金属期权：金属期权策略早报-20251208

1. Report Summary - The report provides a morning strategy for metal options on December 8, 2025, covering有色金属, precious metals, and black metals. It analyzes the fundamentals, market trends, and option factors of various metal options and offers corresponding option strategies and suggestions [2]. 2. Core Views - For non - ferrous metals with a bullish upward trend, construct a neutral volatility seller strategy; for black metals with large - amplitude fluctuations, build a short - volatility combination strategy; for precious metals with a rebound, construct a bull spread combination strategy [2]. 3. Directory Summaries 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2601) is 92,380, up 820 with a 0.90% increase, and its trading volume is 18.81 million lots [3]. 3.2 Option Factors 3.2.1 Volume - to - Open - Interest PCR - It shows the volume, volume changes, open interest, open interest changes, volume PCR, and open - interest PCR of different metal options. For instance, the volume PCR of copper options is 0.43 with a 0.04 change, and the open - interest PCR is 0.87 with a 0.04 change [4]. 3.2.2 Pressure and Support Levels - From the perspective of option factors, the report lists the pressure points, support points, and the maximum open interest of call and put options for each metal option. For example, the pressure point of copper options is 90,000, and the support point is 84,000 [5]. 3.2.3 Implied Volatility - The report provides the at - the - money implied volatility, weighted implied volatility, its change, annual average, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility for each metal option. For example, the at - the - money implied volatility of copper options is 21.77%, and the weighted implied volatility is 23.22% with a 0.93 change [6]. 3.3 Strategy and Suggestions 3.3.1 Non - Ferrous Metals - Copper Options: With a tight supply of copper concentrates and a bullish price trend, construct a bull spread combination strategy for directional trading, a short - volatility seller option combination strategy for volatility trading, and a spot long - hedging strategy [9]. - Aluminum Options: Given the support from macro - expectations and supply disruptions, build a bull spread combination strategy, a short - call + short - put option combination strategy, and a spot collar strategy [10]. - Zinc Options: For zinc with a fluctuating and bullish - warming trend, use a short - call + short - put option combination strategy and a spot collar strategy [10]. - Nickel Options: Considering the current market situation of nickel, construct a short - call + short - put option combination strategy with a short - delta position and a spot covered - call strategy [11]. - Tin Options: With limited downside space for tin prices, build a bull spread combination strategy, a short - volatility strategy, and a spot collar strategy [11]. - Lithium Carbonate Options: Based on the inventory and market trends, use a short - call + short - put option combination strategy and a spot long - hedging strategy [12]. 3.3.2 Precious Metals - Silver Options: Driven by factors such as investors' optimistic attitude towards the Fed's interest - rate cuts, construct a bull spread combination strategy, a short - volatility option seller combination strategy with a long - delta position, and a spot hedging strategy [13]. 3.3.3 Black Metals - Rebar Options: Given the current situation of rebar, use a short - call + short - put option combination strategy with a short - delta position and a spot covered - call strategy [14]. - Iron Ore Options: Considering the inventory and market trends of iron ore, build a short - call + short - put option combination strategy and a spot long - collar strategy [14]. - Ferroalloy Options: For manganese silicon and industrial silicon, use short - volatility strategies, and for industrial silicon, also use a spot long - hedging strategy [15]. - Glass Options: Based on the market situation of glass, construct a bear spread combination strategy, a short - volatility strategy, and a spot long - collar strategy [16].