金属期权：金属期权策略早报-20251211

1. Report Summary - The report provides a morning strategy briefing for metal options on December 11, 2025, covering various metal options including non - ferrous metals, precious metals, and black metals [1][2]. 2. Core Views - For non - ferrous metals showing a bullish upward trend, a neutral volatility selling strategy is recommended [2]. - For black metals with large - amplitude fluctuations, a short volatility combination strategy is suitable [2]. - For precious metals experiencing a rebound, a bull spread combination strategy is suggested [2]. 3. Summary by Category 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest of various metal futures contracts. For example, the latest price of copper (CU2601) is 91,770, with a price increase of 290 and a trading volume of 14.61 million lots [3]. 3.2 Option Factors 3.2.1 Volume - to - Open - Interest PCR - The report calculates the volume PCR and open - interest PCR for different metal options, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively [4]. 3.2.2 Pressure and Support Levels - The pressure and support levels of option underlying assets are determined from the strike prices with the largest open interest of call and put options. For instance, the pressure level of copper is 94,000 and the support level is 84,000 [5]. 3.2.3 Implied Volatility - The report provides information on the at - the - money implied volatility, weighted implied volatility, and historical implied volatility difference for each metal option [6]. 3.3 Option Strategies by Metal 3.3.1 Non - Ferrous Metals - Copper: Build a bull spread combination strategy for call options, a short volatility option selling combination strategy, and a spot long - hedging strategy [8]. - Aluminum: Construct a bull spread combination strategy for call options, a selling combination strategy of slightly bullish call and put options, and a spot collar strategy [10]. - Zinc: Build a selling combination strategy of neutral call and put options and a spot collar strategy [10]. - Nickel: Construct a selling combination strategy of slightly bearish call and put options and a spot covered - call strategy [11]. - Tin: Build a bull spread combination strategy for call options, a short volatility strategy, and a spot collar strategy [11]. - Lithium Carbonate: Construct a selling combination strategy of neutral call and put options and a spot long - hedging strategy [12]. 3.3.2 Precious Metals - Silver: Build a bull spread combination strategy for call options, a slightly bullish short volatility option selling combination strategy, and a spot hedging strategy [13]. 3.3.3 Black Metals - Rebar: Construct a selling combination strategy of slightly bearish call and put options and a spot long - covered - call strategy [14]. - Iron Ore: Build a selling combination strategy of slightly bearish call and put options and a spot long - collar strategy [14]. - Ferro - alloys: For manganese silicon, construct a short volatility strategy; for industrial silicon, build a bear spread combination strategy for put options, a short volatility selling combination strategy of call and put options, and a spot hedging strategy; for glass, construct a bear spread combination strategy for put options, a short volatility selling combination strategy of call and put options, and a spot long - collar strategy [15][16].