金属期权：金属期权策略早报-20260107

Group 1: Report Summary - Report Title: Metal Options Strategy Morning Report [1] - Report Date: January 7, 2026 - Research Team: Li Liqin, Huang Kehan, Li Renjun [2] Group 2: Investment Ratings - No investment ratings were provided in the report. Group 3: Core Views - For non - ferrous metals, which are trending upwards, a seller's neutral volatility strategy is recommended [2]. - For the black series, which are experiencing significant fluctuations, a short - volatility portfolio strategy is suitable [2]. - For precious metals, which are rebounding, a bull spread portfolio strategy is suggested [2]. Group 4: Market Overview Futures Market - Copper (CU2602) closed at 104,600, up 1,300 (1.26%) with a trading volume of 29.10 million hands and an open interest of 22.36 million hands [3]. - Aluminum (AL2602) closed at 24,695, up 620 (2.58%) with a trading volume of 55.17 million hands and an open interest of 25.31 million hands [3]. - Other metals such as zinc, lead, nickel, etc., also had their respective price changes, trading volumes, and open interest as detailed in the report [3]. Option Factors - Volume and Open Interest PCR: Different metals had varying volume and open - interest PCR values, which are used to describe the strength of the option underlying and potential turning points [4]. - Pressure and Support Levels: Pressure and support levels were identified for each metal option based on the strike prices of the maximum open interest of call and put options [5]. - Implied Volatility: Implied volatility data for each metal option were presented, including at - the - money implied volatility, weighted implied volatility, and its changes [6]. Group 5: Strategy Recommendations Non - Ferrous Metals - Copper: A bull spread strategy for call options, a short - volatility seller's option portfolio strategy, and a spot long - hedging strategy are recommended [7]. - Aluminum: A bull spread strategy for call options, a short - volatility option portfolio strategy with a positive delta, and a spot collar strategy are suggested [9]. - Zinc: A short - volatility option portfolio strategy with a long - delta and a spot collar strategy are recommended [9]. - Nickel: A bull spread strategy for call options, a short - volatility option portfolio strategy with a long - delta, and a spot covered - call strategy are suggested [10]. - Tin: A short - volatility strategy and a spot collar strategy are recommended [10]. - Lithium Carbonate: A short - volatility option portfolio strategy with a long - delta and a spot long - hedging strategy are suggested [11]. Precious Metals - Silver: A short - volatility option seller's portfolio strategy with a neutral delta and a spot hedging strategy are recommended [12]. Black Series - Rebar: A short - volatility option portfolio strategy with a short - delta and a spot covered - call strategy are suggested [13]. - Iron Ore: A short - volatility option portfolio strategy with a neutral delta and a spot long - collar strategy are recommended [13]. - Ferroalloys (Manganese Silicon and Silicon Iron): Strategies such as short - volatility strategies and spot hedging strategies are recommended according to their respective market conditions [14]. - Industrial Silicon: A short - volatility option portfolio strategy with a neutral delta and a spot long - hedging strategy are suggested [14]. - Glass: A short - volatility option portfolio strategy and a spot long - collar strategy are recommended [15].