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]

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].

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1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each segment, partial varieties are selected to provide option strategies and suggestions. Each option variety's strategy report includes analysis of the underlying market, research on option factors, and option strategy recommendations [9] - It is advisable to construct option combination strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical futures, such as crude oil, liquefied petroleum gas (LPG), methanol, etc. For example, the latest price of crude oil (SC2508) is 502, with a decrease of 51 and a decline rate of 9.27%, trading volume of 52.65 million lots, and an open interest of 4.27 million lots [4] 3.2 Option Factors - Volume and Open Interest PCR - It shows the trading volume, volume change, open interest, open interest change, volume PCR, volume PCR change, open interest PCR, and open interest PCR change of different option varieties. For instance, the volume PCR of crude oil options is 0.88, with a change of 0.15, and the open interest PCR is 1.16, with a change of - 0.56 [5] 3.3 Option Factors - Pressure and Support Levels - From the perspective of the maximum open interest of call and put options at the strike price, the pressure and support levels of option underlyings are analyzed. For example, the pressure level of crude oil is 660, and the support level is 450 [6] 3.4 Option Factors - Implied Volatility - It includes the at - the - money implied volatility, weighted implied volatility, change in weighted implied volatility, annual average implied volatility, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility of various option varieties. For example, the at - the - money implied volatility of crude oil options is 39.62%, and the weighted implied volatility is 46.23% with a change of - 6.87% [7] 3.5 Option Strategies and Recommendations for Different Varieties 3.5.1 Crude Oil - **Underlying Market Analysis**: OPEC+ plans to increase oil supply, and the US maintains high production. The crude oil market has been volatile recently, with a sharp decline this week [8] - **Option Factor Research**: The implied volatility of crude oil options remains at a relatively high historical level. The open interest PCR is 1.10, indicating an increase in short - selling power. The pressure level is 610, and the support level is 450 [8] - **Option Strategy Recommendations**: For volatility strategies, construct a short - neutral call + put option combination strategy. For spot long - hedging strategies, construct a long collar strategy [8] 3.5.2 Liquefied Petroleum Gas (LPG) - **Underlying Market Analysis**: Affected by the Israel - Iran conflict, the energy sector is strong, but LPG has experienced a volatile market recently [10] - **Option Factor Research**: The implied volatility of LPG options fluctuates at a relatively high historical average level. The open interest PCR is around 0.80, indicating a recent bullish market. The pressure level is 5100, and the support level is 4000 [10] - **Option Strategy Recommendations**: Similar to crude oil, construct a short - neutral call + put option combination strategy for volatility, and a long collar strategy for spot long - hedging [10] 3.5.3 Methanol - **Underlying Market Analysis**: Port and enterprise inventories have decreased, and the market has shown a trend of first rising and then falling recently [10] - **Option Factor Research**: The implied volatility of methanol options is at a relatively high historical average level. The open interest PCR is 0.80, indicating an increase in short - selling power. The pressure level is 2950, and the support level is 2200 [10] - **Option Strategy Recommendations**: Construct a short - neutral call + put option combination strategy for volatility, and a long collar strategy for spot long - hedging [10] 3.5.4 Ethylene Glycol - **Underlying Market Analysis**: Port inventories have decreased, and the market has shown a bearish trend with pressure from above [11] - **Option Factor Research**: The implied volatility of ethylene glycol options continues to rise and remains at a relatively high historical level. The open interest PCR is around 0.70, indicating a weak market. The pressure level is 4500, and the support level is 4350 [11] - **Option Strategy Recommendations**: Construct a short - volatility strategy for volatility, and a long collar - like strategy for spot long - hedging [11] 3.5.5 Polypropylene - **Underlying Market Analysis**: Downstream开工率 is low, and the market has shown a trend of first rising and then falling recently [11] - **Option Factor Research**: The implied volatility of polypropylene options fluctuates above the historical average. The open interest PCR has decreased to below 0.80, indicating a weakening market. The pressure level is 7500, and the support level is 6800 [11] - **Option Strategy Recommendations**: For spot long - hedging, hold a long position in the spot + buy an at - the - money put option + sell an out - of - the - money call option [11] 3.5.6 Rubber - **Underlying Market Analysis**: Inventories have slightly increased, and the market has shown a bearish trend with low - level consolidation [12] - **Option Factor Research**: The implied volatility of rubber options fluctuates around the average level. The open interest PCR is below 0.60. The pressure level is 21000, and the support level is 13000 [12] - **Option Strategy Recommendations**: Construct a short - neutral call + put option combination strategy for volatility [12] 3.5.7 Polyester (PTA as an example) - **Underlying Market Analysis**: Industry inventories have decreased, and the market has been highly volatile recently [13] - **Option Factor Research**: The implied volatility of PTA options has first risen and then fallen rapidly but remains at a relatively high historical level. The open interest PCR is above 1.00, indicating a relatively strong market. The pressure level is 5000, and the support level is 3800 [13] - **Option Strategy Recommendations**: Construct a short - neutral call + put option combination strategy for volatility [13] 3.5.8 Caustic Soda - **Underlying Market Analysis**: Inventories have decreased, but the future supply - demand pattern is weakening, and the market has shown a bearish trend [14] - **Option Factor Research**: The implied volatility of caustic soda options has been decreasing and is currently below the average level. The open interest PCR is below 0.60, indicating a weak market. The pressure level is 2400, and the support level is 2040 [14] - **Option Strategy Recommendations**: Construct a bear - spread strategy for directionality, a short - bearish strangle strategy for volatility, and a covered - call strategy for spot long - hedging [14] 3.5.9 Soda Ash - **Underlying Market Analysis**: Production and sales have improved slightly, but the market has been in a weak downward trend [14] - **Option Factor Research**: The implied volatility of soda ash options has risen to a relatively high recent level but is still below the historical average. The open interest PCR is below 0.50, indicating a weak and volatile market. The pressure level is 1300, and the support level is 1100 [14] - **Option Strategy Recommendations**: Construct a bear - spread strategy for directionality, a short - bearish call + put option combination strategy for volatility, and a long collar strategy for spot long - hedging [14] 3.5.10 Urea - **Underlying Market Analysis**: Enterprise inventories have decreased, and the market has shown a trend of first rising and then falling [15] - **Option Factor Research**: The implied volatility of urea options has first risen and then fallen rapidly and is currently fluctuating slightly below the historical average. The open interest PCR is below 0.80. The pressure level is 1900, and the support level is 1700 [15] - **Option Strategy Recommendations**: Construct a short - neutral call + put option combination strategy for volatility, and a long collar - like strategy for spot long - hedging [15]

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) | ...

Group 1 - The core viewpoint indicates that spot gold has reached a new intraday low, briefly dipping below the $3300 mark, suggesting a bearish momentum in the market [1] - The strongest support level for spot gold is identified between $3273.57 and $3277.35, indicating that significant support is sparse below the current price [1] - It is anticipated that the market will maintain a bearish momentum until the price reaches the identified support levels [1]

从15分钟K线图来看，下方需要关注的支撑位于3351-3357美元的多头价值块。如果此处被跌破，那么由下方多头价格缺口与多 头价值块叠层构成的3346-3350美元区域将是多头较强的防御区。 若此支撑位能有效守住，黄金价格有望维持在3350-3380美元的大区间内震荡。 （限免，下方链接为此前VIP聪明钱提示内容） 黄金3378-3383再度遇阻！聪明钱指标提示... 黄金在3378-3383美元的空头价值区遭遇阻力，该区域构成了较强的阻力位。当前，黄金在此区域再次遇阻下挫。 相关链接 VIP机会警报 ...

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 - 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]