1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The metal sector is divided into non - ferrous metals, precious metals, and black metals. Different options strategies are recommended for each sector and variety based on their fundamental and market conditions [7]. - For non - ferrous metals, it is recommended to construct bullish option bull spread combination strategies and short volatility strategies as they are in a mostly upward - trending or oscillating market. For black metals, which are in a range - bound consolidation, neutral option seller combination strategies are suitable. For precious metals, especially gold, which is in a high - level consolidation and weak decline, spot hedging strategies are recommended [2]. 3. Summary by Relevant Catalogs 3.1. Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts, including copper, aluminum, zinc, etc. For example, the latest price of copper futures contract CU2508 is 80,900, with a price increase of 280 and a trading volume of 102,000 lots [3]. 3.2. Option Factor - Volume and Open Interest PCR - The volume and open interest PCR of various metal options are presented. For example, the open interest PCR of copper options is 0.63, with a change of 0.03, which is used to describe the strength of the option underlying market [4]. 3.3. Option Factor - Pressure and Support Levels - The pressure and support levels of various metal options are analyzed. For example, the pressure level of copper options is 82,000, and the support level is 77,000, which are determined by the maximum open interest of call and put options [5]. 3.4. Option Factor - Implied Volatility - The implied volatility of various metal options is reported, including at - the - money implied volatility and weighted implied volatility. For example, the at - the - money implied volatility of copper options is 14.01%, and the weighted implied volatility is 19.53% with a change of - 0.78% [6]. 3.5. Strategy and Recommendations 3.5.1. Non - Ferrous Metals - **Copper Options**: Construct bullish option bull spread combination strategies, short volatility seller option combination strategies, and spot long - position hedging strategies. The copper market has shown an upward - trending breakthrough after high - level consolidation [8]. - **Aluminum/Alumina Options**: Use bullish option bull spread combination strategies, short bullish call + put option combination strategies, and spot collar strategies. The aluminum market has shown a mostly upward - trending oscillating pattern [9]. - **Zinc/Lead Options**: Adopt bullish bull spread combination strategies, short neutral call + put option combination strategies, and spot collar strategies. The zinc market has shown an upward - trending breakthrough after a decline [9]. - **Nickel Options**: Use short bearish call + put option combination strategies and spot long - position hedging strategies. The nickel market has shown a weak rebound [10]. - **Tin Options**: Apply short volatility strategies and spot collar strategies. The tin market has shown a short - term upward - trending breakthrough after a wide - range oscillation [10]. - **Lithium Carbonate Options**: Use short neutral call + put option combination strategies and spot covered call strategies. The lithium carbonate market has shown a rebound after a decline [11]. 3.5.2. Precious Metals - **Gold/Silver Options**: Use short bullish volatility option seller combination strategies and spot hedging strategies. The gold market has shown a short - term weakening pattern after high - level consolidation [12]. 3.5.3. Black Metals - **Rebar Options**: Use short bearish call + put option combination strategies and spot covered call strategies. The rebar market has shown a weak rebound [13]. - **Iron Ore Options**: Adopt short neutral call + put option combination strategies and spot collar strategies. The iron ore market has shown a weak rebound after an upward - trending breakthrough [13]. - **Ferroalloy Options**: Use short volatility strategies. The manganese silicon market has shown a rebound after a decline [14]. - **Industrial Silicon/Polysilicon Options**: Use short neutral call + put option combination strategies and spot covered call strategies. The industrial silicon market has shown a rebound after a decline [14]. - **Glass Options**: Apply short volatility strategies and spot collar strategies. The glass market has shown a rebound after a decline [15].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The agricultural products sector is divided into beans, oils, agricultural by - products, soft commodities, grains, and others. Oils and fats, and agricultural by - products are in a volatile market, soft commodity sugar continues to be weak, cotton rises moderately, and grains such as corn and starch recover and then consolidate in a narrow range. It is recommended to construct option combination strategies mainly as sellers, and spot hedging or covered strategies to enhance returns [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Different agricultural product futures have different price changes. For example, the latest price of soybean No.1 (A2509) is 4,126, down 3 with a decline rate of 0.07%; the latest price of sugar (SR2509) is 5,716, down 65 with a decline rate of 1.12% [3]. 3.2 Option Factor - Volume and Position PCR - Different option varieties have different volume and position PCR values and their changes. For instance, the volume PCR of soybean No.1 is 0.41 with a change of 0.07, and the position PCR is 0.49 with a change of - 0.03 [4]. 3.3 Option Factor - Pressure and Support Levels - Each option variety has corresponding pressure and support levels. For example, the pressure level of soybean No.1 is 4,500 and the support level is 4,100; the pressure level of soybean meal is 3,100 and the support level is 2,900 [5]. 3.4 Option Factor - Implied Volatility - Implied volatility varies among different option varieties. For example, the at - the - money implied volatility of soybean No.1 is 9.575, and the weighted implied volatility is 11.66 with a change of - 0.24 [6]. 3.5 Strategy and Recommendations 3.5.1 Oils and Fats Options - **Beans (Soybean No.1, Soybean No.2)**: As of June 24, the purchase volume of soybeans from December to September is known. Soybean No.1 has a weak market. Its implied volatility is at a relatively high level, and the position PCR is below 0.7. The recommended strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal, Rapeseed Meal**: The cost of distant - month soybean meal is in the range of 2,850 - 3,020 yuan/ton. The market shows a weak decline with support below. The implied volatility is slightly above the historical average, and the position PCR fluctuates around 0.8. Recommended strategies are similar to those for soybeans [9]. - **Palm Oil, Soybean Oil, Rapeseed Oil**: The fundamentals of oils are affected by multiple factors. Palm oil shows a pattern of rising and then falling. Its implied volatility is below the historical average, and the position PCR is around 1.0. Recommended strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [10]. - **Peanuts**: The peanut market has a weak supply - demand pattern. The implied volatility is at a low level, and the position PCR is below 0.8. The recommended strategies are a bearish spread strategy for put options and a long collar strategy for spot hedging [11]. 3.5.2 Agricultural By - product Options - **Pigs**: The pig price fluctuates upward. The implied volatility is above the historical average, and the position PCR is below 0.5. Recommended strategies include constructing a neutral short call + put option combination strategy and a covered call strategy for spot [11]. - **Eggs**: The egg inventory is expected to increase, and the market shows a weak downward trend. The implied volatility is high, and the position PCR is below 0.6. The recommended strategy is a short - biased bearish call + put option combination strategy [12]. - **Apples**: The apple inventory is decreasing, and the market shows a weak rebound. The implied volatility is below the historical average, and the position PCR is below 0.6. The recommended strategy is a neutral short call + put option combination strategy [12]. - **Red Dates**: The red date inventory is slightly decreasing, and the market rebounds. The implied volatility is above the average and decreasing, and the position PCR is below 0.5. The recommended strategies are a short - biased long strangle option combination strategy and a covered call strategy for spot [13]. 3.5.3 Soft Commodity Options - **Sugar**: The supply of Brazilian sugar is affected. The sugar market shows a weak rebound. The implied volatility is at a low level, and the position PCR is around 0.8. Recommended strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [13]. - **Cotton**: The cotton market shows a mild upward trend. The implied volatility is at a low level and decreasing, and the position PCR is below 1.0. Recommended strategies are a bullish spread strategy for call options, a neutral short call + put option combination strategy, and a covered call strategy for spot [14]. 3.5.4 Grain Options - **Corn, Starch**: The corn market is in a narrow - range consolidation. The implied volatility is at a low level, and the position PCR is around 0.8. The recommended strategy is a neutral short call + put option combination strategy [14].

金属期权 2025-07-02 金属期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 金属期权策略早报概要：（1）有色金属偏多震荡，构建看涨期权牛市价差组合策略和做空波动率策略策略；（2） 黑色系区间盘整震荡逐渐走弱，适合构建卖方期权中性组合策略；（3）贵金属黄金高位盘整弱势回落，构建现货 避险策略。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （% ...

Report Overview - Report Title: Financial Options Strategy Morning Report [1] - Date: July 1, 2025 - Analysts: Lu Pinxian, Huang Kehan [2] 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The Shanghai Composite Index and large-cap blue-chip stocks are consolidating and fluctuating at high levels, while small and medium-cap stocks and ChiNext stocks are showing an upward trend [2]. - The implied volatility of financial options is fluctuating at a relatively high level [2]. - For ETF options, it is suitable to construct covered strategies, neutral double-selling strategies, and vertical spread combination strategies; for index options, it is suitable to construct neutral double-selling strategies and arbitrage strategies between synthetic futures long or short positions and futures short or long positions [2]. 3. Summary by Directory 3.1 Stock Market Review - The Shanghai Composite Index closed at 3,444.43, up 20.20 points or 0.59%, with a trading volume of 567.1 billion yuan, a decrease of 38.6 billion yuan [3]. - The Shenzhen Component Index closed at 10,465.12, up 86.57 points or 0.83%, with a trading volume of 919.7 billion yuan, a decrease of 15.6 billion yuan [3]. - The Shanghai 50 Index closed at 2,711.99, up 4.42 points or 0.16%, with a trading volume of 76.5 billion yuan, a decrease of 19.2 billion yuan [3]. - The CSI 300 Index closed at 3,936.08, up 14.32 points or 0.37%, with a trading volume of 288.8 billion yuan, a decrease of 54.6 billion yuan [3]. - The CSI 500 Index closed at 5,915.39, up 51.66 points or 0.88%, with a trading volume of 226.5 billion yuan, a decrease of 16.8 billion yuan [3]. - The CSI 1000 Index closed at 6,356.18, up 79.24 points or 1.26%, with a trading volume of 336.2 billion yuan, an increase of 5.8 billion yuan [3]. 3.2 ETF Option Market Overview - The closing prices of major ETFs such as SSE 50 ETF, SSE 300 ETF, and SSE 500 ETF showed varying degrees of increase [4]. - The trading volumes and trading amounts of most ETFs also showed certain changes [4]. 3.3 Option Factor - Volume and Position PCR - The volume and position PCR of different option varieties showed different trends, which can be used to describe the strength of the option underlying market and the turning point of the market [5][6]. 3.4 Option Factor - Pressure and Support Points - The pressure and support points of different option varieties can be seen from the strike prices of the maximum open interest of call and put options [7][8]. 3.5 Option Factor - Implied Volatility - The implied volatility of different option varieties showed different levels of fluctuation, and the weighted implied volatility was calculated using the trading volume weighted average of the current and next month's option contracts [9][10]. 3.6 Strategy and Recommendations - The financial option sector is divided into large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks. Different strategies are recommended for each sector [11]. - For example, for the financial stock sector (SSE 50 ETF, SSE 50), it is recommended to construct a bull spread combination strategy for directional trading, a neutral selling strategy for volatility trading, and a covered call strategy for spot trading [12].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The agricultural product sector shows different trends: oilseeds and oils are weakening, fats and oils, and agricultural by - products are in a volatile market, soft commodity sugar continues to be weak, cotton is rising moderately, and grains such as corn and starch are gradually warming up and then trading in a narrow range. It is recommended to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Various agricultural product futures have different price changes, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2509) is 4,148, up 4 with a 0.10% increase, trading volume is 8.67 million lots (down 4.46 million lots), and open interest is 19.92 million lots (down 0.13 million lots) [3] 3.2 Option Factor - Volume and Open Interest PCR - Different option varieties have different volume and open interest PCR values and their changes, which are used to describe the strength of option underlying market trends and whether there is a turning point. For example, the volume PCR of soybean No.1 is 0.61 (down 0.10), and the open interest PCR is 0.55 (down 0.03) [4] 3.3 Option Factor - Pressure and Support Levels - From the perspective of the strike prices with the largest open interest of call and put options, the pressure and support levels of option underlyings are determined. For example, the pressure level of soybean No.1 is 4,500 and the support level is 4,100 [5] 3.4 Option Factor - Implied Volatility - Different option varieties have different implied volatility indicators, including at - the - money implied volatility, weighted implied volatility, and their changes, as well as the difference between implied and historical volatilities. For example, the at - the - money implied volatility of soybean No.1 is 9.625%, the weighted implied volatility is 11.36% (down 0.26%), and the difference between implied and historical volatilities is - 1.99 [6] 3.5 Option Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamentals show the situation of soybean purchases and the physical inventory days of feed enterprises. The market trend of soybean No.1 is a high - level decline after a rebound. It is recommended to construct a short neutral call + put option combination strategy and a long collar strategy for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: The cost of soybean meal is in a certain range, and the market is affected by factors such as oil mill crushing volume and downstream buying interest. It is recommended to construct a short neutral call + put option combination strategy and a long collar strategy for spot hedging [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The fundamentals are affected by factors such as palm oil production and export data, and Canadian rapeseed inventory. It is recommended to construct a short neutral call + put option combination strategy and a long collar strategy for spot hedging [10] - **Peanuts**: The spot market is in a situation of weak supply and demand. It is recommended to construct a bear spread strategy of put options and a long collar strategy for spot hedging [11] 3.5.2 Agricultural By - products Options - **Pigs**: The pig price has been rising last week, and the market is affected by factors such as slaughter volume and weight. It is recommended to construct a short neutral call + put option combination strategy and a covered call strategy for spot [11] - **Eggs**: The egg inventory is expected to increase in the future, and the market is in a weak downward trend. It is recommended to construct a short bearish call + put option combination strategy [12] - **Apples**: The apple inventory is decreasing, and the market is in a weak rebound. It is recommended to construct a short bearish call + put option combination strategy [12] - **Jujubes**: The jujube inventory is slightly decreasing, and the market is in a rebound. It is recommended to construct a short bullish strangle option combination strategy and a covered call strategy for spot hedging [13] 3.5.3 Soft Commodity Options - **Sugar**: The Brazilian sugar shipping situation and production forecast affect the market. The sugar market is in a weak rebound. It is recommended to construct a short neutral call + put option combination strategy and a long collar strategy for spot hedging [13] - **Cotton**: The cotton spinning and weaving factory operating rates and inventory affect the market. The cotton market is in a mild upward trend. It is recommended to construct a bull spread strategy of call options, a short neutral call + put option combination strategy, and a covered call strategy for spot [14] 3.5.4 Grains Options - **Corn and Starch**: The corn oil market price is stable, and the corn market is in a volatile upward and then downward trend. It is recommended to construct a short neutral call + put option combination strategy [14]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The agricultural products sector includes beans, oils, agricultural by - products, soft commodities, grains, and others. The overall market shows that oilseeds and oils tend to rise, oils and agricultural by - products maintain a volatile trend, soft commodity sugar continues to be weak, cotton consolidates at a high level after a rebound, and grains such as corn and starch gradually recover and then trade in a narrow range. It is recommended to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest changes of various agricultural product futures such as soybeans, bean meal, palm oil, etc. For example, the latest price of soybean No.1 (A2509) is 4,150, down 2 points or 0.05% [3] 3.2 Option Factor Analysis 3.2.1 Volume and Open Interest PCR - Volume PCR and open - interest PCR are used to describe the strength of the option underlying market and the turning point of the market. For example, the volume PCR of soybean No.1 is 0.70 with a change of 0.02, and the open - interest PCR is 0.57 with a change of - 0.01 [4] 3.2.2 Pressure and Support Levels - The pressure and support levels of each option variety are analyzed. For instance, the pressure level of soybean No.1 is 4,500, and the support level is 4,100 [5] 3.2.3 Implied Volatility - The implied volatility of each option variety is presented, 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 soybean No.1 is 9.965, and the weighted implied volatility is 11.62 with a change of - 0.04 [6] 3.3 Strategy and Recommendations for Different Option Varieties 3.3.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The current annual net sales of US soybeans are higher than expected. Soybean No.1 has shown a pattern of rising after a rebound and then falling back. It is recommended to construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7] - **Bean Meal and Rapeseed Meal**: The trading volume and delivery volume of bean meal have increased, and the basis has risen. Bean meal has rebounded and then consolidated at a high level. Similar to soybean No.1, a neutral short call + put option combination strategy and a long collar strategy are recommended [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The production of Malaysian palm oil has decreased, and exports have increased. Palm oil has risen and then consolidated at a high level. A long - biased short call + put option combination strategy and a long collar strategy are recommended [10] - **Peanuts**: The downstream market is cautious in purchasing. Peanuts have shown a weak and volatile trend. A bear spread strategy for put options and a long collar strategy are recommended [11] 3.3.2 Agricultural By - products Options - **Pigs**: The average price of live pigs has increased. Pigs have shown a trend of falling and then rebounding. A neutral short call + put option combination strategy and a covered call strategy for spot are recommended [11] - **Eggs**: The inventory of laying hens is expected to increase, and eggs have shown a weak and volatile trend. A short - biased short call + put option combination strategy is recommended [12] - **Apples**: The cold - storage inventory of apples is at a low level. Apples have shown a weak and volatile trend. A short - biased short call + put option combination strategy is recommended [12] - **Jujubes**: The inventory of jujubes has decreased slightly. Jujubes have shown a trend of falling and then rebounding. A long - biased short strangle option combination strategy and a covered call strategy for spot are recommended [13] 3.3.3 Soft Commodities Options - **Sugar**: The import volume of sugar has decreased. Sugar has shown a weak and volatile trend. A short - biased short call + put option combination strategy and a long collar strategy for spot are recommended [13] - **Cotton**: The operating rates of spinning and weaving mills have decreased, and the commercial inventory of cotton has increased. Cotton has shown a trend of falling and then rebounding. A bull spread strategy for call options, a neutral short call + put option combination strategy, and a covered call strategy for spot are recommended [14] 3.3.4 Grains Options - **Corn and Starch**: The price of Northeast corn has risen, and the inventory of northern ports has decreased. Corn has shown a trend of rising and then falling back. A long - biased short call + put option combination strategy is recommended [14]

Group 1: Report Summary - The report is a metal options strategy morning report dated June 27, 2025, covering有色金属, precious metals, and black metals [1][2] - The report provides market overviews, option factor analyses, and strategy recommendations for various metal options [2][7] Group 2: Market Overview Futures Market - Copper (CU2508) closed at 79,790, up 1,050 (1.33%) with a trading volume of 7.73 million lots and an open interest of 19.11 million lots [3] - Aluminum (AL2508) closed at 20,660, up 280 (1.37%) with a trading volume of 15.24 million lots and an open interest of 26.05 million lots [3] - Other metals also showed various price changes, trading volumes, and open interest adjustments [3] Option Factors - Volume and open interest PCRs are used to describe the strength of the option underlying market and potential turning points [4] - Pressure and support levels are identified based on the strike prices with the largest call and put option open interests [5] - Implied volatility is calculated for each option, with weighted implied volatility using volume - weighted averages [6] Group 3: Strategy Recommendations Non - Ferrous Metals - Copper: Construct a bull spread strategy for call options and a short - volatility strategy for option sellers; also, a spot hedging strategy is recommended [8] - Aluminum/Alumina: Use a bull spread strategy for call options, a short - option strategy with a positive delta, and a spot collar strategy [9] - Zinc/Lead: Adopt a bull spread strategy for call options, a short - option strategy with a neutral delta, and a spot collar strategy [9] - Nickel: Build a bear spread strategy for put options, a short - option strategy with a negative delta, and a spot risk - hedging strategy [10] - Tin: Implement a short - volatility strategy and a spot collar strategy [11] - Lithium Carbonate: Use a short - option strategy with a neutral delta and a spot covered call strategy [12] Precious Metals - Gold/Silver: Apply a short - volatility strategy with a neutral delta and a spot hedging strategy [13] Black Metals - Rebar: Use a short - option strategy with a negative delta and a spot covered call strategy [14] - Iron Ore: Adopt a short - option strategy with a neutral delta and a spot collar strategy [14] - Ferroalloys: Implement a short - volatility strategy for manganese silicon [15] - Industrial Silicon/Polysilicon: Use a short - option strategy with a negative delta and a spot covered call strategy [15] - Glass: Build a bear spread strategy for put options, a short - volatility strategy, and a spot collar strategy [16]

表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万手) | | (万手) | | | 原油 | SC2508 | 505 | -4 | -0.77 | 30.40 | -22.25 | 3.54 | -0.73 | | 液化气 | PG2508 | 4,296 | 87 | 2.07 | 12.64 | -4.99 | 7.60 | -0.55 | | 甲醇 | MA2509 | 2,419 | 31 | 1.30 | 105.29 | -183.87 | 90.45 | 0.77 | | 乙二醇 | EG2509 | 4,332 | 13 | 0.30 | 17.88 | -17.61 | 26.42 | -0.43 | | 聚丙烯 | PP2509 | 7,102 | 32 | 0.45 | 26.89 | -29.82 | 42.43 | -2.41 | | 聚氯乙烯 | ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The metal sector is divided into non - ferrous metals, precious metals, and black metals. Different option strategies are recommended for selected varieties in each sector based on the analysis of the underlying market, option factor research, and risk - return characteristics [2][7]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - **Non - ferrous Metals**: Copper (CU2508) closed at 78,720 with a 0.36% increase, aluminum (AL2508) at 20,345 with a 0.25% increase, zinc (ZN2508) at 22,095 with a 0.59% increase, etc. [3]. - **Precious Metals**: Gold (AU2508) closed at 774.02 with a 0.52% increase, silver (AG2508) at 8,761 with a 1.29% increase [3]. - **Black Metals**: Rebar (RB2510) closed at 2,966 with a 0.13% decrease, iron ore (I2509) at 701.50 with a 0.07% increase [3]. 3.2 Option Factor - Volume and Open Interest PCR - Different metals show various trends in volume and open interest PCR. For example, copper's volume PCR is 0.65 with a - 0.22 change, and open interest PCR is 0.82 with a - 0.00 change [4]. 3.3 Option Factor - Pressure and Support Levels - For copper, the pressure level is 92,000 and the support level is 77,000; for aluminum, the pressure level is 20,600 and the support level is 20,000, etc. [5]. 3.4 Option Factor - Implied Volatility - Implied volatility varies among metals. For instance, copper's weighted implied volatility is 13.79% with a - 0.43 change, and aluminum's is 10.88% with a - 0.53 change [6]. 3.5 Strategy and Recommendations 3.5.1 Non - ferrous Metals - **Copper**: Directional strategy - construct a bull spread with call options; volatility strategy - construct a short - volatility seller option portfolio; spot long - hedging strategy - hold spot long + buy put option + sell out - of - the - money call option [8]. - **Aluminum**: Directional strategy - use a bull spread with call options; volatility strategy - sell a combination of call and put options; spot long - hedging strategy - use a collar strategy [9]. - **Nickel**: Directional strategy - construct a bear spread with put options; volatility strategy - sell a combination of call and put options; spot long - hedging strategy - hold spot long + buy put option [10]. 3.5.2 Precious Metals - **Gold**: Volatility strategy - construct a short - volatility option seller portfolio; spot long - hedging strategy - hold spot long + buy put option + sell out - of - the - money call option [13]. 3.5.3 Black Metals - **Rebar**: Volatility strategy - sell a combination of call and put options; spot long - hedging strategy - hold spot long + sell call option [14]. - **Iron Ore**: Volatility strategy - sell a combination of call and put options; spot long - hedging strategy - use a collar strategy [14].

Group 1: Report Summary - The report is an agricultural product options strategy morning report, covering multiple sectors including beans, oils, agricultural by - products, soft commodities, grains, etc. [3] - The overall market situation shows that oilseed and oil - related agricultural products are bullish, oils and agricultural by - products are in a volatile market, soft commodity sugar continues to be weak, cotton consolidates at a high level after a rebound, and grains such as corn and starch gradually recover and then consolidate in a narrow range [3] - The recommended strategy is to construct an option portfolio strategy mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [3] Group 2: Market Data Futures Market - The latest prices, price changes, trading volumes, and open interest changes of various agricultural product futures contracts are presented, such as the latest price of soybean No.1 (A2509) is 4,209, down 26 points or 0.61% [4] Option Factors - Volume - to - open - interest PCR data for various options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market [5] - Pressure and support levels for various options are given, which are determined by the strike prices with the largest open interest of call and put options [6] - Implied volatility data for various options are listed, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [7] Group 3: Option Strategies and Recommendations Oilseed and Oil Options - **Soybean No.1 and No.2**: For soybean No.1, the fundamental data of US soybeans are positive. The market has a pattern of rebound and then decline. The implied volatility is at a relatively high level, and the option strategies include constructing a neutral call + put option combination for volatility, and a long collar strategy for spot hedging [8] - **Soybean Meal and Rapeseed Meal**: For soybean meal, the trading volume and delivery volume are increasing, and the basis is rising. The implied volatility is slightly above the historical average, and the option strategies include a bull spread for direction, a neutral call + put option combination for volatility, and a long collar strategy for spot hedging [10] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: For palm oil, the production is decreasing while the export is increasing. The market is bullish. The implied volatility is below the historical average, and the option strategies include a bull spread for direction, a bullish call + put option combination for volatility, and a long collar strategy for spot hedging [10] - **Peanut**: The downstream procurement is cautious. The market is in a weak and volatile state. The implied volatility is at a low level, and the option strategies include a bear spread for direction and a long collar strategy for spot hedging [11] Agricultural By - product Options - **Pig**: The pig price has rebounded slightly. The implied volatility is above the historical average, and the option strategies include a neutral call + put option combination for volatility and a covered call strategy for spot [11] - **Egg**: The egg inventory is expected to increase, and the market is in a weak state. The implied volatility is high, and the option strategies include a bearish call + put option combination for volatility [12] - **Apple**: The apple inventory is at a low level. The market is in a weak state. The implied volatility is below the historical average, and the option strategies include a bear spread for direction and a bearish call + put option combination for volatility [12] - **Jujube**: The jujube inventory has decreased slightly. The market is in a weak state. The implied volatility is above the average, and the option strategies include a neutral strangle for volatility and a covered call strategy for spot [13] Soft Commodity Options - **Sugar**: The sugar import volume has decreased. The market is in a weak state. The implied volatility is at a low level, and the option strategies include a bearish call + put option combination for volatility and a long collar strategy for spot hedging [13] - **Cotton**: The cotton spinning and weaving factory operating rates are decreasing, and the inventory is increasing. The market is in a state of rebound and consolidation. The implied volatility is at a low level, and the option strategies include a neutral call + put option combination for volatility and a covered call strategy for spot [14] Grain Options - **Corn and Starch**: The corn price is rising. The implied volatility is at a low level, and the option strategies include a bull spread for direction, a bullish call + put option combination for volatility [14] Group 4: Charts - There are price trend charts, option volume and open - interest charts, option PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support level charts for various agricultural product options such as soybean No.1, soybean No.2, soybean meal, etc. [16][33][52]