金融期权 2025/06/27 金融期权策略早报 | 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 | 金融期权策略早报概要： （1）股市短评：上证综指数、大盘蓝筹股、中小盘股和创业板股表现为在高位小幅震荡。 （2）金融期权波动性分析：金融期权隐含波动率维持在均值偏上水平。 表3：期权因子—量仓PCR | 期权品种 | 成交量 | 量变化 | 持仓量 | 仓变化 | 成交量 | 量PCR | 持仓量 | 仓PCR | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | （万张) | | （万张） | | PCR | 变化 | PCR | 变化 | | 上证50ETF | 92.72 | -75.69 | 102.31 | -43.78 | 0.79 | 0 ...

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].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - China's commodity options market regained growth momentum in H1 2025, with cumulative trading volume reaching 595 million lots as of June 15, a significant year-on-year increase of 49% [1][14]. - Macroeconomic and market sentiment elevated the volatility of commodities, with historical and implied volatility showing distinct changes in different sectors [2][37]. - In H2 2025, uncertainties remain in tariff policies and the number and timing of Fed rate cuts. Different option strategies are recommended for various types of commodities [3]. Summary by Directory 1. 2025H1 Commodity Options Market Transaction Overview - The pace of new product launches in the commodity options market slowed down. Only one new product was launched in H1 2025, and several other products are expected to be launched this year [11]. - The market regained growth momentum, with daily average trading volume in each month of 2025 exceeding that of the same period in 2024. Most option varieties saw an increase in trading volume [14][18]. - The over - the - counter (OTC) commodity options market remained at the same level as last year, with a decline in trading volume and a "growth rate gap" compared to the on - exchange market [22]. 2. Volatility: Macroeconomic and Market Sentiment Elevate Commodity Volatility 2.1 Historical Volatility - Among 51 underlying futures, 18 varieties rose and 33 fell. Gold, tin, and manganese silicon had the largest increases, while alumina, industrial silicon, and glass had the largest decreases [29]. - The resonance in the commodity market was mainly due to changes in US tariff policies. The 20 - day historical volatility of the commodity index rose sharply in April and then declined [35]. 2.2 Implied Volatility - Overall, the implied volatility of crude oil, chemicals, and non - ferrous metals increased, while that of agricultural products decreased. Crude oil, styrene, and LPG had the largest increases, while iron ore, apples, and rapeseed oil had the largest decreases [37]. - Different sectors showed different implied volatility characteristics. For example, precious metals were affected by geopolitical and trade factors, and energy and chemical products were influenced by geopolitical and policy factors [43][45]. 3. PCR Sentiment Indicator - PCR is an important indicator reflecting market sentiment. Different types of PCR have different relationships with the price of the underlying asset [53]. - The PCR of China's commodity options has a certain indicative effect on the price trend of the underlying futures, but investors should consider multiple factors [63]. 4. H2 2025 Outlook and Option Strategy Recommendations 4.1 International Macroeconomic Environment Outlook - In H2 2025, the impact mechanism of tariffs on the commodity market will change. Key factors to watch include tariff negotiations, US fiscal and monetary policies, and geopolitical situations [66]. - Trump's tariff policy aims to reduce the trade deficit, relieve fiscal pressure, and restrict the development of trading partners. The "Big Beautiful Act" may increase the US fiscal deficit [67][71]. - The Fed maintained the federal funds rate unchanged, adjusted its economic forecast, and the future policy path depends on economic data [74]. 4.2 Domestic Macroeconomic Environment Outlook - China's economy showed strong growth resilience in H1 2025, but price drivers were weak. CPI was weak, while core CPI was more resilient, and PPI continued to decline [81]. - Consumption showed resilience but its sustainability is uncertain. The "trade - in" policy boosted consumption in the short term but may lead to demand overdraft [87][88]. - Exports were strong in H1 but may face headwinds in H2 due to uncertainties in international trade [92][94]. - Real estate investment continued to adjust at the bottom, while infrastructure investment remained strong. New policy - based financial tools are expected to support infrastructure investment [96][97]. 4.3 Option Strategy Recommendations for Some Varieties - For gold and crude oil, investors should focus on opportunities in rising and falling volatility, using strategies such as buying straddles or strangles during policy - driven events and selling options after extreme market conditions [99][101]. - For oversupplied varieties such as black building materials and new energy metals, bear spread and synthetic short futures strategies are recommended [103][104]. - For varieties with potential unilateral upward trends such as copper and oils, buying call options for left - hand side layout is recommended, and a combination of selling wide straddles can be used initially to reduce costs [107][109].

1. Report Industry Investment Rating No information provided 2. Core Viewpoints of the Report - The agricultural product sector mainly includes beans, oils, agricultural by - products, soft commodities, grains, and others. The overall trends are as follows: oilseeds and oils show a bullish upward trend, oils and agricultural by - products maintain 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 narrowly. [3][9] - It is recommended to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns. [3] 3. Summary According to Related Catalogs 3.1 Futures Market Overview - Various agricultural product futures show different price changes, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2509) is 4,160, down 26 (-0.62%), with a trading volume of 171,500 lots and an open interest of 198,300 lots. [4] 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different agricultural product options 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 soybean No.1 is 0.68, and the open interest PCR is 0.58. [5] 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of different agricultural product options are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of soybean No.1 is 4,500, and the support level is 4,100. [6] 3.4 Option Factors - Implied Volatility - The implied volatility of different agricultural product options is presented, including at - the - money implied volatility, weighted implied volatility, and their changes. For example, the at - the - money implied volatility of soybean No.1 is 10.09%, and the weighted implied volatility is 11.67% (-0.13%). [7] 3.5 Option Strategies and Recommendations 3.5.1 Oils and Oilseeds Options - **Soybean No.1 and No.2**: The US soybean weekly net sales are higher than expected. The soybean No.1 shows a pattern of rebound and then decline. It is recommended to construct a neutral call + put option combination strategy and a long collar strategy for spot hedging. [8] - **Soybean Meal and Rapeseed Meal**: The trading volume and delivery volume of soybean meal increase, and the basis rises. It is recommended to construct a bull call spread strategy, a neutral call + put option combination strategy, and a long collar strategy for spot hedging. [10] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The production of Malaysian palm oil decreases slightly in June, while the export data increases significantly. It is recommended to construct a bull call spread strategy, a bullish call + put option combination strategy, and a long collar strategy for spot hedging. [10] - **Peanut**: The downstream procurement is cautious, and the market is weak. It is recommended to construct a bear put spread strategy and a long + put + short call strategy for spot hedging. [11] 3.5.2 Agricultural By - products Options - **Pig**: The national average pig price rises slightly. It is recommended to construct a neutral call + put option combination strategy and a covered call strategy for spot. [11] - **Egg**: The egg inventory is expected to increase in the future, and the market is weak. It is recommended to construct a bearish call + put option combination strategy. [12] - **Apple**: The national cold - storage apple inventory is at a low level. It is recommended to construct a bear put spread strategy and a bearish call + put option combination strategy. [12] - **Jujube**: The jujube inventory decreases slightly. It is recommended to construct a neutral strangle option combination strategy and a covered call strategy for spot hedging. [13] 3.5.3 Soft Commodities Options - **Sugar**: The import volume of sugar decreases significantly. It is recommended to construct a bearish call + put option combination strategy and a long collar strategy for spot hedging. [13] - **Cotton**: The opening rates of spinning and weaving factories decrease, and the inventory increases. It is recommended to construct a neutral call + put option combination strategy and a covered call strategy for spot. [14] 3.5.4 Grains Options - **Corn and Starch**: The price of Northeast corn rises, and the North Port inventory decreases. It is recommended to construct a bull call spread strategy and a bullish call + put option combination 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]

金属期权 2025-06-25 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）有色金属偏多盘整，构建做空波动率策略策略；（2）黑色系区间盘整震荡，适合构 建熊市价差组合策略和卖方期权组合策略；（3）贵金属黄金高位盘整，有所下降回落现货避险策略。 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万手) | ...

Report Overview - The report is an agricultural product options strategy morning report dated June 24, 2025, providing an analysis of various agricultural product options and offering corresponding strategies and suggestions [2] Core Viewpoint - Oilseeds and oils are showing a bullish upward trend, while oils, agricultural by - products are in a sideways 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 trade in a narrow range. 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] Industry Investment Rating - Not provided in the report Summary by Category 1. Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest of various agricultural product futures contracts, including soybeans, soybean meal, palm oil, etc. For example, the latest price of A2509 soybean is 4,250, down 6 points or 0.14% [4] 2. Option Factor - Volume and Open Interest PCR - It shows the volume and open interest PCR of different option varieties, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For instance, the volume PCR of soybean option is 0.37, with a change of - 0.09 [5] 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 the option underlying are analyzed. For example, the pressure level of soybean is 4,500 and the support level is 4,100 [6] 4. Option Factor - Implied Volatility - It provides the implied volatility data of different option varieties, 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 is 10.525% [7] 5. Strategy and Suggestions 5.1 Oilseeds and Oils Options - **Soybeans (Soybean 1 and Soybean 2)**: The US soybean sales data is better than expected. The soybean market has shown a rebound. Suggested strategies include a bull spread strategy for call options, a neutral short call + put option combination strategy, and a long collar strategy for spot hedging [8] - **Soybean Meal and Rapeseed Meal**: The trading volume and delivery volume of soybean meal have increased, and the market has shown a short - term bullish trend. Suggested strategies are similar to those of soybeans, including a bull spread strategy for call options, a short call + put option combination strategy, and a long collar strategy for spot hedging [10] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The production of Malaysian palm oil has decreased slightly, and exports have increased significantly, which is beneficial to palm oil. Suggested strategies include a bull spread strategy for call options, a short call + put option combination strategy with a bullish bias, and a long collar strategy for spot hedging [10] - **Peanuts**: The downstream market procurement is cautious. The peanut market has shown a weak downward trend. Suggested strategies include a bear spread strategy for put options and a long collar strategy for spot hedging [11] 5.2 Agricultural By - products Options - **Pigs**: The pig price has stopped falling and rebounded. Suggested strategies include a short call + put option combination strategy with a neutral bias and a covered call strategy for spot [11] - **Eggs**: The egg inventory is expected to increase, and the market has shown a weak bearish trend. Suggested strategies include a short call + put option combination strategy with a bearish bias [12] - **Apples**: The apple inventory is at a low level in recent years. The market has shown a weak bearish trend. Suggested strategies include a bear spread strategy for put options and a short call + put option combination strategy with a bearish bias [12] - **Jujubes**: The jujube inventory has decreased slightly. The market has shown a weak bearish trend with a rebound. Suggested strategies include a short straddle option combination strategy and a covered call strategy for spot hedging [13] 5.3 Soft Commodity Options - **Sugar**: The sugar import volume has decreased. The market has shown a weak bearish trend. Suggested strategies include a short call + put option combination strategy with a bearish bias and a long collar strategy for spot hedging [13] - **Cotton**: The operating rates of spinning and weaving mills have decreased, and the cotton inventory has increased slightly. The market has shown a rebound and then consolidation. Suggested strategies include a short call + put option combination strategy with a neutral bias and a covered call strategy for spot [14] 5.4 Grain Options - **Corn and Starch**: The corn price has risen, and the market has shown a bullish trend. Suggested strategies include a bull spread strategy for call options and a short call + put option combination strategy with a bullish bias [14]

Report Industry Investment Ratings - Not provided in the given content Core Views - The index of the stock index sector has stable support below and needs a driver to break through above. The A - share market opened lower and rebounded, showing a phased stabilization. The international situation is changeable in the short - term, and the index will mainly fluctuate within a range. The bond market may be affected by the central bank's bond - buying situation at the end of the month. Precious metals are affected by factors such as the Middle - East geopolitical situation and the Fed's monetary expectations, with gold and silver prices fluctuating in certain ranges. Various industrial and agricultural products are affected by factors such as supply and demand, geopolitical risks, and seasonal factors, showing different price trends and market outlooks [2] Summary by Related Catalogs Stock Index - The index has stable lower support and needs a driver for upward breakthrough. A - shares opened lower and rebounded, showing phased stabilization. It is recommended to try to buy the deeply - discounted 09 contract of the CSI 1000 on dips and sell the 09 call option around 6300 to form a covered combination [2] Treasury Bonds - Pay attention to the central bank's bond - buying situation at the end of the month. If bond - buying restarts, the 10 - year Treasury bond interest rate may break through 1.6%. Otherwise, the bond market may face phased callback pressure. In the unilateral strategy, appropriate long positions can be configured on adjustments for Treasury bond futures. In the cash - and - carry strategy, pay attention to the positive - carry strategy of the TS2509 contract [2] Precious Metals - Short - term news affects gold prices to fluctuate widely between $3300 - $3400. It is recommended to continue selling out - of - the - money call options. Silver prices are fluctuating in the range of $35.5 - $37. Try the double - selling strategy of out - of - the - money options for Shanghai silver [2] Shipping Index (European Line) - Low airline quotes drive the EC futures to fall. The 08 main contract fluctuates narrowly between 1900 - 2200. Unilateral operations should be on the sidelines for now. Pay attention to the long - materials and short - raw - materials arbitrage operation [2] Steel - Industrial material demand and inventory are deteriorating. Pay attention to the decline in apparent demand. For the iron ore market, iron - making water remains at a high level, and terminal demand shows resilience. Try short - selling on rebounds, with the upper pressure level around 720. For coking coal, the market auction non - successful bid rate has decreased, coal mine production has declined from the high level, and spot prices are weakly stable. Consider going long on coking coal at low prices or long coking coal and short coke. For coke, the fourth round of price cuts by mainstream steel mills on June 23 has been implemented, and the price is close to the phased bottom. Consider long coking coal and short coke [2] Non - ferrous Metals - Copper, aluminum, zinc, nickel, stainless steel, and other non - ferrous metals show different price trends and market characteristics. For example, copper has a narrow - range fluctuation in the main contract, and it is recommended to pay attention to the supply - side recovery rhythm and adopt a high - selling strategy for tin based on inventory and import data inflection points [2] Energy - For crude oil, geopolitical risks are still uncertain in the short - term, and fundamental factors need to be considered in the long - term. Unilateral operations should wait for the situation to become clearer. For urea, short - term demand cannot support high prices, and pay attention to agricultural demand and export conditions in July. For PX and PTA, they may be dragged down by the fall in oil prices due to the decline in geopolitical premiums [2] Chemicals - Different chemical products have different market outlooks. For example, short - fiber has an expected repair of processing fees under the expectation of factory production cuts. Bottle - chip is in the demand peak season, with an expected production cut and processing fees bottoming out [2] Agricultural Products - Different agricultural products such as soybeans, corn, palm oil, cotton, and eggs show different price trends and market characteristics. For example, soybeans follow the decline of US soybeans, and pay attention to subsequent weather - related speculation. Pig prices have rebounded due to hoarding and second - fattening, and the market sentiment is strong [2] Special Commodities - For soda ash, the surplus logic continues, and maintain a high - selling strategy on rebounds. For glass, the spot market's goods - moving situation has improved, and the short - term futures price has support [2] New Energy - For polysilicon, supply has increased, and the futures price has fallen with increased positions. For lithium carbonate, the futures price remains weak, and the fundamental pressure continues [2]

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. For each sector, specific options strategies are recommended based on the analysis of the underlying market, option factors, etc. [2][7] - Non - ferrous metals are in a mostly long - biased consolidation phase, and short - volatility strategies are recommended; black metals are in a range - bound consolidation, suitable for bear - spread combinations and seller option combinations; precious metals, with gold in high - level consolidation and silver breaking through upwards, suggest bull - spread combinations and spot hedging strategies. [2] 3. Summary by Related Catalogs 3.1. Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts are presented, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2508) is 78,280, with a price increase of 150 and a trading volume of 4.15 million lots. [3] 3.2. Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of various metal options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For example, the open interest PCR of copper options is 0.96, with a change of - 0.00. [4] 3.3. Option Factors - Pressure and Support Levels - The pressure and support levels of various metal options are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of copper options is 92,000, and the support level is 70,000. [5] 3.4. Option Factors - Implied Volatility - The implied volatility data of various metal options are presented, including at - the - money implied volatility, weighted implied volatility, etc. For example, the at - the - money implied volatility of copper options is 10.80%. [6] 3.5. Strategy and Recommendations 3.5.1. Non - ferrous Metals - **Copper Options**: The copper market shows a high - level range - bound shock. Directional strategies suggest building a bull - spread combination of call options; volatility strategies recommend a short - volatility seller option combination; and a spot long - hedging strategy is also proposed. [8] - **Aluminum/Alumina Options**: The aluminum market is in a long - biased upward trend. Directional strategies involve a bull - spread combination of call options; volatility strategies recommend selling a combination of long - biased call and put options; and a spot collar strategy is recommended. [9] - **Zinc/Lead Options**: The zinc market is in a wide - range shock. Volatility strategies suggest selling a neutral combination of call and put options; a spot collar strategy is also provided. [9] - **Nickel Options**: The nickel market is in a weak trend. Directional strategies recommend building a bear - spread combination of put options; volatility strategies suggest selling a short - biased combination of call and put options; and a spot long - hedging strategy is proposed. [10] - **Tin Options**: The tin market is in a range - bound shock after a rebound. Volatility strategies recommend a short - volatility strategy; a spot collar strategy is also recommended. [11] - **Lithium Carbonate Options**: The lithium carbonate market is in a weak trend. Directional strategies suggest building a bear - spread combination of put options; volatility strategies recommend selling a short - biased combination of call and put options; and a spot covered - call strategy is proposed. [12] 3.5.2. Precious Metals - **Gold/Silver Options**: The gold market is in a high - level consolidation. Volatility strategies recommend building a long - biased short - volatility option seller combination; a spot hedging strategy is also provided. [13] 3.5.3. Black Metals - **Rebar Options**: The rebar market is in a weak trend. Volatility strategies suggest selling a short - biased combination of call and put options; a spot covered - call strategy is proposed. [14] - **Iron Ore Options**: The iron ore market is in a range - bound shock with a rebound. Volatility strategies recommend selling a neutral combination of call and put options; a spot collar strategy is recommended. [14] - **Ferroalloy Options**: The manganese silicon market is in a weak trend with a rebound. Directional strategies recommend building a bear - spread combination of put options; volatility strategies recommend a short - volatility strategy. [15] - **Industrial Silicon/Polysilicon Options**: The industrial silicon market is in a weak trend. Volatility strategies suggest selling a short - biased combination of call and put options; a spot covered - call strategy is proposed. [15] - **Glass Options**: The glass market is in a weak trend. Directional strategies recommend building a bear - spread combination of put options; volatility strategies recommend a short - volatility strategy; and a spot collar strategy is recommended. [16]