“铜博士”屡创新高！制造企业套保需求旺盛，期权策略单季降本超600万

Core Viewpoint - The article discusses the rising copper prices and how manufacturing companies, particularly Zhejiang-based Zhengtai Electric, are utilizing flexible hedging strategies to mitigate the risks associated with price fluctuations [1][2]. Group 1: Copper Price Trends - Copper prices have been on a significant upward trend, with Shanghai copper futures surpassing 86,000 yuan/ton, marking a near-high level [1]. - The price of copper has increased from approximately 72,000 yuan/ton in early April to over 86,000 yuan/ton by early November [4]. Group 2: Hedging Strategies - Zhengtai Electric has implemented flexible hedging strategies to convert price volatility risks into cost reduction and efficiency gains, achieving hundreds of thousands of yuan in option premium income in a single quarter [2][4]. - The company initiated its hedging business in 2021, initially focusing on futures tools and later exploring options tools to create a more flexible and refined risk management system [3]. Group 3: Option Strategy Effectiveness - In the third quarter of this year, Zhengtai Electric sold put options corresponding to 8,000 tons of copper, generating over 6 million yuan in premium income, while copper prices remained within the 78,000-81,500 yuan/ton range [4]. - The company designed a "cash-settled put option" strategy to optimize costs while retaining the right to purchase at lower prices, effectively managing risks associated with price fluctuations [5]. Group 4: Risk Management Insights - The company has developed three mature strategies for options: selling put options to optimize costs in a volatile market, bull spread strategies to control expenses during moderate price increases, and covered call strategies to enhance returns while holding futures [6]. - Key lessons learned include the importance of market analysis capabilities, prioritizing risk control, adopting a gradual innovation approach, and using a combination of tools for effective risk management [6].