [6]. - Aluminum: The at - the - money implied volatility is 9.11%, and the weighted implied volatility is 10.42% (up 0.09%) [6]. - Similar data are given for other metals [6]. 4.5 Strategy and Recommendations 4.5.1 Non - Ferrous Metals - Copper: Build a short - volatility selling option portfolio strategy and a spot long hedging strategy [7]. - Aluminum: Construct a bull call spread strategy, a selling call + put option combination strategy, and a spot collar strategy [9]. - Other non - ferrous metals like zinc, nickel, tin, and lithium carbonate also have corresponding strategies [9][10][11]. 4.5.2 Precious Metals - Silver: Build a bull call spread strategy, a short - volatility option selling combination strategy, and a spot hedging strategy [12]. 4.5.3 Black Metals - Rebar: Construct a short - volatility selling call + put option combination strategy and a spot long covered call strategy [13]. - Iron Ore: Build a short - volatility selling call + put option combination strategy and a long collar strategy [13]. - Other black metals such as manganese silicon, industrial silicon, and glass also have corresponding strategies [13][14][15].