金属期权：金属期权策略早报-20251204

Report Information - Report Title: Metal Options Strategy Morning Report [1] - Date: December 4, 2025 Investment Rating - Not provided in the report Core Views - For non - ferrous metals showing a bullish upward trend, construct a neutral volatility strategy for sellers [2]. - For the black series with large - amplitude fluctuations, construct a short - volatility combination strategy [2]. - For precious metals rebounding and rising, construct a bull spread combination strategy [2]. Summary by Category 1. Futures Market Overview - Various metal futures are presented, including copper, aluminum, zinc, etc., with details on the latest price, change, percentage change, trading volume, volume change, open interest, and open interest change [3]. 2. Option Factors - Volume and Open Interest PCR - PCR indicators (volume PCR and open interest PCR) are used to describe the strength of the option underlying market and the turning point of the underlying market. Data for different metal options are provided [4]. 3. Option Factors - Pressure and Support Levels - Pressure and support levels of option underlyings are determined from the strike prices of the maximum open interest of call and put options. Data for various metal options are given [5]. 4. Option Factors - Implied Volatility - Implied volatility data (including at - the - money implied volatility, weighted implied volatility, etc.) for different metal options are presented, along with the change and the difference between implied and historical volatility [6]. 5. Strategy and Recommendations Non - Ferrous Metals - Copper: Construct a bull spread combination strategy for call options, a short - volatility option combination strategy, and a spot long - hedging strategy [8]. - Aluminum: Construct a bull spread combination strategy for call options, a short call + put option combination strategy with a bullish bias, and a spot collar strategy [9]. - Zinc: Construct a short call + put option combination strategy with a neutral bias and a spot collar strategy [9]. - Nickel: Construct a short call + put option combination strategy with a bearish bias and a spot covered - call strategy [10]. - Tin: Construct a bull spread combination strategy for call options, a short - volatility strategy, and a spot collar strategy [10]. - Lithium Carbonate: Construct a short call + put option combination strategy with a bullish bias and a spot long - hedging strategy [11]. Precious Metals - Silver: Construct a bull spread combination strategy for call options, a short - volatility option seller combination strategy with a bullish bias, and a spot hedging strategy [12]. Black Series - Rebar: Construct a short call + put option combination strategy with a bearish bias and a spot long - covered - call strategy [13]. - Iron Ore: Construct a short call + put option combination strategy with a bearish bias and a spot long - collar strategy [13]. - Ferroalloys (Manganese Silicon): Construct a short - volatility strategy [14]. - Industrial Silicon: Construct a short call + put option combination strategy for short - volatility and a spot long - hedging strategy [14]. - Glass: Construct a short call + put option combination strategy for short - volatility and a spot long - collar strategy [15].