金属期权：金属期权策略早报-20251216

Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals, they are trending upwards, and a neutral volatility strategy for sellers is recommended; for the black series, the market shows significant fluctuations, suitable for constructing a short - volatility combination strategy; for precious metals, they are rebounding, and a bull spread combination strategy is advisable [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Different metal futures have various price changes, trading volumes, and open interest changes. For example, copper (CU2601) has a latest price of 92,390, a decline of 180 (-0.19%), a trading volume of 18.34 million lots, and an open interest of 16.58 million lots with a decrease of 2.28 million lots [3]. 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - The volume and open interest PCR of different options are presented, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For example, the volume PCR of copper is 0.59 with a change of 0.21, and the open interest PCR is 0.80 with a change of - 0.09 [4]. 3.2.2 Pressure and Support Levels - The pressure and support levels of different options are analyzed. For example, the pressure point of copper is 94,000 and the support point is 90,000 [5]. 3.2.3 Implied Volatility - The implied volatility data of different options are provided, including at - the - money implied volatility, weighted implied volatility, and its changes. For example, the at - the - money implied volatility of copper is 16.98%, and the weighted implied volatility is 21.44% with a change of - 0.11 [6]. 3.3 Strategy and Recommendations 3.3.1 Non - Ferrous Metals - Copper: Based on the analysis of fundamentals, market trends, and option factors, a bull spread combination strategy for call options, a short - volatility seller option combination strategy, and a spot long - hedging strategy are recommended [7]. - Aluminum: 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 and a spot covered call strategy are recommended [10]. - Tin: A bull spread combination strategy for call options, a short - volatility strategy, and a spot collar strategy are advised [10]. - Lithium Carbonate: A short - volatility option combination strategy and a spot long - hedging strategy are recommended [11]. 3.3.2 Precious Metals - Silver: A bull spread combination strategy for call options, a short - volatility option seller combination strategy, and a spot hedging strategy are recommended [12]. 3.3.3 Black Series - Rebar: A short - volatility option combination strategy and a spot covered call strategy are suggested [13]. - Iron Ore: A short - volatility option combination strategy and a spot long - collar strategy are proposed [13]. - Ferroalloys: For manganese silicon, a short - volatility strategy is recommended; for industrial silicon, a bear spread combination strategy for put options, a short - volatility option combination strategy, and a spot hedging strategy are advised; for glass, a bear spread combination strategy for put options, a short - volatility option combination strategy, and a spot long - collar strategy are recommended [14][15].