金属期权：金属期权策略早报-20260113

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - For non - ferrous metals, a neutral volatility seller strategy can be constructed as they are trending upward [2]. - For the black series, which show large - amplitude fluctuations, a short - volatility combination strategy is suitable [2]. - For precious metals, which are rebounding, a bull spread combination strategy can be built [2]. 3. Summaries Based on Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest of various metal futures contracts, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2602) is 103,320, with a change of 560 and a percentage change of 0.54% [3]. 3.2 Option Factors - Volume and Open Interest PCR: The report shows the volume and open - interest PCR of different metal options. For instance, the volume PCR of copper options is 0.45 with a change of - 0.13, and the open - interest PCR is 0.65 with no change [4]. - Pressure and Support Levels: It provides the pressure and support levels of each metal option from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of copper is 110,000 and the support level is 98,000 [5]. - Implied Volatility: The report lists the at - the - money implied volatility, weighted implied volatility, and other related data of different metal options. For example, the at - the - money implied volatility of copper is 35.36%, and the weighted implied volatility is 37.69% with a change of 2.62% [6]. 3.3 Strategy and Recommendations - Non - ferrous Metals (e.g., Copper, Aluminum, Zinc, etc.) - Copper: Based on the analysis of fundamentals and market trends, directional, volatility, and spot - hedging strategies are proposed. For example, a bull spread combination strategy of call options can be constructed for directional trading [8]. - Aluminum: Similar to copper, strategies are provided according to its fundamentals and market trends, including a bull spread combination strategy for direction and a short - option combination strategy for volatility [10]. - Zinc: Strategies involve volatility and spot - hedging, such as a short - option combination strategy to obtain time value [10]. - Precious Metals (e.g., Silver) - For silver, considering its fundamentals and market trends, directional, volatility, and spot - hedging strategies are recommended. For example, a bull spread combination strategy of call options can be used for direction [13]. - Black Series (e.g., Rebar, Iron Ore, etc.) - Rebar: Given its supply - demand situation and market trends, volatility and spot - hedging strategies are suggested, such as a short - option combination strategy to obtain time value [14]. - Iron Ore: Strategies include volatility and spot - hedging, like a short - option combination strategy to gain time value and directional returns [14].