金属期权：金属期权策略早报-20251219

Group 1: Report Summary - Report Date: December 19, 2025 [1] - Report Type: Metal Options Strategy Morning Report - Core Viewpoints: Build different option strategies for non - ferrous metals, precious metals, and black metals based on their market trends and option factors [2] Group 2: Market Overview Futures Market - The non - ferrous metals showed a mostly upward trend, the black metals maintained high - volatility trends, and the precious metals rebounded [2]. - Specific futures prices, trading volumes, and position changes of various metals are provided in Table 1 [3]. Option Factors - Volume and Position PCR: The PCR values of different metal options are presented in Table 2, which can be used to analyze the strength and turning points of the underlying asset markets [4]. - Pressure and Support Levels: The pressure and support levels of different metal options are shown in Table 3, determined by the strike prices of the maximum call and put option positions [5]. - Implied Volatility: The implied volatility data of different metal options are provided in Table 4, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [6]. Group 3: Strategy Recommendations for Different Metals Non - Ferrous Metals Copper - Fundamental Analysis: The inventories of the three major exchanges increased by 11,000 tons month - on - month [7]. - Market Analysis: The price of Shanghai copper showed a bullish trend with support below [7]. - Option Factor Analysis: The implied volatility was above the historical average, and the position PCR indicated strong support below [7]. - Strategy Recommendations: Build a bull spread strategy for call options and a short - volatility seller option portfolio strategy, and a spot long - hedging strategy [7]. Aluminum - Fundamental Analysis: The aluminum ingot inventory decreased, while the bonded area inventory increased [9]. - Market Analysis: The price of Shanghai aluminum showed a bullish trend with rapid declines [9]. - Option Factor Analysis: The implied volatility was above the historical average, and the position PCR indicated strong pressure above [9]. - Strategy Recommendations: Build a short - volatility option portfolio strategy and a spot collar strategy [9]. Zinc - Fundamental Analysis: The inventory of Shanghai Futures Exchange zinc ingot futures and overseas inventory data are provided [9]. - Market Analysis: The price of Shanghai zinc showed an upward - biased trend with pressure above [9]. - Option Factor Analysis: The implied volatility was above the historical average, and the position PCR indicated a short - term strong trend [9]. - Strategy Recommendations: Build a short - volatility option portfolio strategy and a spot collar strategy [9]. Nickel - Fundamental Analysis: The global nickel apparent inventory increased, and the demand for intermediate products weakened [10]. - Market Analysis: The price of Shanghai nickel showed a weak - biased volatile trend with pressure above [10]. - Option Factor Analysis: The implied volatility was above the average, and the position PCR indicated a weak - biased trend [10]. - Strategy Recommendations: Build a short - volatility option portfolio strategy with a short - biased delta and a spot covered - call strategy [10]. Tin - Fundamental Analysis: The resumption of tin mines in Myanmar was slow, and the raw material supply for smelting enterprises was tight [10]. - Market Analysis: The price of Shanghai tin showed a short - term high - volatility bullish trend with support below [10]. - Option Factor Analysis: The implied volatility was at a high historical level, and the position PCR indicated strong support below [10]. - Strategy Recommendations: Build a bull spread strategy for call options, a short - volatility strategy, and a spot collar strategy [10]. Lithium Carbonate - Fundamental Analysis: The weekly inventory of domestic lithium carbonate decreased, and the registered warehouse receipts increased [11]. - Market Analysis: The price of lithium carbonate showed a bullish trend with large fluctuations and strong support below [11]. - Option Factor Analysis: The implied volatility increased rapidly and remained at a high level, and the position PCR indicated increasing bullish strength [11]. - Strategy Recommendations: Build a bull spread strategy for call options, a short - volatility option portfolio strategy, and a spot long - hedging strategy [11]. Precious Metals Silver - Fundamental Analysis: The de - stocking of COMEX silver slowed down, while the LBMA silver inventory increased [12]. - Market Analysis: The price of silver showed a bullish trend with rebounds after declines [12]. - Option Factor Analysis: The implied volatility was at a high historical level, and the position PCR indicated strong support below [12]. - Strategy Recommendations: Build a bull spread strategy for call options, a short - volatility option seller portfolio strategy, and a spot long - hedging strategy [12]. Black Metals Rebar - Fundamental Analysis: The total inventory of rebar decreased, with a decline in both social and factory inventories [13]. - Market Analysis: The price of rebar showed a weak - biased volatile trend with pressure above [13]. - Option Factor Analysis: The implied volatility was below the historical average, and the position PCR indicated strong short - side pressure above [13]. - Strategy Recommendations: Build a short - volatility option portfolio strategy with a short - biased delta and a spot covered - call strategy [13]. Iron Ore - Fundamental Analysis: The inventory of imported iron ore at 47 ports increased, and the daily discharge volume decreased slightly [13]. - Market Analysis: The price of iron ore showed a weak - biased volatile trend with support below and pressure above [13]. - Option Factor Analysis: The implied volatility was below the historical average, and the position PCR indicated short - term support below [13]. - Strategy Recommendations: Build a short - volatility option portfolio strategy with a neutral delta and a spot long - collar strategy [13]. Manganese Silicon - Fundamental Analysis: The weekly output of manganese silicon was stable, and the apparent inventory was at a high level [14]. - Market Analysis: The price of manganese silicon showed a weak - biased trend with a rebound [14]. - Option Factor Analysis: The implied volatility was at a low historical level, and the position PCR indicated a weak market under short - side pressure [14]. - Strategy Recommendations: Build a short - volatility strategy [14]. Industrial Silicon - Fundamental Analysis: The inventory of industrial silicon increased, including factory, market, and registered warehouse receipt inventories [14]. - Market Analysis: The price of industrial silicon showed a weak - biased volatile trend with pressure above [14]. - Option Factor Analysis: The implied volatility was around the average, and the position PCR indicated a weak - biased volatile trend [14]. - Strategy Recommendations: Build a bear spread strategy for put options, a short - volatility option portfolio strategy, and a spot long - hedging strategy [14]. Glass - Fundamental Analysis: The inventory of float glass decreased, including the national and Shahe area inventories [15]. - Market Analysis: The price of glass showed a weak - biased trend with a rebound after over - selling [15]. - Option Factor Analysis: The implied volatility was at a high historical level, and the position PCR indicated a weak market [15]. - Strategy Recommendations: Build a bear spread strategy for put options, a short - volatility option portfolio strategy, and a spot long - collar strategy [15].