金属期权：金属期权策略早报-20260112

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 can be constructed as they tend to move upwards [2]. - For the black - series, a short - volatility combination strategy is suitable due to their large - scale fluctuations [2]. - For precious metals, a bull spread combination strategy can be built as they are rebounding [2]. 3. Summary of Each Section 3.1 Futures Market Overview - The report presents data on the latest prices, price changes, trading volumes, and open interest of various metal futures contracts such as copper, aluminum, zinc, etc. For example, the latest price of copper (CU2602) is 102,220, with a price increase of 1,940 and a trading volume of 30.38 million lots [3]. 3.2 Option Factors - Volume - to - Open - Interest PCR: The report provides the volume - to - open - interest PCR data for different metal options, which helps describe the strength and potential turning points of the underlying asset's market. For instance, the volume PCR of copper options is 0.58, with a change of 0.05 [4]. - Pressure and Support Levels: The pressure and support levels of each option's underlying asset are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure point of copper is 110,000, and the support point is 98,000 [5]. - Implied Volatility: It shows the implied volatility data of various metal options, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of copper options is 31.57% [6]. 3.3 Strategy and Recommendations for Each Metal - Non - ferrous Metals - Copper: Based on fundamental and market analysis, directional, volatility, and spot hedging strategies are proposed. For example, a bull spread combination strategy can be constructed for directional trading, and a short - volatility seller option combination strategy for volatility trading [8]. - Aluminum, Zinc, Nickel, Tin, and Lithium Carbonate: Similar to copper, strategies for each metal are provided according to their fundamentals, market trends, and option factors [10][11][12]. - Precious Metals - Silver: Considering its fundamentals and market performance, a neutral short - volatility option seller combination strategy and a spot hedging strategy are recommended [13]. - Black - Series - Rebar, Iron Ore, Ferroalloys, Industrial Silicon, and Glass: Strategies for each product in the black - series are given, including directional, volatility, and spot hedging strategies, based on their supply - demand situations and market trends [14][15][16].