金属期权：金属期权策略早报-20260109

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals, a neutral volatility strategy for sellers is recommended as they show a bullish upward trend [2]. - For the black - series metals, a strategy of shorting volatility is suitable due to their large - amplitude fluctuations [2]. - For precious metals, a bull - spread combination strategy is suggested as they are rebounding and rising [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 [3]. 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - The volume PCR and open interest PCR of different metal options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively [4]. 3.2.2 Pressure and Support Levels - The pressure points, support points, and their offsets, as well as the maximum open interests of call and put options for different metal options, are given to analyze the pressure and support levels of the option underlyings [5]. 3.2.3 Implied Volatility - The report provides the at - the - money implied volatility, weighted implied volatility, its change, annual average, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility for various metal options [6]. 3.3 Strategy and Suggestions 3.3.1 Non - Ferrous Metals - Copper: A bull - spread combination strategy for call options is recommended for directional trading; a short - volatility option seller combination strategy is suggested to gain time - value; and a spot hedging strategy of holding long spot, buying put options, and selling out - of - the - money call options is proposed [7]. - Aluminum: A bull - spread combination strategy for call options is recommended for direction; a strategy of selling bullish call and put options is suggested to gain time - value and directional returns; and a spot collar strategy is proposed [9]. - Zinc: There is no directional strategy; a strategy of selling bullish call and put options is suggested to gain time - value; and a spot collar strategy is proposed [9]. - Nickel: There is no directional strategy; a strategy of selling bullish call and put options is suggested to gain time - value; and a spot covered - call strategy is proposed [10]. - Tin: There is no directional strategy; a short - volatility strategy is suggested to gain time - value; and a spot collar strategy is proposed [10]. - Lithium Carbonate: There is no directional strategy; a strategy of selling bullish call and put options is suggested to gain time - value; and a spot hedging strategy of holding long spot, buying put options, and selling call options is proposed [11]. 3.3.2 Precious Metals - Silver: There is no directional strategy; a neutral short - volatility option seller combination strategy is suggested to gain time - value; and a spot hedging strategy of holding long spot, buying put options, and selling out - of - the - money call options is proposed [12]. 3.3.3 Black - Series Metals - Rebar: There is no directional strategy; a strategy of selling bearish call and put options is suggested to gain time - value; and a spot covered - call strategy is proposed [13]. - Iron Ore: There is no directional strategy; a strategy of selling neutral call and put options is suggested to gain time - value and directional returns; and a spot long - collar strategy is proposed [13]. - Ferroalloys (Manganese Silicon and Silicon Ferros): For manganese silicon, there is no directional strategy; a short - volatility strategy is suggested to gain time - value; and no spot hedging strategy is proposed. For industrial silicon, there is no directional strategy; a short - volatility strategy of selling call and put options is suggested to gain time - value and directional returns; and a spot hedging strategy of holding long spot, buying put options, and selling call options is proposed [14]. - Glass: There is no directional strategy; a short - volatility strategy of selling call and put options is suggested to gain time - value; and a spot long - collar strategy is proposed [15].