金属期权：金属期权策略早报-20251224

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - For non - ferrous metals, a seller's neutral volatility strategy is recommended as they are trending upwards. - For the black series, a short - volatility combination strategy is suitable due to their large - scale fluctuations. - For precious metals, a bull spread combination strategy is suggested as they are rebounding and rising [2]. 3. Summary by Category 3.1 Futures Market Overview | Option Variety | Latest Price | Change | Change Rate (%) | Volume (10,000 lots) | Volume Change | Open Interest (10,000 lots) | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | | Copper | 94,890 | 980 | 1.04 | 13.88 | - 7.12 | 24.11 | - 0.57 | | Aluminum | 22,160 | 35 | 0.16 | 20.94 | - 4.45 | 30.18 | - 1.25 | | Zinc | 23,105 | 90 | 0.39 | 13.38 | - 0.06 | 9.31 | 0.25 | | Lead | 17,050 | 85 | 0.50 | 4.46 | - 0.46 | 5.81 | - 0.15 | | Nickel | 125,360 | 3,080 | 2.52 | 38.70 | 17.24 | 13.45 | 2.18 | | Tin | 336,110 | - 5,570 | - 1.63 | 22.86 | - 1.65 | 6.12 | 0.47 | | Alumina | 2,553 | 22 | 0.87 | 14.66 | 2.42 | 21.74 | - 0.38 | | Gold | 1,012.58 | 4.22 | 0.42 | 27.64 | - 0.24 | 19.99 | - 0.24 | | Silver | 16,961 | 674 | 4.14 | 123.02 | - 47.46 | 34.05 | - 0.09 | | Lithium Carbonate | 118,600 | 6,260 | 5.57 | 1.79 | - 0.89 | 3.49 | 0.09 | | Industrial Silicon | 8,735 | 115 | 1.33 | 3.86 | 2.10 | 8.93 | - 0.19 | | Polysilicon | 59,125 | - 655 | - 1.10 | 2.52 | - 0.82 | 2.89 | - 0.30 | | Rebar | 3,115 | - 19 | - 0.61 | 84.93 | 0.69 | 158.00 | - 1.19 | | Iron Ore | 787.50 | - 5.00 | - 0.63 | 0.64 | - 0.38 | 7.37 | - 0.04 | | Manganese Silicon | 5,804 | - 14 | - 0.24 | 1.73 | - 0.35 | 3.09 | - 0.27 | | Ferrosilicon | 5,520 | 20 | 0.36 | 4.38 | - 4.06 | 3.24 | - 0.28 | | Glass | 979 | 3 | 0.31 | 2.75 | - 0.88 | 4.25 | - 0.05 | [3] 3.2 Option Factors - Volume and Open Interest PCR - Volume PCR and open interest PCR for different option varieties are presented, which can be used to describe the strength of the option underlying market and the turning point of the underlying market respectively [4]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels for different option varieties are provided, which are derived from the strike prices with the largest open interest in call and put options [5]. 3.4 Option Factors - Implied Volatility - Implied volatility data, including at - the - money implied volatility, weighted implied volatility, and its change, are given for various option varieties [6]. 3.5 Strategy and Recommendations - Non - ferrous Metals: - Copper: Build a bull spread combination of call options, a short - volatility seller option combination, and a spot long - hedging strategy [7]. - Aluminum: Build a combination of selling slightly bullish call and put options and a spot collar strategy [9]. - Zinc: Build a combination of selling slightly bullish call and put options and a spot collar strategy [9]. - Nickel: Build a bull spread combination of call options, a combination of selling slightly bullish call and put options, and a spot covered - call strategy [10]. - Tin: Build a bull spread combination of call options, a short - volatility strategy, and a spot collar strategy [10]. - Lithium Carbonate: Build a bull spread combination of call options, a combination of selling slightly bullish call and put options, and a spot long - hedging strategy [11]. - Precious Metals: - Silver: Build a bull spread combination of call options, a slightly bullish short - volatility option seller combination, and a spot hedging strategy [12]. - Black Series: - Rebar: Build a combination of selling slightly bearish call and put options and a spot long - covered call strategy [13]. - Iron Ore: Build a combination of selling slightly bearish call and put options and a spot long - collar strategy [13]. - Ferroalloys: - Manganese Silicon: Build a short - volatility strategy [14]. - Industrial Silicon: Build a bear spread combination of put options, a combination of selling short - volatility call and put options, and a spot hedging strategy [14]. - Glass: Build a bear spread combination of put options, a combination of selling short - volatility call and put options, and a spot long - collar strategy [15].