金属期权策略早报-20251217

1. Report Title and Date - The report is titled "Metal Option Strategy Morning Report" dated December 17, 2025 [1] 2. Core Viewpoints - 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] 3. Summary by Category 3.1 Futures Market Overview - The report provides the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various metal futures contracts such as copper, aluminum, zinc, etc [3] 3.2 Option Factors 3.2.1 Volume - to - Open - Interest PCR - It shows the volume, volume change, open interest, open interest change, volume PCR, volume PCR change, open interest PCR, and open interest PCR change of different metal options, which are used to describe the strength of the option underlying market and the turning point of the underlying market [4] 3.2.2 Pressure and Support Levels - From the perspective of the strike prices with the largest open interests of call and put options, the pressure and support levels of the option underlying are presented [5] 3.2.3 Implied Volatility - It includes the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatilities of different metal options [6] 3.3 Strategy and Recommendations for Different Metals 3.3.1 Non - Ferrous Metals - Copper: Construct a bull spread combination strategy for call options and a short - volatility seller option combination strategy, and also a spot long - hedging strategy [7] - Aluminum: Construct a short - option combination strategy of slightly bullish call and put options and a spot collar strategy [9] - Zinc: Construct a short - option combination strategy of slightly bullish call and put options and a spot collar strategy [9] - Nickel: Construct a short - option combination strategy of slightly bearish call and put options 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 - option combination strategy of slightly bullish call and put options and a spot long - hedging strategy [11] 3.3.2 Precious Metals - Silver: Construct a bull spread combination strategy for call options, a slightly bullish short - volatility option seller combination strategy, and a spot hedging strategy [12] 3.3.3 Black Series - Rebar: Construct a short - option combination strategy of slightly bearish call and put options and a spot covered - call strategy [13] - Iron Ore: Construct a short - option combination strategy of slightly bearish call and put options and a spot long - collar strategy [13] - Ferroalloys (Manganese Silicon and Ferrosilicon): For manganese silicon, construct a short - volatility strategy; for industrial silicon, construct a bear spread combination strategy for put options, a short - volatility option combination strategy, and a spot hedging strategy; for glass, construct a bear spread combination strategy for put options, a short - volatility option combination strategy, and a spot long - collar strategy [14][15]