金属期权：金属期权策略早报-20251230

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - For non - ferrous metals, a neutral volatility selling strategy for sellers can be constructed as they tend to move upwards; for the black series with large - amplitude fluctuations, a short - volatility combination strategy is suitable; for precious metals with a rebound, a bull spread combination strategy can be built [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various metal futures contracts, including copper, aluminum, zinc, etc. For example, the latest price of copper contract CU2602 is 96,060, with a decrease of 4,400 and a decline rate of 4.38% [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of different metal options are provided. These indicators are used to describe the strength of the option underlying market and the turning point of the underlying market. For instance, the volume PCR of copper options is 0.45, and the open interest PCR is 0.78 [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure points, support points, and their offsets of various metal options are given. For example, the pressure point of copper options is 110,000, and the support point is 92,000 [5]. 3.4 Option Factors - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, and its change, annual average, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility of different metal options are presented. For example, the at - the - money implied volatility of copper options is 31.29% [6]. 3.5 Option Strategies and Recommendations - Non - ferrous Metals - Copper: Based on the analysis of fundamentals, market trends, and option factors, strategies such as a short - volatility seller option combination strategy and a spot long - hedging strategy are recommended [7]. - Aluminum: A bull spread combination strategy for call options, a short - biased call + put option combination strategy, and a spot collar strategy are suggested [9]. - Zinc: A short - biased call + put option combination strategy and a spot collar strategy are recommended [9]. - Nickel: A bull spread combination strategy for call options, a short - biased call + put option combination strategy, and a spot covered - call strategy are proposed [10]. - Tin: A short - volatility strategy and a spot collar strategy are recommended [10]. - Lithium Carbonate: A short - neutral call + put option combination strategy and a spot long - hedging strategy are suggested [11]. - Precious Metals - Silver: A neutral short - volatility option seller combination strategy and a spot hedging strategy are recommended [12]. - Black Series - Rebar: A short - bearish call + put option combination strategy and a spot long - covered - call strategy are suggested [13]. - Iron Ore: A short - neutral call + put option combination strategy and a spot long - collar strategy are recommended [13]. - Ferroalloys (Manganese Silicon and Silicon Iron): For manganese silicon, a short - volatility strategy is recommended; for silicon iron, a short - biased call + put option combination strategy and a spot long - hedging strategy are suggested [14]. - Industrial Silicon: A short - volatility call + put option combination strategy and a spot long - hedging strategy are recommended [14]. - Glass: A bear spread combination strategy for put options, a short - volatility call + put option combination strategy, and a spot long - collar strategy are suggested [15].