Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - For non - ferrous metals in a range - bound consolidation, construct short - volatility strategies; for the black series in a weak oscillation, construct bear spread and short - option combination strategies; for precious metals, with gold consolidating at a high level and silver breaking through upwards, construct short - volatility and spot hedging strategies [2] 3. Summary by Related Catalogs 3.1 Market Overview of Underlying Futures - Presents the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various metal futures contracts such as copper, aluminum, zinc, etc. [3] 3.2 Option Factors - Volume and Open Interest PCR - Displays the trading volume, volume change, open interest, open interest change, trading volume PCR, volume PCR change, open interest PCR, and open interest PCR change of different option varieties, which are used to describe the strength of the option underlying market and the turning point of the underlying market [4] 3.3 Option Factors - Pressure and Support Levels - Shows the pressure points, pressure point offsets, support points, support point offsets, maximum call option positions, and maximum put option positions of different option varieties from the perspective of the exercise prices with the maximum call and put option positions [5] 3.4 Option Factors - Implied Volatility - Presents the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average, call option implied volatility, put option implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility of different option varieties [6] 3.5 Option Strategies by Metal Category Non - ferrous Metals - **Copper Option**: Fundamental analysis shows inventory changes; the market presents a bullish oscillation pattern. Option factors suggest high implied volatility and increasing pressure above. Strategies include constructing bull spread, short - volatility, and spot long - hedging strategies [8] - **Aluminum/Alumina Option**: Aluminum inventory is decreasing; the market is in a bullish oscillation. Option factors show high implied volatility and a strong upward trend. Strategies include short - option combination and spot collar strategies [9] - **Zinc/Lead Option**: Zinc inventory shows a small increase; the market is in a wide - range oscillation. Option factors suggest high implied volatility and support below. Strategies include short - option combination and spot collar strategies [9] - **Nickel Option**: Nickel port inventory is increasing; the market is in a weak oscillation. Option factors show high implied volatility and weakening bullish power. Strategies include short - option combination and spot long - hedging strategies [10] - **Tin Option**: Tin inventory is decreasing; the market is in a rebound after a decline. Option factors suggest high implied volatility. Strategies include short - volatility and spot collar strategies [10] - **Lithium Carbonate Option**: Supply is increasing, and inventory pressure is high; the market is in a weak rebound. Option factors show high implied volatility and a weak trend. Strategies include bear spread, short - option combination, and spot covered - call strategies [11] Precious Metals - **Gold/Silver Option**: Geopolitical conflicts boost gold prices; the market shows a bullish consolidation for gold. Option factors suggest high implied volatility for gold. Strategies include short - volatility and spot hedging strategies [12] Black Series - **Rebar Option**: Rebar production and inventory are decreasing; the market is in a weak oscillation. Option factors show low implied volatility and strong bearish pressure above. Strategies include bear spread, short - option combination, and spot covered - call strategies [13] - **Iron Ore Option**: Iron ore inventory is increasing; the market is in a range - bound oscillation. Option factors show low implied volatility and support below. Strategies include short - option combination and spot collar strategies [13] - **Ferroalloy Option**: Manganese silicon production is increasing slightly, and inventory is high; the market is in a rebound after a decline. Option factors show low implied volatility and a weak trend. Strategies include bear spread and short - volatility strategies [14] - **Industrial Silicon/Polysilicon Option**: Industrial silicon production is increasing, and inventory is high; the market is in a rebound and then a decline. Option factors show high implied volatility and a weak trend. Strategies include short - option combination and spot covered - call strategies [14] - **Glass Option**: Glass supply and demand are weak; the market is in a decline and then a rebound. Option factors show high implied volatility and a weak trend. Strategies include bear spread, short - volatility, and spot collar strategies [15]

金属期权 2025-06-10 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 | 金属期权策略早报概要：（1）有色金属区间盘整震荡，构建做空波动率策略策略；（2）黑色系弱势震荡，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，白银多头突破上行，构建做空波动率策略 和现货避险策略。 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) | | (万手) | | | 铜 | CU2507 | 79,330 | 660 | 0.84 | 7.53 | ...

金属期权 2025-06-09 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 | 金属期权策略早报概要：（1）有色金属区间盘整震荡，构建做空波动率策略策略；（2）黑色系弱势反弹，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，白银多头突破上行，构建做空波动率策略 和现货避险策略。 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) | | (万手) | | | 铜 | CU2507 | 78,620 | -190 | -0.24 | 12.8 ...

Report Title - Metal Options Strategy Morning Report [1] Report Date - May 30, 2025 Core Viewpoints - For non - ferrous metals in consolidation and oscillation, construct short - volatility strategies; for the black series in weak consolidation, construct bearish price - spread combination strategies and seller option combination strategies; for precious metals after a sharp rebound and then a small consolidation, construct short - volatility strategies and spot hedging strategies [2] Industry Investment Rating - Not provided in the report Summary by Relevant Catalogs 1. Futures Market Overview - Different metal futures have various price changes, trading volumes, and open interest changes. For example, the copper futures contract CU2507 has a latest price of 77,850, a decline of 140, and a decline rate of - 0.18%, with a trading volume of 8.02 million lots and an open interest of 17.48 million lots [3] 2. Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different metal options show different trends. For instance, the copper option has a volume PCR of 1.34 with a change of 0.07 and an open interest PCR of 1.17 with a change of - 0.05 [4] 3. Option Factors - Pressure and Support Levels - From the perspective of option factors, different metal options have corresponding pressure and support levels. For example, the pressure level of copper is 80,000 and the support level is 70,000 [5] 4. Option Factors - Implied Volatility - The implied volatility of different metal options varies. For example, the copper option has a flat - value implied volatility of 11.92%, a weighted implied volatility of 16.53% with a change of 0.05 [6] 5. Strategy and Recommendations for Different Metals Non - ferrous Metals - **Copper**: Construct a bullish option bull - spread combination strategy, a short - volatility seller option combination strategy, and a spot long - hedging strategy [8] - **Aluminum/Alumina**: Construct a bullish option bull - spread combination strategy, a short - neutral call + put option combination strategy, and a spot collar strategy [9] - **Zinc/Lead**: Construct a short - neutral call + put option combination strategy and a spot collar strategy [9] - **Nickel**: Construct a short - bearish call + put option combination strategy and a spot long - hedging strategy [10] - **Tin**: Construct a bearish option bear - spread combination strategy, a short - volatility strategy, and a spot collar strategy [10] - **Lithium Carbonate**: Construct a bearish option bear - spread combination strategy, a short - bearish call + put option combination strategy, and a spot covered - call strategy [11] Precious Metals - **Gold/Silver**: Construct a short - neutral short - volatility option seller combination strategy and a spot hedging strategy [12] Black Series - **Rebar**: Construct a bearish option bear - spread combination strategy, a short - bearish call + put option combination strategy, and a spot covered - call strategy [13] - **Iron Ore**: Construct a short - neutral call + put option combination strategy and a spot long - collar strategy [13] - **Ferroalloys**: Construct a short - volatility strategy [14] - **Industrial Silicon/Polysilicon**: Construct a bearish option bear - spread combination strategy, a short - bearish call + put option combination strategy, and a spot covered - call strategy [14] - **Glass**: Construct a bearish option bear - spread combination strategy, a short - volatility call + put option combination strategy, and a spot long - collar strategy [15]

1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the given document. 2. Core Viewpoints of the Report - The agricultural product options market shows different trends in various sectors. Oilseeds and oils are in a range - bound consolidation, with oils and beans showing a weak trend. Agricultural by - products are in a volatile trend, soft commodities like sugar are weak and cotton is in a high - level consolidation after a rebound. Grains such as corn and starch are gradually warming up and then in a narrow - range consolidation [2]. - Strategies suggest constructing option portfolio strategies mainly based on sellers, as well as spot hedging or covered call strategies to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1. Futures Market Overview - Different agricultural product options have different price movements, trading volumes, and open interest changes. For example, the price of soybeans (A2507) increased by 0.29% to 4,123, with a trading volume of 10.04 million lots and an open interest of 14.44 million lots [3]. 3.2. Option Factors - 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 instance, the volume PCR of soybeans (A2507) is 1.00 with a change of 0.32, and the open interest PCR is 0.48 with a change of 0.02 [4]. 3.3. Option Factors - Pressure and Support Levels - Pressure and support levels of option underlyings are determined by the strike prices of the maximum open interest of call and put options. For example, the pressure level of soybeans (A2507) is 4,300 and the support level is 4,000 [5]. 3.4. Option Factors - Implied Volatility - Implied volatility includes 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 soybeans (A2507) is 10.005%, and the weighted implied volatility is 13.50% with a change of - 0.47 [6]. 3.5. Option Strategies and Recommendations 3.5.1. Oilseeds and Oils Options - **Soybeans (A2507, B2509)**: In terms of fundamentals, soybean inventory decreased week - on - week but increased year - on - year. The market is in a high - level consolidation. Option strategies include constructing a neutral short call + put option portfolio and a long collar strategy for spot hedging [7]. - **Soybean Meal (M2507), Rapeseed Meal (RM2507)**: The trading volume of soybean meal decreased. The market is in a rebound and consolidation. Option strategies include constructing a neutral short call + put option portfolio and a long collar strategy for spot hedging [9]. - **Palm Oil (P2507), Soybean Oil (Y2507), Rapeseed Oil (OI2507)**: The inventory of the three major oils decreased week - on - week but increased year - on - year. The market is in a volatile trend. Option strategies include constructing a neutral short call + put option portfolio and a long collar strategy for spot hedging [10]. - **Peanuts (PK2510)**: The price of peanuts has rebounded after a long - term decline. Option strategies include constructing a bull call spread for directional trading and a long + put + short call strategy for spot hedging [11]. 3.5.2. Agricultural By - products Options - **Pigs (LH2507)**: The spot price of pigs is weak in the short term. The market is in a wide - range consolidation. Option strategies include constructing a neutral short call + put option portfolio and a covered call strategy for spot hedging [11]. - **Eggs (JD2507)**: The inventory of laying hens is increasing, and the market is in a downward trend. Option strategies include constructing a bear put spread for directional trading and a short call + put option portfolio with a short delta for volatility trading [12]. - **Apples (AP2510)**: The cold - storage inventory of apples decreased. The market is in a weak downward trend. Option strategies include constructing a bear put spread for directional trading and a short call + put option portfolio with a short delta for volatility trading [12]. - **Jujubes (CJ2509)**: The market trading of jujubes is light. The market is in a weak downward trend. Option strategies include constructing a bear put spread for directional trading, a short strangle for volatility trading, and a covered call strategy for spot hedging [13]. 3.5.3. Soft Commodities Options - **Sugar (SR2507)**: The export volume of Brazilian sugar to China decreased. The market is in a weak and volatile trend. Option strategies include constructing a short call + put option portfolio with a short delta and a long collar strategy for spot hedging [13]. - **Cotton (CF2507)**: The开机 rate of spinning mills decreased slightly, and the market is in a volatile trend after a rebound. Option strategies include constructing a neutral short call + put option portfolio and a covered call strategy for spot hedging [14]. 3.5.4. Grains Options - **Corn (C2507), Starch (CS2507)**: The price of corn in the northeast decreased slightly, and the market is in a rectangular - range consolidation. Option strategies include constructing a neutral short call + put option portfolio [14].

金属期权 2025-05-22 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 | 金属期权策略早报概要：（1）有色金属盘整震荡偏上，构建做空波动率策略策略；（2）黑色系大幅反弹回暖后逐 渐回落，适合构建卖方期权组合策略；（3）贵金属高位回落转弱止跌反弹大幅上扬，构建做空波动率策略和现货 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) | | (万手) | | | 铜 | CU2507 | 77,550 | -240 | -0.31 | 4.88 | ...

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) | | | 铜 | CU2506 | 78,650 | 150 | 0.19 | 11.24 | 2.15 | 19.39 | 1.20 | | 铝 | AL2506 | 20,295 | 140 | 0.69 | 16.10 | 2.01 | 15.18 | -0.86 | | 锌 | ZN2506 | 22,800 | 280 | 1.24 | 21.91 | 4.85 | 10.49 | -0.71 | | 铅 | PB2506 | 17,025 | 105 | 0.62 | 3.26 | 0.57 | 3.07 | 0.02 | | 镍 | NI2506 | 125,540 | 1,140 | 0.92 | 13.66 | -2.33 | 6.31 | -0.86 | | 锡 | SN2506 | ...

金属期权 2025-05-14 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 | 金属期权策略早报概要：（1）有色金属盘整震荡，构建做空波动率策略策略；（2）黑色系波动较大，适合构建卖 方期权组合策略；（3）贵金属多头趋势方向上高位震荡，构建牛市价差组合策略、做空波动率策略和现货避险策 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) | | (万手) | | | 铜 | CU2506 | 78,650 | 770 | 0.99 | 9.09 | -3.42 ...

金属期权 2025-04-28 金属期权策略早报 | 卢品先 | 期权研究员 | 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 | 金属期权策略早报概要：（1）有色金属上方空头压力下的盘整震荡，构建做空波动率策略策略；（2）黑色系波动 较大，适合构建卖方期权组合策略；（3）贵金属延续偏强走势创历史新高大幅回落后大幅波动，构建牛市价差组 合策略、做空波动率策略和现货避险策略。 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) | | (万手) | | | 铜 | CU2506 | 77,470 | -170 | ...