金属期权：金属期权策略早报-20251226

Report Date - The report is dated December 26, 2025 [1] Core Viewpoints - For non - ferrous metals showing a bullish upward trend, construct a seller neutral volatility strategy [2] - For the black metals maintaining a large - amplitude volatile market, construct a short - volatility portfolio strategy [2] - For precious metals rebounding and rising, construct a bull spread portfolio strategy [2] Summary of Each Section 1. Futures Market Overview - The table presents the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open - interest changes of various metal futures contracts [3] 2. Option Factors - Volume and Open - Interest PCR - The volume PCR and open - interest PCR of different metal options are provided, along with their changes, which can be used to analyze the strength of the option underlying market and potential turning points [4] 3. Option Factors - Pressure and Support Levels - The pressure points, pressure - point offsets, support points, support - point offsets, maximum call option holdings, and maximum put option holdings of different metal options are given, helping to identify potential price barriers and supports [5] 4. Option Factors - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, weighted implied - volatility changes, annual average implied volatility, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility of various metal options are presented [6] 5. Option Strategies and Recommendations Non - Ferrous Metals - Copper: Construct a bull spread strategy for call options, a short - volatility seller option portfolio strategy, and a spot long - hedging strategy [7] - Aluminum: Construct a short - volatility strategy by selling call and put options and a spot collar strategy [9] - Zinc: Construct a short - volatility strategy by selling call and put options and a spot collar strategy [9] - Nickel: Construct a bull spread strategy for call options, a short - volatility strategy by selling call and put options, and a spot covered - call strategy [10] - Tin: Construct a bull spread strategy for call options, a short - volatility strategy, and a spot collar strategy [10] - Lithium Carbonate: Construct a bull spread strategy for call options, a short - volatility strategy by selling call and put options, and a spot long - hedging strategy [11] Precious Metals - Silver: Construct a bull spread strategy for call options, a short - volatility option seller portfolio strategy, and a spot hedging strategy [12] Black Metals - Rebar: Construct a short - volatility strategy by selling call and put options and a spot covered - call strategy [13] - Iron Ore: Construct a short - volatility strategy by selling call and put options and a spot long - collar strategy [13] - Ferroalloys (Manganese Silicon and Silicon Iron): For manganese silicon, construct a short - volatility strategy; for silicon iron, construct a short - volatility strategy and a spot hedging - related strategy [13][14] - Industrial Silicon: Construct a bear spread strategy for put options, a short - volatility strategy by selling call and put options, and a spot hedging strategy [14] - Glass: Construct a bear spread strategy for put options, a short - volatility strategy by selling call and put options, and a spot long - collar strategy [15]