金属期权：金属期权策略早报-20260114

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The non - ferrous metals are showing a bullish upward trend, and a seller's neutral volatility strategy is recommended; the black metals are experiencing significant fluctuations, suitable for a short - volatility combination strategy; the precious metals are rebounding and rising, and a bull spread combination strategy is recommended [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Different metal futures have various price changes, trading volumes, and open interest changes. For example, the latest price of copper (CU2602) is 103,200, up 180 with a 0.17% increase, and its trading volume is 22.54 million lots with a change of 1.57 million lots [3]. 3.2 Option Factors - Volume and Open Interest PCR - PCR indicators are used to describe the strength of the option underlying market and the turning point of the underlying market. For example, the volume PCR of copper is 0.45 with no change, and the open interest PCR is 0.65 with no change [4]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of the maximum open interest of call and put options, the pressure and support levels of each option underlying are determined. For example, the pressure level of copper is 110,000 and the support level is 98,000 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of each option variety is presented, including at - the - money implied volatility, weighted implied volatility, and its changes. For example, the at - the - money implied volatility of copper is 30.77%, and the weighted implied volatility is 37.35% with a - 0.33% change [6]. 3.5 Strategy and Recommendations 3.5.1 Non - ferrous Metals - Copper: Fundamental aspects show an increase in inventory. The market trend is bullish with high - level fluctuations. Option strategies include a bull spread combination strategy for direction, a short - volatility seller's option combination strategy for volatility, and a spot long - hedging strategy [8]. - Aluminum: The inventory has increased. The market is in a bullish upward trend. Option strategies involve a bull spread combination strategy, a short - call and put option combination strategy for volatility, and a spot collar strategy [10]. - Zinc: The social inventory has decreased slightly. The market shows a bullish upward trend with pressure. Option strategies include a short - call and put option combination strategy for volatility and a spot collar strategy [10]. - Nickel: The supply and demand are gradually balanced. The market is short - term bullish. Option strategies involve a short - call and put option combination strategy for volatility and a spot covered - call strategy [11]. - Tin: The inventory has decreased, and the market is in a bullish upward trend. Option strategies include a bull spread combination strategy, a short - volatility strategy, and a spot collar strategy [11]. - Lithium Carbonate: The inventory has increased slightly. The market shows a bullish acceleration trend. Option strategies involve a bull spread combination strategy, a short - call and put option combination strategy for volatility, and a spot long - hedging strategy [12]. 3.5.2 Precious Metals - Silver: The BCOM index rebalancing may lead to a reduction in long positions. The market shows significant fluctuations in the bullish trend. Option strategies include a bull spread combination strategy, a short - volatility option seller's combination strategy, and a spot hedging strategy [13]. 3.5.3 Black Metals - Rebar: The supply - demand pattern has weakened, and the inventory has increased. The market shows a weak rebound with pressure. Option strategies involve a short - call and put option combination strategy for volatility and a spot long - covered - call strategy [14]. - Iron Ore: The inventory has increased, and the market shows a bullish oscillation. Option strategies include a short - call and put option combination strategy for volatility and a spot long - collar strategy [14]. - Ferroalloys (Manganese Silicon and Ferrosilicon): The production of manganese silicon has decreased slightly, and the inventory is high. The market shows a weak bearish and then rebound trend. Option strategies involve a short - volatility strategy for manganese silicon and a short - call and put option combination strategy for ferrosilicon, along with corresponding spot hedging strategies [15]. - Industrial Silicon: The inventory has increased. The market shows a weak bearish and then rebound trend. Option strategies involve a short - call and put option combination strategy for volatility and a spot long - hedging strategy [15]. - Glass: The inventory has decreased. The market shows an oversold rebound and then a weak consolidation trend. Option strategies involve a short - call and put option combination strategy for volatility and a spot long - collar strategy [16].