1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals, a short - volatility strategy is recommended as they are in a bullish consolidation phase [2]. - For the black series, which are in a range - bound consolidation and oscillation, a bear spread combination strategy and a seller option combination strategy are suitable [2]. - For precious metals, with gold in high - level consolidation and silver breaking through and rising, a bull spread combination strategy and a spot hedging strategy are suggested [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Various metal futures showed different price changes, trading volumes, and open interest changes. For example, copper (CU2508) had a price of 78,100 with a decline of 0.27%, and trading volume of 3.29 million lots [3]. 3.2 Option Factor - Volume and Open Interest PCR - Different metal options had different volume and open interest PCR values, 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 copper was 0.70 with a change of 0.09, and the open interest PCR was 0.91 with a change of 0.03 [4]. 3.3 Option Factor - Pressure and Support Levels - Each metal option had identified pressure and support levels. For example, the pressure level of copper was 80,000 and the support level was 77,000 [5]. 3.4 Option Factor - Implied Volatility - Different metal options had different implied volatility values, including at - the - money implied volatility, weighted implied volatility, etc. For example, the at - the - money implied volatility of copper was 10.55% [6]. 3.5 Strategy and Recommendations 3.5.1 Non - Ferrous Metals - **Copper Options**: - Fundamental analysis showed changes in inventory. The price was in a high - level range - bound oscillation. - Based on option factors, implied volatility was high, and the open interest PCR indicated pressure. - Recommended strategies included a bull spread combination strategy and a short - volatility seller option combination strategy, as well as a spot hedging strategy [8]. - **Aluminum/Alumina Options**: - Aluminum had inventory changes and price trends. - Option factors showed certain characteristics of implied volatility and open interest PCR. - Recommended strategies included a bull spread combination strategy, a short - option combination strategy for a bullish market, and a spot collar strategy [9]. - **Zinc/Lead Options**: - Zinc had changes in inventory and price trends. - Option factors showed high implied volatility and a certain open interest PCR level. - Recommended strategies included a short - option combination strategy for a bearish market and a spot collar strategy [9]. - **Nickel Options**: - Nickel had inventory changes and a weak price trend. - Option factors showed high implied volatility and a decreasing bullish force. - Recommended strategies included a bear spread combination strategy, a short - option combination strategy for a bearish market, and a spot hedging strategy [10]. - **Tin Options**: - Tin had inventory changes and a price trend of rebound after a decline. - Option factors showed high implied volatility and an open interest PCR around 1.00. - Recommended strategies included a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate Options**: - Lithium carbonate had production and inventory issues, and a weak price trend. - Option factors showed high implied volatility and a low open interest PCR. - Recommended strategies included a bear spread combination strategy, a short - option combination strategy for a bearish market, and a spot covered strategy [11]. 3.5.2 Precious Metals - **Gold/Silver Options**: - Gold was affected by geopolitical conflicts. The price was in a high - level consolidation with a decline. - Option factors showed rising implied volatility and a certain open interest PCR level. - Recommended strategies included a short - volatility option seller combination strategy for a bullish market and a spot hedging strategy [12]. 3.5.3 Black Series - **Rebar Options**: - Rebar had production and inventory changes, and a weak price trend. - Option factors showed low - level implied volatility and a high - level open interest PCR indicating bearish pressure. - Recommended strategies included a bear spread combination strategy, a short - option combination strategy for a bearish market, and a spot covered strategy [13]. - **Iron Ore Options**: - Iron ore had inventory changes and a price trend of oscillation. - Option factors showed low - level implied volatility and an open interest PCR around 1.00. - Recommended strategies included a short - option combination strategy for a neutral market and a spot collar strategy [13]. - **Ferroalloy Options**: - Manganese silicon had production and inventory changes, and a weak price trend with a rebound. - Option factors showed low - level implied volatility and a low open interest PCR. - Recommended strategies included a bear spread combination strategy and a short - volatility strategy [14]. - **Industrial Silicon/Polysilicon Options**: - Industrial silicon had production and inventory changes, and a weak price trend. - Option factors showed rising implied volatility and a low open interest PCR. - Recommended strategies included a short - option combination strategy for a bearish market and a spot covered strategy [14]. - **Glass Options**: - Glass had supply and demand issues, and a weak price trend with a large - amplitude oscillation. - Option factors showed high - level implied volatility and a low open interest PCR. - Recommended strategies included a bear spread combination strategy, a short - volatility option combination strategy, and a spot collar strategy [15].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Strategies mainly involve constructing option combination strategies focused on sellers and spot hedging or covered strategies to enhance returns [3][9]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Various energy - chemical futures showed different price movements. For example, crude oil (SC2508) rose 3.52% to 564, and liquefied petroleum gas (PG2508) rose 1.15% to 4,469. Trading volumes and open interests also changed accordingly [4]. 3.2 Option Factors - Volume and Open Interest PCR - Option volume and open interest PCR values varied among different varieties. For instance, the open interest PCR of crude oil was 1.65 with a 0.18 change, indicating the strength of the market sentiment [5]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels were identified for each option variety. For example, the pressure level of crude oil was 610 and the support level was 450 [6]. 3.4 Option Factors - Implied Volatility - Implied volatility levels differed across different options. Crude oil's implied volatility was relatively high, with a weighted implied volatility of 51.85% and an increase of 8.52% [7]. 3.5 Option Strategies and Recommendations - **Energy - related Options (Crude Oil and LPG)**: - Fundamental analysis considered factors such as US economic data and geopolitical conflicts. - Option strategies included constructing bull spread combinations for directional gains, selling call + put option combinations for time - value and directional returns, and using long - collar strategies for spot hedging [8][10]. - **Alcohol - related Options (Methanol and Ethylene Glycol)**: - Fundamental analysis focused on inventory and production. - Similar option strategies were proposed as in energy - related options [10][11]. - **Polyolefin - related Options (Polypropylene, PVC, Plastic, and Styrene)**: - Fundamental analysis involved downstream开工 rates and inventory levels. - Directional strategies mainly included bull spread combinations, and some had no volatility strategies [11]. - **Rubber - related Options**: - Fundamental analysis considered overseas production, policies, and tire industry conditions. - Volatility strategies involved selling neutral call + put option combinations [12]. - **Polyester - related Options**: - Fundamental analysis was based on inventory and downstream demand. - Volatility strategies included selling neutral call + put option combinations [13]. - **Alkali - related Options (Caustic Soda and Soda Ash)**: - Fundamental analysis focused on production, capacity utilization, and inventory. - Directional strategies included bear spread combinations for caustic soda and soda ash, and volatility strategies involved selling bearish option combinations [14]. - **Urea Options**: - Fundamental analysis considered inventory and price trends. - Volatility strategies included selling neutral call + put option combinations [15].

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - The report provides option strategies and suggestions for different metal sectors, including non - ferrous metals, precious metals, and black metals. It analyzes the fundamentals, market trends, option factors of various metal options, and gives corresponding option strategies such as directional strategies, volatility strategies, and spot hedging strategies [2][7]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report presents 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 (CU2507) is 78,610, with a decrease of 10 and a decline rate of 0.01% [3]. 3.2 Option Factor Analysis 3.2.1 Volume and Open Interest PCR - The volume and open interest PCR of different metal options are provided. For instance, the volume PCR of copper options is 0.62 with a change of 0.01, and the open interest PCR is 0.88 with a change of - 0.03 [4]. 3.2.2 Pressure and Support Levels - The pressure and support levels of different metal options are analyzed. For example, the pressure level of copper options is 80,000 and the support level is 77,000 [5]. 3.2.3 Implied Volatility - The implied volatility data of different metal options are given, including at - the - money implied volatility, weighted implied volatility, etc. For example, the at - the - money implied volatility of copper options is 12.43, and the weighted implied volatility is 16.89 with a change of 0.86 [6]. 3.3 Option Strategies and Suggestions 3.3.1 Non - ferrous Metals - **Copper Options**: Directional strategy: Construct a bull spread of call options; Volatility strategy: Construct a short - volatility option seller portfolio; Spot hedging strategy: Construct a spot hedging strategy [8]. - **Aluminum/Alumina Options**: Directional strategy: Construct a bull spread of call options; Volatility strategy: Construct a short - call + short - put option portfolio; Spot hedging strategy: Construct a spot collar strategy [9]. - **Zinc/Lead Options**: Directional strategy: None; Volatility strategy: Construct a short - call + short - put option portfolio; Spot hedging strategy: Construct a spot collar strategy [9]. - **Nickel Options**: Directional strategy: Construct a bear spread of put options; Volatility strategy: Construct a short - call + short - put option portfolio; Spot hedging strategy: Hold spot long + buy put options [10]. - **Tin Options**: Directional strategy: None; Volatility strategy: Construct a short - volatility strategy; Spot hedging strategy: Construct a spot collar strategy [10]. - **Lithium Carbonate Options**: Directional strategy: Construct a bear spread of put options; Volatility strategy: Construct a short - call + short - put option portfolio; Spot hedging strategy: Hold spot long + sell call options [11]. 3.3.2 Precious Metals - **Gold/Silver Options**: Directional strategy: None; Volatility strategy: Construct a short - volatility option seller portfolio; Spot hedging strategy: Hold spot long + buy put options + sell out - of - the - money call options [12]. 3.3.3 Black Metals - **Rebar Options**: Directional strategy: Construct a bear spread of put options; Volatility strategy: Construct a short - call + short - put option portfolio; Spot hedging strategy: Hold spot long + sell at - the - money call options [13]. - **Iron Ore Options**: Directional strategy: None; Volatility strategy: Construct a short - call + short - put option portfolio; Spot hedging strategy: Construct a long collar strategy [13]. - **Ferroalloy Options**: Directional strategy: Construct a bear spread of put options; Volatility strategy: Construct a short - volatility strategy; Spot hedging strategy: None [14]. - **Industrial Silicon/Polysilicon Options**: Directional strategy: None; Volatility strategy: Construct a short - call + short - put option portfolio; Spot hedging strategy: Hold spot long + sell call options [14]. - **Glass Options**: Directional strategy: Construct a bear spread of put options; Volatility strategy: Construct a short - call + short - put option portfolio; Spot hedging strategy: Construct a long collar strategy [15].

Group 1: Report Summary - The report is an agricultural product options strategy morning report, covering various agricultural product options including oilseeds, oils, livestock, soft commodities, and grains [2][3] - The overall market trends show that oilseeds and oils are bullish, while soft commodities like sugar are bearish, and grains like corn are gradually rising [3] - The recommended strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3] Group 2: Underlying Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest of various underlying futures contracts, such as soybeans, soybean meal, palm oil, etc. [4] Group 3: Option Factor Analysis Volume and Open Interest PCR - The volume and open interest PCR of each option variety are presented, which are used to describe the strength of the underlying market and the turning points of the market [5] Pressure and Support Levels - The pressure and support levels of each option variety are analyzed from the perspective of the strike prices with the largest open interest of call and put options [6] Implied Volatility - The implied volatility of each option variety is provided, including at-the-money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [7] Group 4: Strategy and Recommendations Oilseeds and Oils Options - For soybeans, bullish spread strategies, neutral option selling strategies, and long collar strategies are recommended [8] - For soybean meal and rapeseed meal, bullish spread strategies, bullish option selling strategies, and long collar strategies are suggested [10] - For palm oil, soybean oil, and rapeseed oil, bullish spread strategies, bullish option selling strategies, and long collar strategies are proposed [11] - For peanuts, bearish spread strategies and long collar strategies are recommended [12] Livestock Options - For pigs, neutral option selling strategies and covered call strategies are recommended [12] - For eggs, bearish option selling strategies are suggested [13] Soft Commodities Options - For sugar, bearish option selling strategies and long collar strategies are recommended [14] - For cotton, neutral option selling strategies and covered call strategies are proposed [15] Grains Options - For corn, bullish option selling strategies are recommended [15]

Group 1: Core Insights - The article highlights a significant increase in the issuance of leveraged inverse ETFs in the US, with 22 new products launched last week, including 8 leveraged inverse products, primarily focused on single stocks [1][2] - Notable new products include leveraged ETFs linked to MicroStrategy, Upstart, Archer Aviation, Mercado Libre, Boeing, and a 2x leveraged inverse product tied to the Nasdaq 100 Mega Index [1] - FundX launched a future-themed fund targeting small to mid-cap companies expected to lead future trends, similar to ARK's disruptive innovation investment philosophy [2] Group 2: ETF Market Dynamics - The US ETF market saw continued inflows into Bitcoin and gold ETFs, while stock ETFs experienced slight outflows [3][5] - A notable migration of funds occurred from BlackRock's IVV to Vanguard's S&P 500 ETF, with IVV seeing outflows exceeding $20 billion [5][7] - The top inflow products included Vanguard's S&P 500 ETF (VOO) with $145.09 million, while iShares' IVV faced the largest outflow of $226.58 million [6] Group 3: Performance of Alternative Products - The performance of alternative ETFs has varied significantly this year due to global macro uncertainties, with long/short equity and futures products underperforming, while State Street's multi-asset products performed well [8] - The top three holdings of State Street's multi-asset product include commodities, global infrastructure, and global natural resources ETFs [8] Group 4: Fund Flow Trends - Recent data from the Investment Company Institute (ICI) indicates that US domestic equity funds experienced a significant outflow of approximately $16.9 billion, more than double the previous week, while bond products saw inflows nearing $10 billion [9]

新能源及有色金属日报 | 2025-06-17 锂矿及锂盐价格偏弱，碳酸锂盘面偏弱运行 市场分析 2025年6月16日，碳酸锂主力合约2509开于60000元/吨，收于59780元/吨，当日收盘价较昨日结算价下跌0.02%。当 日成交量为218180手，持仓量为300422手，较前一交易日增加152990手，根据SMM现货报价，目前期货贴水电碳 720元/吨。所有合约总持仓615599手，较前一交易日增加17641手。当日合约总成交量较前一交易日减少37150手， 成交量减少，整体投机度为0.59 。当日碳酸锂仓单32043手，较上个交易日减少75手。 碳酸锂现货：根据SMM数据，2025年6月16日电池级碳酸锂报价6-6.1万元/吨，较前一交易日下跌0.015万元/吨，工 业级碳酸锂报价5.84-5.94万元/吨，较前一交易日下跌0.015万元/吨。根据SMM调研，碳酸锂现货成交价格重心小 幅下移。从当前碳酸锂市场供需格局来看：供应端，市场可流通量级仍保持较为充足的水平；需求端，下游材料 企业采购策略维持谨慎，仅维持刚性补库需求，尚未出现规模性备库行为。在前期宏观情绪扰动逐步消化后，碳 酸锂期货价格已回归基 ...

Group 1: Report Industry Investment Rating - The investment rating for the lead industry is neutral [3] Group 2: Core Viewpoints of the Report - After the Dragon Boat Festival, both supply and demand have slightly increased. Coupled with the overall price increase in the non - ferrous metals sector, the lead price has also rebounded. It is expected that the lead price will fluctuate between 16,200 yuan/ton and 17,050 yuan/ton [3] Group 3: Summary by Related Catalogs Market News and Important Data - **Spot Market**: On June 16, 2025, the LME lead spot premium was -$25.93/ton. The SMM1 lead ingot spot price decreased by 25 yuan/ton to 16,750 yuan/ton. The lead prices in different regions also had corresponding changes, and the lead scrap spread remained unchanged [1] - **Futures Market**: On June 16, 2025, the main contract of Shanghai lead opened at 16,915 yuan/ton, closed at 16,980 yuan/ton, up 35 yuan/ton. The trading volume was 30,240 lots, down 2,474 lots, and the position was 42,057 lots, down 1,547 lots. The night - session price rose 0.35% compared with the afternoon closing [1] Supply and Demand and Inventory - The downstream maintained rigid - demand procurement. Due to the discounted recycled lead in some regions, the rigid - demand was diverted, and the trading was relatively light. On June 16, 2025, the SMM lead ingot inventory was 56,000 tons, an increase of 1,700 tons from last week. As of June 16, the LME lead inventory was 263,475 tons, a decrease of 3,775 tons from the previous trading day [2] Strategy - **Price Strategy**: Maintain a neutral view, and expect the lead price to fluctuate between 16,200 yuan/ton and 17,050 yuan/ton [3] - **Option Strategy**: Sell a wide - straddle [4]

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]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoint The report analyzes the futures market conditions of various agricultural products, including beans, oils, agricultural by - products, soft commodities, and grains. It also provides option strategies for each product based on fundamental analysis, option factor research, and market trends [8]. 3. Summary by Category 3.1 Futures Market Overview - **Price and Volume**: The report presents the latest prices, price changes, trading volumes, and open interest of various agricultural product futures contracts. For example, the latest price of soybean No.1 (A2509) is 4,249, with a price increase of 31 and a trading volume of 14.86 million lots [3]. - **Option Factors**: It includes option volume - to - open - interest ratios (PCR), pressure and support levels, and implied volatility. For instance, the volume PCR of soybean No.1 is 0.57, and its pressure level is 4300, while the support level is 4100 [4][5]. 3.2 Option Strategies for Different Agricultural Product Categories 3.2.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: For soybean No.1, the recommended strategies include a bull spread strategy for call options, a neutral call + put option selling strategy, and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: Given the sufficient future soybean supply, strategies such as a bull spread strategy for call options, a slightly bullish call + put option selling strategy, and a long collar strategy for spot hedging are proposed [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: With the expected increase in biofuel demand for oils, strategies like a bull spread strategy for call options, a slightly bullish call + put option selling strategy, and a long collar strategy for spot hedging are recommended [10]. - **Peanuts**: Due to the weak market, a bear spread strategy for put options and a long collar strategy for spot hedging are suggested [11]. 3.2.2 Agricultural By - product Options - **Pigs**: Considering the high sow inventory and weak market, a neutral call + put option selling strategy and a long call writing strategy for spot are recommended [11]. - **Eggs**: Given the expected increase in egg supply, a bear spread strategy for put options, a slightly bearish call + put option selling strategy are proposed [12]. - **Apples**: With the low cold - storage inventory, a bear spread strategy for put options and a slightly bearish call + put option selling strategy are recommended [12]. - **Jujubes**: A neutral strangle option selling strategy and a long call writing strategy for spot are suggested [13]. 3.2.3 Soft Commodity Options - **Sugar**: In the context of a weak sugar market, a slightly bearish call + put option selling strategy and a long collar strategy for spot hedging are recommended [13]. - **Cotton**: A neutral call + put option selling strategy and a long call writing strategy for spot are proposed [14]. 3.2.4 Grain Options - **Corn and Starch**: For corn, a slightly bullish call + put option selling strategy is recommended [14].

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 proposed for various metal varieties based on their fundamentals, market trends, and option factors [2][8]. - For non - ferrous metals, strategies such as bull spreads, bear spreads, and short - volatility strategies are recommended according to the market conditions of each metal [7][9][10]. - For precious metals, strategies like short - volatility option seller combinations and spot hedging strategies are suggested [12]. - For black metals, strategies including bear spreads, short - volatility strategies, and spot hedging or covered call strategies are put forward [13][14][15]. 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 (CU2507) is 78,570, with a decline of 610 and a decrease rate of 0.77% [3]. 3.2 Option Factor - Volume and Open Interest PCR - It shows the volume and open interest PCR of different metal options, which are used to describe the strength of the option underlying market and the turning point of the market. For instance, the volume PCR of copper options is 0.56, with a change of 0.10, and the open interest PCR is 0.95, with a change of - 0.05 [4]. 3.3 Option Factor - Pressure and Support Levels - The pressure and support levels of each metal option are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure point of copper is 80,000, and the support point is 70,000 [5]. 3.4 Option Factor - Implied Volatility - The implied volatility data of different metal options are 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 copper is 12.60, and the weighted implied volatility is 17.17, with a change of - 0.10 [6]. 3.5 Strategy and Recommendations 3.5.1 Non - Ferrous Metals - **Copper**: Directional strategy - construct a bull spread of call options; volatility strategy - construct a short - volatility option seller combination; spot long - hedging strategy - hold spot long + buy put options + sell out - of - the - money call options [7]. - **Aluminum/Alumina**: Directional strategy - none; volatility strategy - construct a short - neutral call + put option combination; spot long - hedging strategy - construct a spot collar strategy [9]. - **Zinc/Lead**: Directional strategy - none; volatility strategy - construct a short - bearish call + put option combination; spot long - hedging strategy - construct a spot collar strategy [9]. - **Nickel**: Directional strategy - none; volatility strategy - construct a short - bearish call + put option combination; spot long - hedging strategy - hold spot long + buy put options [10]. - **Tin**: Directional strategy - none; volatility strategy - construct a short - volatility strategy; spot long - hedging strategy - construct a spot collar strategy [10]. - **Lithium Carbonate**: Directional strategy - construct a bear spread of put options; volatility strategy - construct a short - bearish call + put option combination; spot long - covered call strategy - hold spot long + sell call options [11]. 3.5.2 Precious Metals - **Gold/Silver**: Directional strategy - none; volatility strategy - construct a short - bullish volatility option seller combination; spot hedging strategy - hold spot long + buy put options + sell out - of - the - money call options [12]. 3.5.3 Black Metals - **Rebar**: Directional strategy - construct a bear spread of put options; volatility strategy - construct a short - bearish call + put option combination; spot long - covered call strategy - hold spot long + sell at - the - money call options [13]. - **Iron Ore**: Directional strategy - none; volatility strategy - construct a short - neutral call + put option combination; spot long - hedging strategy - construct a long collar strategy [13]. - **Ferroalloys**: For manganese silicon, directional strategy - construct a bear spread of put options; volatility strategy - construct a short - volatility strategy; spot hedging strategy - none. For industrial silicon/polysilicon, directional strategy - none; volatility strategy - construct a short - neutral call + put option combination; spot covered call strategy - hold spot long + sell call options [14]. - **Glass**: Directional strategy - construct a bear spread of put options; volatility strategy - construct a short - volatility call + put option combination; spot long - hedging strategy - construct a long collar strategy [15].