Core Viewpoint - Copper prices have shown strength due to expectations of a Federal Reserve interest rate cut and a decline in domestic refined copper social inventory, despite some fluctuations in processing fees and production targets from major companies [1] Group 1: Market Dynamics - Shanghai copper opened slightly higher and continued to strengthen throughout the day, closing up 1.25% [1] - The US dollar index softened, which contributed to the upward trend in copper prices [1] - Domestic refined copper social inventory continues to decline, indicating a tight supply situation [1] Group 2: Supply Chain Insights - Freeport Indonesia's copper concentrate exports have influenced the domestic copper concentrate processing fees, which had been recovering but saw a slight adjustment last week [1] - Chile's Codelco announced the approval for the resumption of operations at the El Teniente mine's Andes Norte and Diamante, but also lowered its copper production target for the year to 1.34-1.37 million tons [1] Group 3: Demand and Future Outlook - Jin Yuan Futures indicated that the copper supply-demand situation is relatively healthy, with ongoing tightness in copper mine supply and frequent disruptions at the mine level [1] - Overseas smelters have begun to cut production, and domestic smelters are expected to start reducing output from September [1] - The demand side remains resilient, supported by high growth in the power grid and new energy sectors, leading to an expectation of strong copper price performance moving forward [1]

Group 1 - The report emphasizes a "slow bull market" driven by long-term capital inflows into the stock market, replacing real estate as a primary asset pool for residents, supported by institutional investments and the development of passive investment tools like ETFs [2][5][33] - The current market is characterized by a liquidity-driven "first bull" phase, with expectations for a transition to a "second bull" as fundamental conditions improve [3][5][33] - The report highlights the significant outperformance of the ChiNext Index and the STAR 50 Index, indicating a strong preference for growth stocks over value stocks in the current market environment [1][4][33] Group 2 - The report notes that since July, the ChiNext Index has risen by 24.60%, outperforming other small-cap indices, while the STAR 50 Index has also shown substantial gains [4][33] - The report identifies a historical relationship between the ChiNext Index and the Hang Seng Technology Index, suggesting that when the ChiNext leads by a significant margin, the Hang Seng Technology is likely to experience a rebound [4][33] - The report indicates that the current market dynamics are reminiscent of previous bull markets in 2009 and 2014, characterized by a rebound in social financing and active credit expansion [80][81][84] Group 3 - The report discusses the structural shift towards "intermediate assets" as a key investment theme, with a focus on undervalued large-cap technology growth stocks and sectors like innovative pharmaceuticals and AI [5][33][49] - The report highlights the increasing inflow of southbound funds into Hong Kong stocks, particularly in the internet and automotive sectors, indicating a shift in investment focus [24][30][34] - The report suggests that the Hang Seng Technology Index, currently lagging behind, has significant room for growth compared to its 2021 peak, making it a potential target for recovery [3][4][33] Group 4 - The report emphasizes the importance of monitoring the balance between equity and bond markets, noting that recent trends indicate a reallocation of funds from bonds to equities as interest rates remain low [70][71][80] - The report points out that the current financing balance has reached new highs, indicating increased risk appetite among retail investors, which could further support market growth [76][83] - The report concludes that the market's upward trajectory will depend on the successful transition from a liquidity-driven bull market to one supported by fundamental improvements and new economic drivers [5][49][55]

Group 1 - Codelco, the world's largest copper producer, has lowered its copper production target for the year to 1.34-1.37 million tons from the previous target of 1.37-1.40 million tons announced in March [1] - The company's copper production in the first half of the year increased by 9.3% year-on-year to 634,000 tons [1] - The company's pre-tax profit for the first half of the year decreased by 34% year-on-year to $429 million [1] Group 2 - In 2023, Codelco's copper output is expected to reach its lowest level in 25 years due to factors such as aging mines and delays in major expansion projects [1] - Operations at the El Teniente copper mine were suspended following an accident on July 31 [1]

Group 1 - LME copper prices rose for the third consecutive trading day, supported by strong demand from China and hints of potential interest rate cuts by the Federal Reserve [1][5] - As of August 22, LME three-month copper closed at $9,796.50 per ton, up $72 or 0.74%, with an intraday high of $9,813.50 [1][2] - Despite the recent increase, copper prices remain below the three-month high of $10,020.50 reached on July 2 [3] Group 2 - Federal Reserve Chairman Jerome Powell indicated a possible interest rate cut in September, citing risks to employment growth and the need for policy adjustments [5] - Powell's comments led to a decline in the US dollar index, making dollar-denominated commodities more attractive to buyers using other currencies [5] - Strong demand for copper is expected to continue, with analysts noting that the refined copper is not subject to recent tariffs, thus not significantly impacting overall demand [6] Group 3 - Codelco, the world's largest copper producer, has lowered its copper output target for the year to 1.34-1.37 million tons from a previous target of 1.37-1.40 million tons [6] - LME three-month aluminum also saw an increase, closing at $2,624.50 per ton, up $39.50 or 1.53%, driven by expectations of seasonal demand recovery [2][6]

Production & Operations - Codelco lowered its production guidance [1] - A fatal accident at Codelco's biggest mine hindered recovery efforts [1] - Deteriorating ore quality impacted production [1]

利率因素重新掌握铜定价权，近期关注可能预期差 一、日度市场总结 铜期货市场数据变动分析 主力合约与基差： 沪铜主力合约价格8月21日小幅回升至78590元/吨，较前一日微涨0.06%， 但较8月15日仍下跌0.39%，价格短期企稳但中期仍承压。LME三个月期铜价 格8月20日收于9721美元/吨，较前一日上涨0.38%，延续反弹态势。现货升 贴水方面，国内各品类现货升水走弱，升水铜、平水铜、湿法铜升水分别 环比下降11.11%、22.58%、14.29%，反映现货市场供应边际改善；LME（0- 3）贴水收窄至-90.75美元/吨，较前一日缩窄6.1美元，海外现货压力略有 缓解。 持仓与成交： LME铜持仓量8月20日减少2295手至263224手，成交量边际收缩，反映市场 在价格反弹后观望情绪升温。国内SHFE库存8月21日维持15.64万吨，连续 两日持平，表明供需暂时平衡；COMEX库存增至27.05万短吨，环比微增 0.22%，海外隐性库存持续累积或压制上方空间。 产业链供需及库存变化分析 供给端： 智利Codelco埃尔特尼恩特铜矿事故导致2025年产量减少3.3万吨，叠加国 内华北地区因上合峰会货运 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Overseas, the expectation of interest rate cuts has converged, with the probability of a September rate cut dropping to 75%. The US manufacturing PMI in August reached a three - year high, and Fed officials' hawkish remarks have put pressure on the market. Domestically, the A - share market's risk appetite may have reached a short - term peak, and the bond market is expected to start a recovery. [2][3] - Most commodities are expected to show a volatile trend. Gold and silver prices are likely to remain volatile, waiting for Powell's speech. Copper, zinc, lead, tin, and other metals are expected to maintain narrow - range fluctuations. Aluminum and alumina are expected to oscillate, and lithium carbonate is in a game - based volatile stage. Crude oil is expected to be weak after a short - term technical correction, and agricultural products such as soybean meal and palm oil are also expected to fluctuate. [4][5][6] 3. Summary by Related Catalogs 3.1 Macro - Overseas: The US 8 - month manufacturing PMI reached 53.3, a three - year high, with inflation pressure increasing. Fed officials' hawkish remarks have dampened the market's expectation of a September rate cut. The dollar has risen, and the US bond yield has increased. [2] - Domestic: The A - share market weakened after a high opening on Thursday, with the trading volume remaining at 2.4 trillion. The risk appetite has declined, and the bond market has a chance to recover. [3] 3.2 Precious Metals - Gold futures on COMEX fell 0.15% to $3383.5 per ounce, and silver futures rose 0.87% to $38.1 per ounce. The better - than - expected US PMI data and Fed officials' remarks have put pressure on gold prices. The market is waiting for Powell's speech, and it is expected that gold and silver prices will remain volatile. [4][5] 3.3 Copper - The Shanghai copper main contract maintained a volatile trend. The US manufacturing showed signs of improvement, but there are concerns about long - term demand after the tariff policy. The Fed's internal differences remain large, and the Codelco has lowered its copper production forecast. It is expected that copper prices will remain volatile in the short term. [6][7] 3.4 Aluminum - The Shanghai aluminum main contract closed at 20590 yuan/ton, up 0.49%. The inventory of electrolytic aluminum ingots decreased. The good performance of the US and European manufacturing PMIs has improved the overseas demand expectation. It is expected that aluminum prices will oscillate in the current range. [8][9] 3.5 Alumina - The alumina futures main contract closed at 3124 yuan/ton, up 0.13%. The supply is slightly increasing, and consumption is stable. It is expected that alumina will continue to show a weak - oscillating trend. [10] 3.6 Zinc - The Shanghai zinc main contract showed a narrow - range oscillation. The better - than - expected US manufacturing PMI and Fed officials' remarks have put pressure on zinc prices. However, the decline in zinc prices has led to increased downstream purchases, and it is expected that zinc prices will maintain a narrow - range oscillation in the short term. [11] 3.7 Lead - The Shanghai lead main contract showed a narrow - range oscillation. The inflow of delivery goods has led to a slight decline in inventory, and the inverted price difference between refined and scrap lead provides support for lead prices. It is expected that lead prices will maintain a narrow - range oscillation. [12] 3.8 Tin - The Shanghai tin main contract showed a weak - oscillating trend. The supply of tin ore and scrap tin is tight, and the low LME inventory provides support, but consumption is weak. It is expected that tin prices will maintain a narrow - range oscillation. [13] 3.9 Industrial Silicon - The industrial silicon main contract rebounded from a low level. The supply is marginally loose, and the demand side has different performances. It is expected that the futures price will maintain an oscillating trend in the short term. [14][15] 3.10 Lithium Carbonate - Lithium carbonate prices are in a game - based volatile stage. Although the spot market has improved, the supply increase may exceed the demand, and it is recommended to wait and see. [16][17] 3.11 Nickel - Nickel prices oscillated weakly. The cost pressure of nickel iron has eased slightly, and the demand for stainless steel is limited. The cost of nickel sulfate is high, and the demand has resilience. It is expected that nickel prices will oscillate, and attention should be paid to Powell's speech. [18][19] 3.12 Crude Oil - Crude oil oscillated strongly. Geopolitical factors are heating up, and it is expected that oil prices will be weak after a short - term technical correction. [20] 3.13 Soybean and Rapeseed Meal - The soybean meal 01 contract and rapeseed meal 01 contract both declined. The US soybean is affected by drought, and the new - crop export sales exceeded expectations. The market expects the state reserve to release soybeans in November, and it is expected that the domestic soybean meal will oscillate in a range. [21][22] 3.14 Palm Oil - The palm oil 01 contract declined. The production of Malaysian palm oil in the first 20 days of August increased slightly, and Indonesia's inventory in June continued to decline. It is expected that palm oil will oscillate and adjust. [23][24] 3.15 Metal Main Variety Trading Data - The report provides the closing prices, price changes, trading volumes, and other data of various metal futures contracts such as copper, aluminum, zinc, lead, nickel, tin, gold, and silver on August 22, 2025. [26] 3.16 Industry Data Perspective - The document presents the data changes of various metals such as copper, nickel, zinc, lead, aluminum, alumina, tin, gold, silver, and related products including steel, iron ore, and agricultural products from August 20 to August 21, 2025, including prices, inventories, and price differences. [27][32]

Summary of Copper Industry Conference Call Industry Overview - The conference call focused on the copper mining industry, discussing production, inventory dynamics, and market outlook. Key Points Production Insights - Major copper miners reaffirmed their full-year production guidance for FY 2025, although some, including Freeport-McMoRan (FCX) and Teck Resources (TECK), have trimmed their forecasts. Others like Anglo American (AAL) and Glencore (GLEN) need to significantly increase production to meet their guidance [1] - In Q2 2025, copper production across major producers increased by approximately 6% quarter-over-quarter and 4% year-over-year, with a 2.5% year-over-year increase for the first half of the year [1] - Supply growth is expected to be constrained at around 2% in 2025, with notable production increases from Escondida (up 20% in 1H) but a moderation expected in 2026 [1] Inventory Dynamics - U.S. imports of refined copper surged by approximately 560,000 tons (190%) year-to-date compared to the previous year, and up 500,000 tons (150%) against the five-year average [2] - Despite increased imports, the Comex inventory build only rose by 150,000 tons year-to-date, indicating that much of the increased imports may have been accumulated as unreported inventory [2] - LME inventories fell by about 180,000 tons (65%) from January to June but have started to recover, increasing by 65,000 tons since the end of June [2] Tariff Impacts - President Trump's announcement on July 31 regarding tariffs on copper semis led to a significant drop in the COMEX premium, which could result in re-exporting built-up copper inventories if the COMEX trades at a discount to LME [3] - A material decline in U.S. imports is anticipated, which may increase supply to China and Europe, potentially raising LME and SHFE inventories in the near term [3] Disruptions and Mine Updates - El Teniente, a major underground copper mine, faced a fatal tunnel collapse on July 31, leading to a temporary suspension of operations. This incident is expected to reduce copper concentrate supply by approximately 30,000 tons per month [4] - Although operations are set to resume, production rates are expected to be lower for the remainder of 2025 and potentially into 2026 [4] Market Outlook - The medium-term outlook for copper remains bullish, but near-term caution is advised due to risks associated with U.S. tariff unwinding [5] - Recent downgrades were made for FCX, Southern Copper Corporation (SCCO), and Lundin Mining Corporation (LUN) to Neutral, while KGHM was downgraded to Sell. Conversely, ANTO, AAL, and Zijin are still considered good buys [5] Additional Insights - The report highlights that visible copper inventories are currently around 0.5 million tons, which is below the average levels of 0.75 million tons from 2010 to 2020, indicating a tight supply situation [32] - The seasonal nature of copper inventories in China was noted, with typical increases in Q1 and draws through Q2 to Q4 [34] Conclusion - The copper industry is experiencing a complex interplay of production challenges, inventory dynamics, and tariff impacts, which are shaping the market outlook. Investors should remain vigilant regarding these factors when considering investment opportunities in the sector.

Core Viewpoint - The London Metal Exchange (LME) copper prices remained stable as the market awaited signals regarding U.S. interest rate policy from the Federal Reserve's annual symposium in Jackson Hole, Wyoming, with a slight increase in copper prices noted [1]. Group 1: Market Performance - On August 21, LME three-month copper rose by $4, or 0.04%, closing at $9,724.50 per ton, after hitting a low of $9,670.50 on August 20, the lowest since August 7 [1][2]. - Other base metals showed mixed performance, with three-month aluminum up by $8.50 (0.33%) to $2,585.00, while three-month zinc, lead, tin, and nickel experienced declines [2]. Group 2: Economic Indicators - Recent data indicated a recovery in U.S. manufacturing, with August business activity accelerating and order growth reaching the strongest level in 18 months, while the Eurozone saw its first manufacturing expansion in over three years [4]. - The likelihood of a rate cut by the Federal Reserve next month has slightly decreased, providing support for the U.S. dollar, which in turn makes dollar-denominated metals more expensive for buyers using other currencies [4]. Group 3: Supply Dynamics - Codelco, a major Chilean copper producer, announced a reduction in its 2025 production forecast by 33,000 tons due to an accident at its El Teniente mine, which is expected to impact overall copper supply [4]. - The International Copper Study Group (ICSG) reported a global copper market surplus of 251,000 tons for the first half of 2025, down from a surplus of 395,000 tons in the same period last year, with refined copper production increasing to 14.21 million tons from 13.72 million tons year-on-year [5]. Group 4: Future Price Outlook - Goldman Sachs anticipates that increased defense spending in the European Union will significantly boost industrial metal demand, projecting upward price risks for copper in 2026 and 2027, with expected prices of $10,000 and $10,750 per ton, respectively [5].

Group 1: Report Industry Investment Rating - Not provided in the report Group 2: Core Views of the Report - The copper market is affected by macro factors and supply - demand fundamentals. With the opening of the import window, the inflow of imported goods exerts pressure on prices, while downstream demand shows rigid procurement [8]. - The alumina market is influenced by policy changes and supply - demand imbalances. The overall supply is tight, and the actual demand is weak [15][31]. - The electrolytic aluminum market is affected by overseas sanctions and domestic inventory changes. The domestic price is relatively resistant to decline compared with the external market [23]. - The zinc market has a bearish fundamental situation with increasing domestic supply and weak terminal consumption, but the LME zinc price may be supported in the short - term [38]. - The lead market is in a state of weak supply and demand. The production of recycled lead is reduced due to losses, and the price is expected to fluctuate within a range [42][43]. - The nickel market has a large supply surplus, and the price is expected to fluctuate widely, waiting for macro changes [48]. - The stainless steel market is affected by external demand and cost factors. The price is expected to maintain a wide - range oscillation [55]. - The tin market is in a tight - balance state of supply and demand. The supply of ore is tight, and the production of smelters is affected. Attention should be paid to the resumption of production in Myanmar and consumption recovery signals [62]. - The industrial silicon market is in a tight - balance state with high inventory. It is expected to fluctuate within a range in the short - term [68]. - The polysilicon market has an oversupply situation in August, but the spot price is rising. A strategy of buying on dips is recommended [72]. - The lithium carbonate market may continue to adjust at a high level in the short - term, and there may be an opportunity for a second - round rise after the stabilization of the commodity index [77]. Group 3: Summary by Related Catalogs Copper - **Market Review**: The Shanghai copper 2509 contract closed at 78,540 yuan/ton, down 0.05%, and the open interest of the Shanghai copper index decreased by 732 lots to 460,600 lots. The spot premium in Shanghai decreased by 30 yuan/ton to 160 yuan/ton [2]. - **Important Information**: In July, China's scrap copper imports increased by 3.73% month - on - month to 183,200 tons, and refined copper exports increased by nearly 50% month - on - month to 118,398 tons. On August 20, Blue Moon Metals obtained at least $140 million in financing for the Nussir copper project in Norway, which is expected to be put into production in September 2027 [3][4]. - **Logic Analysis**: The market focuses on the future interest - rate cut rhythm. The supply of copper ore has been alleviated, and the inflow of imported goods exerts pressure on prices. Downstream demand shows rigid procurement [8]. - **Trading Strategy**: Short - term supply increase puts pressure on copper prices; recommend waiting and seeing for arbitrage and options [12]. Alumina - **Market Review**: The casting aluminum alloy 2511 contract rose by 80 yuan to 20,125 yuan/ton, and the open interest increased by 73 lots to 9,553 lots. The spot price of aluminum ingots in different regions increased [10]. - **Important Information**: The four - ministry notice affects the recycled aluminum industry. In July, the weighted average full cost of the Chinese casting aluminum alloy (ADC12) industry increased by 85 yuan/ton compared with June, and the profit per ton increased by 104 yuan/ton. On August 21, the social inventory of recycled aluminum alloy ingots in three places decreased by 66 tons [10][11][27][29]. - **Trading Logic**: The supply of scrap aluminum is tight, and the overall market supply is tight. The actual demand is weak [15][31]. - **Trading Strategy**: The price fluctuates with the aluminum price; recommend waiting and seeing for arbitrage and options [16][17][32][33]. Electrolytic Aluminum - **Market Review**: The Shanghai aluminum 2509 contract rose by 100 yuan to 20,620 yuan/ton, and the open interest increased by 1,003 lots to 564,100 lots. The spot price of aluminum ingots in different regions increased [19]. - **Important Information**: The Fed's July meeting minutes showed a hawkish signal. The White House is considering a tri - party meeting. The domestic aluminum ingot inventory decreased, and the import and export volume changed in July [19][20][22]. - **Trading Logic**: Overseas sanctions on Russian aluminum and the Jackson Hole meeting affect the market. The domestic inventory decline may make the domestic price relatively resistant to decline [23]. - **Trading Strategy**: The price fluctuates with the external market in the short - term; recommend short - term arbitrage strategies and waiting and seeing for options [24][25]. Zinc - **Market Review**: The Shanghai zinc 2510 rose by 0.09% to 22,265 yuan/ton, and the open interest of the Shanghai zinc index increased by 1,549 lots to 216,200 lots. The spot trading in Shanghai was weak [35]. - **Important Information**: As of August 21, the total inventory of zinc ingots in seven places was 132,900 tons, a decrease of 26,000 tons compared with August 18. The safety inspection in northern lead - zinc mines has increased [36]. - **Logic Analysis**: The domestic supply is increasing, and the terminal consumption is weak. The LME zinc price may be supported in the short - term [38]. - **Trading Strategy**: The zinc price may fluctuate in the short - term, and it is recommended to short on rallies; recommend waiting and seeing for arbitrage and options [38]. Lead - **Market Review**: The Shanghai lead 2510 fell by 0.45% to 16,740 yuan/ton, and the open interest of the Shanghai lead index increased by 3,663 lots to 96,400 lots. The spot trading of refined lead was difficult [40]. - **Important Information**: As of August 21, the social inventory of lead ingots was 69,900 tons, a decrease of 11,000 tons compared with August 18 [41]. - **Logic Analysis**: The consumption is weak, and the loss of recycled lead smelters is expanding, resulting in a reduction in production [42]. - **Trading Strategy**: The price is expected to fluctuate within a range, and it is recommended to sell high and buy low; recommend waiting and seeing for arbitrage and options [43]. Nickel - **Market Review**: The main contract of Shanghai nickel NI2510 fell by 360 yuan to 119,830 yuan/ton, and the open interest of the index increased by 3,803 lots. The spot premium of different types of nickel increased [45][46]. - **Important Information**: In June 2025, the global refined nickel supply surplus was 12,600 tons, and from January to June, the supply surplus was 180,000 tons [47]. - **Logic Analysis**: The nickel supply surplus is large, and the price is expected to fluctuate widely [48]. - **Trading Strategy**: Not provided in the report Stainless Steel - **Market Review**: The main contract SS2510 fell by 35 yuan to 12,795 yuan/ton, and the open interest of the index increased by 3,900 lots. The spot price of cold - rolled and hot - rolled stainless steel is given [50]. - **Important Information**: A stainless - steel casting project in Zhejiang started construction. The sample inventory in Foshan decreased slightly, while the social inventory in 89 warehouses increased [51][55]. - **Logic Analysis**: The external demand is affected by the global economy and tariffs, and the price is expected to maintain a wide - range oscillation [55]. - **Trading Strategy**: The price is expected to oscillate widely; recommend waiting and seeing for arbitrage and selling out - of - the - money put options [53][56]. Tin - **Market Review**: The main contract of Shanghai tin 2509 closed at 266,480 yuan/ton, down 1,960 yuan/ton or 0.73%. The spot price of tin ingots decreased [59]. - **Important Information**: In June 2025, the global refined tin supply shortage was 3,500 tons, and from January to June, the supply shortage was 7,800 tons [60]. - **Logic Analysis**: The Fed's attitude affects the market. The supply of tin ore is tight, and the production of smelters is affected. The market is in a tight - balance state [61][62]. - **Trading Strategy**: The price is expected to continue to oscillate; recommend waiting and seeing for options [63][64]. Industrial Silicon - **Market Review**: The main contract of industrial silicon futures rose by 3.66% to 8,635 yuan/ton, and the spot price remained stable [65][66]. - **Important Information**: A product of Xin'an Co., Ltd. was included in the list of excellent industrial new products in Zhejiang [67]. - **Logic Analysis**: The market is in a tight - balance state with high inventory, and it is expected to fluctuate within a range in the short - term [68]. - **Trading Strategy**: It is recommended to operate within a range; recommend participating in the reverse arbitrage of 11 and 12 contracts; recommend waiting and seeing for options [68]. Polysilicon - **Market Review**: The main contract of polysilicon futures oscillated narrowly and closed at 51,530 yuan/ton, up 1.28%. The spot price of polysilicon increased [69][70]. - **Important Information**: The US government tightened the approval of renewable energy projects [71]. - **Logic Analysis**: There is an oversupply in August, but the spot price is rising, and it is recommended to buy on dips [72]. - **Trading Strategy**: It is recommended to buy on dips; recommend conducting a positive arbitrage of 2511 and 2512 contracts; recommend selling out - of - the - money put options and buying call options [73]. Lithium Carbonate - **Market Review**: The main contract of lithium carbonate 2511 fell by 140 yuan to 82,760 yuan/ton, and the open interest of the index decreased by 21,134 lots. The spot price decreased [74]. - **Important Information**: A Chilean lithium producer expects an increase in sales in the third quarter. The tax department exposed tax - evasion cases in the "new three" fields. The new - energy vehicle market shows growth [75][76]. - **Logic Analysis**: The price may continue to adjust at a high level in the short - term, and there may be an opportunity for a second - round rise [77]. - **Trading Strategy**: It is recommended to buy after a sufficient correction; recommend waiting and seeing for arbitrage; recommend selling out - of - the - money put options of 2511 [78][79][80].