1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The energy - chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, options strategies and suggestions are provided for selected varieties. Each option variety's strategy report is compiled based on the underlying market analysis, option factor research, and option strategy suggestions [10] 3. Summary According to Relevant Catalogs 3.1 Futures Market Overview of Underlying Assets - The report includes the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open - interest changes of futures contracts for various energy - chemical options such as crude oil, LPG, methanol, etc. For example, the latest price of crude oil (SC2601) is 443, with a price change of - 6 and a change percentage of - 1.31%, trading volume of 7.50 million lots, and an open interest of 2.98 million lots [5] 3.2 Option Factors - Volume and Open Interest PCR - The report presents the trading volume, volume change, open interest, open - interest change, volume PCR, volume PCR change, open - interest PCR, and open - interest PCR change of various energy - chemical options. For example, the volume PCR of crude oil options is 0.70 with a change of 0.03, and the open - interest PCR is 0.60 with a change of - 0.08 [6] 3.3 Option Factors - Pressure and Support Levels - It shows the underlying contracts, at - the - money strike prices, pressure points, pressure - point offsets, support points, support - point offsets, maximum call open interests, and maximum put open interests of various energy - chemical options. For example, the pressure point of crude oil options is 540 and the support point is 430 [7] 3.4 Option Factors - Implied Volatility - The report provides the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatilities of various energy - chemical options. For example, the at - the - money implied volatility of crude oil options is 25.25%, and the weighted implied volatility is 27.35% with a change of 1.18% [8] 3.5 Option Strategies and Suggestions 3.5.1 Energy Options - Crude Oil - **Underlying Market Analysis**: US crude oil production is 13.815 million barrels per day, with a month - on - month increase of 0.01%; refinery throughput is 16.876 million barrels per day, with a month - on - month increase of 2.63%. Global floating storage has risen to 108.411 million barrels, with a month - on - month increase of 10.2%. The market has shown a weak trend recently [9] - **Option Factor Research**: The implied volatility of crude oil options fluctuates below the average level. The open - interest PCR is below 0.70, indicating a weak market. The pressure point is 540 and the support point is 430 [9] - **Option Strategy Suggestions**: Construct a bearish spread strategy for put options; construct a short - biased call + put option combination strategy; construct a long collar strategy for spot hedging [9] 3.5.2 Energy Options - LPG - **Underlying Market Analysis**: The crude oil price has been fluctuating around $63. There is still pressure on the upside due to oversupply. The domestic LPG market has been relatively stronger than the international market and crude oil recently. The market has shown an oscillating and declining trend [11] - **Option Factor Research**: The implied volatility of LPG options fluctuates around the average level. The open - interest PCR is below 0.80, indicating an oscillating market. The pressure point is 4500 and the support point is 4150 [11] - **Option Strategy Suggestions**: Construct a short - neutral call + put option combination strategy; construct a long collar strategy for spot hedging [11] 3.5.3 Alcohol Options - Methanol - **Underlying Market Analysis**: Enterprise inventories have declined this week. Multiple factors such as the pre - sale of some enterprises, continuous procurement by some olefins plants, and the delay of the restart of a large methanol plant have contributed to inventory reduction. The market has shown a weak and rebound - then - decline trend [11] - **Option Factor Research**: The implied volatility of methanol options fluctuates around the historical average level. The open - interest PCR is below 0.60, indicating a weak market. The pressure point is 2300 and the support point is 2000 [11] - **Option Strategy Suggestions**: Construct a bearish spread strategy for put options; construct a short - biased call + put option combination strategy; construct a long collar strategy for spot hedging [11] And so on for other option varieties (ethylene glycol, PVC, rubber, PTA, caustic soda, soda ash, urea, etc.) with similar structures of underlying market analysis, option factor research, and option strategy suggestions as above. Each variety's analysis and suggestions are detailed in the report [12][13][14][15]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals, a seller's neutral volatility strategy can be constructed as they are trending upwards; for the black series, a short - volatility combination strategy suits their large - amplitude fluctuating market; for precious metals, a bull spread combination strategy is recommended due to their rebound [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various metal futures such as copper, aluminum, zinc, etc., are presented. For example, the latest price of copper futures (CU2601) is 91,020, down 1,040 with a decline rate of 1.13%, trading volume of 19.04 million lots (down 0.45 million lots), and open interest of 21.06 million lots (down 1.95 million lots) [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR data of various metal options are provided. Volume PCR is used to describe whether the underlying asset's market has a turning point, and open interest PCR is used to describe the strength of the underlying asset's market. For example, the volume PCR of copper options is 0.40 (down 0.02), and the open interest PCR is 0.81 (down 0.01) [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of various metal options are analyzed. For example, the pressure level of copper options is 98,000, and the support level is 84,000 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility data of various metal options are given, including at - the - money implied volatility, weighted implied volatility, and its change, annual average implied volatility, call and put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of copper options is 17.04%, and the weighted implied volatility is 20.50% (down 2.24%) [6]. 3.5 Strategy and Suggestions 3.5.1 Non - ferrous Metals - **Copper**: Construct a bull spread combination strategy for call options, a short - volatility seller's option combination strategy, and a spot long - hedging strategy [8]. - **Aluminum**: Construct a bull spread combination strategy for call options, a short - call + put option combination strategy with a bullish bias, and a spot collar strategy [9]. - **Zinc**: Construct a short - call + put option combination strategy with a neutral bias and a spot collar strategy [9]. - **Nickel**: Construct a short - call + put option combination strategy with a bearish bias and a spot covered - call strategy [10]. - **Tin**: Construct a bull spread combination strategy for call options, a short - volatility strategy, and a spot collar strategy [10]. - **Lithium Carbonate**: Construct a short - call + put option combination strategy with a neutral bias and a spot long - hedging strategy [11]. 3.5.2 Precious Metals - **Silver**: Construct a bull spread combination strategy for call options, a short - volatility option seller's combination strategy with a bullish bias, and a spot hedging strategy [12]. 3.5.3 Black Series - **Rebar**: Construct a short - call + put option combination strategy with a bearish bias and a spot long - covered - call strategy [13]. - **Iron Ore**: Construct a short - call + put option combination strategy with a bearish bias and a spot long - collar strategy [13]. - **Ferroalloys (Manganese Silicon and Silicon Ferrosilicon)**: For manganese silicon, construct a short - volatility strategy; for industrial silicon, construct a bear spread combination strategy for put options, a short - call + put option combination strategy, and a spot hedging strategy; for glass, construct a bear spread combination strategy for put options, a short - call + put option combination strategy, and a spot long - collar strategy [14][15].

（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高位震荡上行的市场行情。 （2）金融期权波动性分析：金融期权隐含波动率下降，但维持较高水平波动。 （3）金融期权策略与建议：对于ETF期权来说，适合构建偏多头的卖方策略，认购期权牛市价差组合策略；对于股 指期权来说，适合构建偏多头的卖方策略、认购期权牛市价差组合策略和期权合成期货多头与期货空头做套利策略 。 表1：金融市场重要指数概况 金融期权 2025-12-09 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： | 重要指数 | 指数代码 | 收盘价 | 涨跌 | 涨跌幅 | 成交额 | 额变化 | PE | | --- | --- | --- | --- | --- | --- | --- | --- | | ...

Report Date and Title - Report date: December 9, 2025 [1] - Report title: Metal Options Strategy Morning Report [1] Research Team - Lu Pinxian, Investment Research Manager, Qualification No.: F3047321, Trading Consultation No.: Z0015541, Email: lupx@wkqh.cn [2] - Huang Kehan, Options Researcher, Qualification No.: F03138607, Phone: 0755 - 23375252, Email: huangkh@wkqh.cn [2] - Li Renjun, Industrial Service, Qualification No.: F03090207, Trading Consultation No.: Z0016947, Email: lirj@wkqh.cn [2] Core Views - For non - ferrous metals, which are showing a bullish upward trend, construct a seller neutral volatility strategy [2] - For the black series, which maintain a large - amplitude volatile market trend, it is suitable to construct a short - volatility combination strategy [2] - For precious metals, which are rebounding and rising, construct a bull spread combination strategy [2] Market Overview of Underlying Futures Copper - Latest price: 92,400, Change: - 40, Change rate: - 0.04%, Volume: 19.49 (ten thousand lots), Volume change: 0.69, Open interest: 23.00 (ten thousand lots), Open interest change: - 0.64 [3] Aluminum - Latest price: 22,120, Change: - 25, Change rate: - 0.11%, Volume: 25.16 (ten thousand lots), Volume change: - 1.00, Open interest: 23.31 (ten thousand lots), Open interest change: - 1.22 [3] Zinc - Latest price: 23,170, Change: 60, Change rate: 0.26%, Volume: 18.03 (ten thousand lots), Volume change: 1.71, Open interest: 10.87 (ten thousand lots), Open interest change: 0.11 [3] Other Metals - Similar data for lead, nickel, tin, alumina, gold, silver, lithium carbonate, industrial silicon, polysilicon, rebar, iron ore, manganese silicon, ferrosilicon, and glass are also provided [3] Option Factors Volume and Open Interest PCR - Volume PCR and open interest PCR data for various metal options are presented, along with their changes [4] Pressure and Support Levels - Pressure and support levels for different metal options are given, calculated from the strike prices of the maximum open interest of call and put options [5] Implied Volatility - Data on at - the - money implied volatility, weighted implied volatility, and its change, annual average, call and put implied volatility, historical volatility, and the difference between implied and historical volatility are provided for each metal option [6] Strategy and Recommendations Non - Ferrous Metals - **Copper options**: Construct a call option bull spread strategy, a short - volatility seller option combination strategy, and a spot long hedging strategy [9] - **Aluminum options**: Construct a call option bull spread strategy, a short call + put option combination strategy, and a spot collar strategy [10] - **Zinc options**: Construct a short neutral call + put option combination strategy and a spot collar strategy [10] - **Nickel options**: Construct a short bearish call + put option combination strategy and a spot covered call strategy [11] - **Tin options**: Construct a call option bull spread strategy, a short - volatility strategy, and a spot collar strategy [11] - **Lithium carbonate options**: Construct a short neutral call + put option combination strategy and a spot long hedging strategy [12] Precious Metals - **Silver options**: Construct a call option bull spread strategy, a short - volatility option seller combination strategy with a bullish bias, and a spot hedging strategy [13] Black Series - **Rebar options**: Construct a short bearish call + put option combination strategy and a spot long covered call strategy [14] - **Iron ore options**: Construct a short bearish call + put option combination strategy and a long collar strategy [14] - **Ferroalloy options**: For manganese silicon, construct a short - volatility strategy; for industrial silicon, construct a short - volatility call + put option combination strategy; for glass, construct a put option bear spread strategy, a short - volatility call + put option combination strategy, and a long collar strategy [15][16]

Report Summary 1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoints of the Report - The energy - chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others [9]. - For each sector, options strategies and suggestions are provided for selected varieties [9]. - An options strategy report is prepared for each options variety based on underlying market analysis, options factor research, and options strategy suggestions [9]. 3. Summary by Relevant Catalogs 3.1 Underlying Futures Market Overview - The report presents data on the latest prices, price changes, trading volumes, and open interests of various energy - chemical futures, including crude oil, LPG, methanol, etc. For example, the latest price of crude oil (SC2601) is 448, with a decrease of 8 and a decline rate of - 1.84%, and a trading volume of 6.76 million lots [4]. 3.2 Options Factors 3.2.1 Volume - Open Interest PCR - The volume - open interest PCR data of different options varieties are provided, which can be used to describe the strength of the underlying market and the turning point of the market. For instance, the volume PCR of crude oil options is 0.67 with a change of - 0.02, and the open interest PCR is 0.68 with a change of 0.06 [5]. 3.2.2 Pressure and Support Levels - The report shows the pressure and support levels of each option variety from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of crude oil is 540 and the support level is 440 [6]. 3.2.3 Implied Volatility - Implied volatility data of various option varieties are given, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatilities. For example, the at - the - money implied volatility of crude oil is 24.685%, and the weighted implied volatility is 26.17% with a change of - 0.99% [7]. 3.3 Options Strategies and Suggestions for Each Variety 3.3.1 Energy - Related Options (Crude Oil, LPG) - **Crude Oil** - **Underlying Market Analysis**: US crude oil production slightly increased, refinery processing volume rose, and global floating storage increased. The market showed a weak trend [8]. - **Options Factor Research**: Implied volatility was below the average, the open interest PCR was below 0.70, indicating a weak market. The pressure level was 540 and the support level was 430 [8]. - **Options Strategy Suggestions**: Construct a bear - spread put option strategy, a short - biased call + put option combination strategy, and a long - collar strategy for spot hedging [8]. - **LPG** - **Underlying Market Analysis**: Crude oil prices fluctuated around $63. The domestic LPG market was relatively strong due to low arrivals and strong chemical demand. The market was in a range - bound state with support below and pressure above [10]. - **Options Factor Research**: Implied volatility was around the average, the open interest PCR was below 0.80, indicating a range - bound market. The pressure level was 4500 and the support level was 4150 [10]. - **Options Strategy Suggestions**: Construct a neutral - biased short call + put option combination strategy and a long - collar strategy for spot hedging [10]. 3.3.2 Alcohol - Related Options (Methanol, Ethylene Glycol) - **Methanol** - **Underlying Market Analysis**: Enterprise inventories declined. The market showed a weak trend with pressure above after a rebound [10]. - **Options Factor Research**: Implied volatility was around the historical average, the open interest PCR was below 0.60, indicating a weak market. The pressure level was 2300 and the support level was 2000 [10]. - **Options Strategy Suggestions**: Construct a bear - spread put option strategy, a short - biased call + put option combination strategy, and a long - collar strategy for spot hedging [10]. - **Ethylene Glycol** - **Underlying Market Analysis**: Port inventories increased, downstream demand was limited, and the market showed a weak downward trend [11]. - **Options Factor Research**: Implied volatility was above the average and rising, the open interest PCR was below 0.60, indicating strong short - side forces. The pressure level was 3900 and the support level was 3850 [11]. - **Options Strategy Suggestions**: Construct a bear - spread put option strategy, a short - volatility strategy, and a long - collar strategy for spot hedging [11]. 3.3.3 Olefin - Related Options (PVC, Polypropylene, etc.) - **PVC** - **Underlying Market Analysis**: Inventories were in a build - up cycle, and the market showed a weak downward trend with bearish sentiment [11]. - **Options Factor Research**: Implied volatility decreased to below the average, the open interest PCR was below 0.60, indicating a continuous weakening market. The pressure level was 4600 and the support level was 4300 [11]. - **Options Strategy Suggestions**: Construct a bear - spread put option strategy and a long - collar strategy for spot hedging [11]. - **Polypropylene** - **Underlying Market Analysis**: No detailed description in the given text. - **Options Factor Research**: Implied volatility was at a certain level, and relevant PCR data were provided [5][106]. - **Options Strategy Suggestions**: No detailed description in the given text. 3.3.4 Rubber - Related Options (Rubber, Synthetic Rubber) - **Rubber** - **Underlying Market Analysis**: Tire production capacity utilization rates changed, and the market showed a weak consolidation trend [12]. - **Options Factor Research**: Implied volatility gradually returned to around the average, the open interest PCR was below 0.60, indicating a weak market. The pressure level dropped to 16000 and the support level was 15000 [12]. - **Options Strategy Suggestions**: Construct a neutral - biased short call + put option combination strategy [12]. - **Synthetic Rubber** - **Underlying Market Analysis**: No detailed description in the given text. - **Options Factor Research**: Implied volatility and relevant PCR data were provided [5]. - **Options Strategy Suggestions**: No detailed description in the given text. 3.3.5 Polyester - Related Options (PTA, Short - Fiber, etc.) - **PTA** - **Underlying Market Analysis**: Factory inventories were expected to accumulate, and the market showed a rebound and then a small - range fluctuation trend with pressure above [12]. - **Options Factor Research**: Implied volatility was at a relatively low average level, the open interest PCR was around 0.80, indicating a range - bound market. The pressure level was 4800 and the support level was 4500 [12]. - **Options Strategy Suggestions**: Construct a neutral - biased short call + put option combination strategy [12]. - **Short - Fiber** - **Underlying Market Analysis**: No detailed description in the given text. - **Options Factor Research**: Implied volatility and relevant PCR data were provided [5]. - **Options Strategy Suggestions**: No detailed description in the given text. 3.3.6 Alkali - Related Options (Caustic Soda, Soda Ash) - **Caustic Soda** - **Underlying Market Analysis**: Production capacity utilization increased, and the market showed a weak downward trend [13]. - **Options Factor Research**: Implied volatility was at a high level, the open interest PCR was below 0.60, indicating a weak market. The pressure level was 2240 and the support level was 2120 [13]. - **Options Strategy Suggestions**: Construct a bear - spread combination strategy and a long - collar strategy for spot hedging [13]. - **Soda Ash** - **Underlying Market Analysis**: Production increased, inventories were at a high level, and the market showed a weak downward oscillation trend [13]. - **Options Factor Research**: Implied volatility was at a relatively high historical level, the open interest PCR was below 0.50, indicating a bearish market. The pressure level was 1860 and the support level was 1100 [13]. - **Options Strategy Suggestions**: Construct a bear - spread combination strategy, a short - volatility combination strategy, and a long - collar strategy for spot hedging [13]. 3.3.7 Urea Options - **Underlying Market Analysis**: Supply pressure was alleviated to some extent, and the market showed a low - level oscillation and then a rebound trend [14]. - **Options Factor Research**: Implied volatility was at a relatively low historical average level, the open interest PCR was below 0.60, indicating strong short - side pressure. The pressure level was 1800 and the support level was 1660 [14]. - **Options Strategy Suggestions**: Construct a neutral - biased short call + put option combination strategy and a long - collar strategy for spot hedging [14].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The Shanghai Composite Index, large-cap blue-chip stocks, small and mid-cap stocks, and ChiNext stocks showed a market trend of high-level volatile upward movement [3]. - The implied volatility of financial options decreased but maintained high-level fluctuations [3]. - For ETF options, it is suitable to construct a partial long seller strategy and a bull spread strategy of call options; for index options, it is suitable to construct a partial long seller strategy, a bull spread strategy of call options, and an arbitrage strategy between the synthetic long futures of options and short futures [3]. 3. Summary by Relevant Catalogs Stock Market Review - The Shanghai Composite Index closed at 3,902.81, up 27.01 points or 0.70%, with a trading volume of 716.7 billion yuan, an increase of 93 billion yuan [4]. - The Shenzhen Component Index closed at 13,147.68, up 140.96 points or 1.08%, with a trading volume of 1,009 billion yuan, an increase of 83.8 billion yuan [4]. - The SSE 50 Index closed at 3,002.01, up 27.67 points or 0.93%, with a trading volume of 110.4 billion yuan, an increase of 21.8 billion yuan [4]. - The CSI 300 Index closed at 4,584.54, up 37.97 points or 0.84%, with a trading volume of 412.1 billion yuan, an increase of 63.4 billion yuan [4]. - The CSI 500 Index closed at 7,097.84, up 85.03 points or 1.21%, with a trading volume of 275.1 billion yuan, an increase of 35.2 billion yuan [4]. - The CSI 1000 Index closed at 7,342.49, up 93.84 points or 1.29%, with a trading volume of 352.8 billion yuan, an increase of 41.5 billion yuan [4]. ETF Market Review - The SSE 50 ETF closed at 3.145, up 0.029 or 0.93%, with a trading volume of 6.6371 million shares, an increase of 6.5941 million shares, and a trading value of 2.08 billion yuan, an increase of 0.739 billion yuan [5]. - The SSE 300 ETF closed at 4.698, up 0.041 or 0.88%, with a trading volume of 6.872 million shares, an increase of 6.8318 million shares, and a trading value of 3.217 billion yuan, an increase of 1.345 billion yuan [5]. - The SSE 500 ETF closed at 7.216, up 0.091 or 1.28%, with a trading volume of 3.0853 million shares, an increase of 3.073 million shares, and a trading value of 2.214 billion yuan, an increase of 1.344 billion yuan [5]. - The Huaxia Science and Technology Innovation 50 ETF closed at 1.394, unchanged, with a trading volume of 25.9236 million shares, an increase of 25.7015 million shares, and a trading value of 3.596 billion yuan, an increase of 0.529 billion yuan [5]. - The E Fund Science and Technology Innovation 50 ETF closed at 1.351, up 0.002 or 0.15%, with a trading volume of 7.1322 million shares, an increase of 7.0602 million shares, and a trading value of 0.958 billion yuan, a decrease of 0.04 billion yuan [5]. - The Shenzhen 300 ETF closed at 4.844, up 0.042 or 0.87%, with a trading volume of 1.2995 million shares, an increase of 1.2929 million shares, and a trading value of 0.627 billion yuan, an increase of 0.309 billion yuan [5]. - The Shenzhen 500 ETF closed at 2.882, up 0.037 or 1.30%, with a trading volume of 0.6426 million shares, an increase of 0.6369 million shares, and a trading value of 0.184 billion yuan, an increase of 0.022 billion yuan [5]. - The Shenzhen 100 ETF closed at 3.432, up 0.033 or 0.97%, with a trading volume of 1.0109 million shares, an increase of 1.0016 million shares, and a trading value of 0.344 billion yuan, an increase of 0.031 billion yuan [5]. - The ChiNext ETF closed at 3.089, up 0.038 or 1.25%, with a trading volume of 8.7384 million shares, an increase of 8.6576 million shares, and a trading value of 2.681 billion yuan, an increase of 0.231 billion yuan [5]. Option Factor - Volume and Position PCR - The volume and position PCR of various options were analyzed, showing the changes in trading volume, position, and PCR values of different option varieties [6]. Option Factor - Pressure and Support Levels - The pressure and support levels of various options were determined based on the strike prices with the highest open interest of call and put options [8][10]. Option Factor - Implied Volatility - The implied volatility of various options was analyzed, including at-the-money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [11][12]. Strategy and Recommendations - The financial option sector is divided into large-cap blue-chip stocks, small and mid-cap stocks, and ChiNext stocks. Different option strategies and recommendations are provided for each sector [13]. - For the SSE 50 ETF, it is recommended to construct a seller-neutral combination strategy for volatility, and a spot long covered call strategy [14]. - For the SSE 300 ETF, it is recommended to construct a short volatility strategy by selling call and put options, and a spot long covered call strategy [14]. - For the SSE 500 ETF, it is recommended to construct a short volatility strategy by selling call and put options, and a spot long covered call strategy [15]. - For the Shenzhen 100 ETF, it is recommended to construct a short volatility strategy by selling call and put options, and a spot long covered call strategy [15]. - For the ChiNext ETF, it is recommended to construct a short volatility strategy to obtain time value, and a spot long covered call strategy [16]. - For the CSI 1000 index, it is recommended to construct a short volatility strategy by selling call and put options, and dynamically adjust the position to keep the delta short [16].

Report Summary 1. Report Investment Rating There is no information about the industry investment rating in the report. 2. Core Viewpoints - Energy - chemical options cover various categories including energy, polyolefins, polyesters, alkali chemicals, etc. [3] - The recommended strategy is 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 provides the latest prices, price changes, trading volumes, and open interest changes of various energy - chemical futures contracts such as crude oil, LPG, methanol, etc. For example, the latest price of crude oil (SC2601) is 457 with a 4 - point increase and a 0.82% rise, and its trading volume is 6.68 million lots. [4] 3.2 Option Factors - **Volume - Position PCR**: It shows the volume and position PCR of different option varieties, which helps describe the strength of the option underlying market and the turning point of the underlying market. For instance, the volume PCR of crude oil options is 0.69 with a - 0.01 change, and the position PCR is 0.61 with no change. [5] - **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 crude oil is 540 and the support level is 430. [6] - **Implied Volatility**: It includes the at - the - money implied volatility, weighted implied volatility, and its changes, as well as the historical volatility and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil is 25.195%, and the weighted implied volatility is 27.16% with a - 1.69% change. [7] 3.3 Strategy and Recommendations - **Energy Options (Crude Oil)**: - **Fundamentals**: US crude oil production is 13.815 million barrels per day with a 0.01% month - on - month increase, refinery throughput is 16.876 million barrels per day with a 2.63% increase, and global floating storage has risen to 108.411 million barrels with a 10.2% increase. [8] - **Market Analysis**: Crude oil showed a weak - range oscillating trend in December after a significant decline in October and a rebound in November. [8] - **Option Factor Research**: The implied volatility of crude oil options fluctuates below the average level, the position PCR is below 0.70, indicating a weak market, and the pressure and support levels are 540 and 430 respectively. [8] - **Strategies**: Construct a bearish put spread strategy, a short - biased call + put option combination strategy, and a long collar strategy for spot hedging. [8] - **Other Options (LPG, Methanol, etc.)**: Similar analysis and strategy recommendations are provided for other energy - chemical options, including fundamental analysis, market trend analysis, option factor research, and corresponding option strategies such as directional strategies, volatility strategies, and spot hedging strategies. [9][10][11]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The stock market shows a high - level volatile upward trend, including the Shanghai Composite Index, large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks [3]. - The implied volatility of financial options has decreased but remains at a relatively high level of fluctuation [3]. - For ETF options, it is suitable to construct a partial long seller strategy and a bull spread strategy for call options; for index options, it is appropriate to construct a partial long seller strategy, a bull spread strategy for call options, and an arbitrage strategy of synthetic long futures with options and short futures [3]. 3. Summary According to Relevant Catalogs 3.1 Financial Market Important Index Overview | Index Name | Index Code | Closing Price | Change | Change Percentage | Trading Volume (billion yuan) | Volume Change (billion yuan) | PE | | --- | --- | --- | --- | --- | --- | --- | --- | | Shanghai Composite Index | 000001.SH | 3,875.79 | - 2.21 | - 0.06% | 6,237 | - 235 | 16.22 | | Shenzhen Component Index | 399001.SZ | 13,006.72 | 51.46 | 0.40% | 9,252 | - 975 | 29.88 | | SSE 50 Index | 000016.SH | 2,974.34 | 11.26 | 0.38% | 886 | 31 | 11.82 | | CSI 300 Index | 000300.SH | 4,546.57 | 15.52 | 0.34% | 3,488 | - 257 | 13.96 | | CSI 500 Index | 000905.SH | 7,012.81 | 16.45 | 0.24% | 2,399 | - 114 | 31.94 | | CSI 1000 Index | 000852.SH | 7,248.66 | 0.38 | 0.01% | 3,113 | - 237 | 45.91 | [4] 3.2 Option - underlying ETF Market Overview - Multiple ETFs are involved, including SSE 50ETF, SSE 300ETF, etc. Their closing prices, price changes, trading volumes, and trading volume changes are presented. For example, the SSE 50ETF closed at 3.116 yuan, with a price increase of 0.008 yuan and a change percentage of 0.26%, and its trading volume was 430.64 million shares [5]. 3.3 Option Factor - Volume and Position PCR - The volume, volume change, position, position change, volume PCR, and position PCR of various options are provided. For instance, the SSE 50ETF option has a volume of 51.16 million contracts (a decrease of 3.99 million contracts), a position of 127.17 million contracts (an increase of 2.06 million contracts), a volume PCR of 0.93 (a decrease of 0.32), and a position PCR of 0.98 (an increase of 0.01) [6]. 3.4 Option Factor - Pressure and Support Points - The pressure and support points of different options 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 the SSE 50ETF is 3.20, and the support point is 3.10 [8]. 3.5 Option Factor - Implied Volatility - The implied volatility data of various options are given, including at - the - money implied volatility, weighted implied volatility, and its change, annual average, call option implied volatility, put option implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility. For example, the SSE 50ETF option has an at - the - money implied volatility of 11.66%, a weighted implied volatility of 11.90% (a decrease of 0.12%), an annual average of 16.00%, etc. [11] 3.6 Strategy and Suggestions 3.6.1 Financial Stock Sector (SSE 50ETF) - Market trend: After accelerating the rise in August, it fluctuated at a high level. In September, it rebounded after a high - level decline. In October, it recovered after a high - level decline. In November, it gradually declined and then consolidated in a narrow range, showing a volatile decline trend with pressure above [14]. - Option factor analysis: The implied volatility fluctuates around the mean; the position PCR is around 1.00, indicating a volatile trend; the pressure point is 3.30, and the support point is 3.10 [14]. - Strategy suggestions: No directional strategy; construct a neutral - biased seller combination strategy for volatility; implement a spot long covered call strategy [14]. 3.6.2 Large - cap Blue - chip Stock Sector (SSE 300ETF) - Market trend: It accelerated the rise and broke through in August, then fell back and rebounded rapidly in September. Since October, it has fluctuated at a high level and then reached a new high and declined. In November, it declined rapidly after a high - level shock and then rebounded, showing an oversold rebound and recovery trend with pressure above [14]. - Option factor analysis: The implied volatility fluctuates above the mean; the position PCR is above 1.00, indicating a weak market; the pressure point is 4.70, and the support point is 4.60 [14]. - Strategy suggestions: No directional strategy; construct a short - volatility strategy of selling call and put options; implement a spot long covered call strategy [14]. 3.6.3 Medium - and Large - cap Stock Sector (SZSE 100ETF) - Market trend: It showed a long - biased upward trend with high - level volatility in September, reached a new high and then declined rapidly in October, and declined rapidly after a high - level shock in November and then rebounded, showing a long - biased high - level volatile and oversold rebound trend [15]. - Option factor analysis: The implied volatility fluctuates at a relatively high level; the position PCR is above 1.00, indicating a long - biased volatile decline trend; the pressure point is 3.70, and the support point is 3.50 [15]. - Strategy suggestions: No directional strategy; construct a short - volatility strategy of selling call and put options; implement a spot long covered call strategy [15]. 3.6.4 Small - and Medium - cap Stock Sector (SSE 500ETF) - Market trend: It continued to rise in August and then declined at a high level. In September, it fell back and then rebounded rapidly. In October, it fluctuated at a high level. In November, it consolidated at a high level and then declined rapidly and then consolidated in a small range, showing a high - level volatile decline and then range - bound trend [15]. - Option factor analysis: The implied volatility fluctuates above the historical mean; the position PCR is above 1.00, indicating a volatile trend; the pressure point is 7.25, and the support point is 6.75 [15]. - Strategy suggestions: No directional strategy; construct a short - volatility strategy of selling call and put options; implement a spot long covered call strategy [15]. 3.6.5 Small - and Medium - cap Stock Sector (CSI 1000) - Market trend: It has fluctuated significantly at a high level since September, fell back after reaching a high in October and then rebounded, and consolidated in a small range and weakened in November and then rebounded, showing an oversold rebound trend after a high - level decline with pressure above [16]. - Option factor analysis: The implied volatility of the CSI 1000 index option has risen to a level above the mean; the position PCR is above 1.00, indicating a volatile and weak market; the pressure point is 7400, and the support point is 7000 [16]. - Strategy suggestions: No directional strategy; implement a short - volatility strategy, construct a combination of selling call and put options, and adjust the position dynamically to keep the delta of the position short [16]. 3.6.6 ChiNext Sector (ChiNext ETF) - Market trend: It reached a high and then fell back sharply and then rebounded to a recent high in October, and then declined. In November, it fluctuated significantly at a high level, declined, and then gradually recovered, showing a long - trend high - level volatile, new - high - reaching, and then rapid - decline and gradual - rebound trend [16]. - Option factor analysis: The implied volatility remains at a high level; the position PCR is above 1.00, indicating a strengthening trend; the pressure point is 3.10, and the support point is 2.90 [16]. - Strategy suggestions: No directional strategy; construct a short - volatility strategy to obtain time - value income; implement a spot long covered call strategy [16].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The energy and chemical industry is divided into several sectors including energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others [9] - For each sector, specific options are selected to provide option strategies and suggestions [9] - Option strategy reports for each option variety are prepared based on the analysis of the underlying market, option factor research, and option strategy recommendations [9] - It is recommended to construct option portfolio strategies mainly as sellers, as well as spot hedging or covered call strategies to enhance returns [3] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview | Option Variety | Latest Price | Change | Change Rate | Trading Volume (in 10,000 lots) | Volume Change | Open Interest (in 10,000 lots) | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | | Crude Oil | 457 | 5 | 1.15% | 6.65 | -2.28 | 2.98 | -0.17 | | Liquefied Petroleum Gas (LPG) | 4,310 | 9 | 0.21% | 5.39 | 0 | 6.84 | -0.16 | | Methanol | 2,107 | -11 | -0.52% | 105.31 | 5.68 | 93.47 | -1.37 | | Ethylene Glycol | 3,781 | -40 | -1.05% | 12.60 | -9.17 | 29.52 | -0.41 | | Polypropylene | 6,331 | -21 | -0.33% | 20.60 | -2.21 | 45.02 | -0.97 | | Polyvinyl Chloride (PVC) | 4,481 | -22 | -0.49% | 59.49 | 0.57 | 99.01 | -3.13 | | Plastic | 6,735 | -48 | -0.71% | 21.01 | 2.37 | 38.65 | -1.62 | | Styrene | 6,563 | -11 | -0.17% | 33.86 | -6.88 | 27.96 | -1.70 | | Rubber | 15,100 | 5 | 0.03% | 8.77 | -1.42 | 4.86 | -0.94 | | Synthetic Rubber | 10,460 | -25 | -0.24% | 9.15 | -3.12 | 3.21 | -0.69 | | p-Xylene | 6,850 | -22 | -0.32% | 2.95 | -2.84 | 3.76 | -0.02 | | Purified Terephthalic Acid (PTA) | 4,702 | -20 | -0.42% | 49.07 | -0.93 | 82.44 | -3.52 | | Short Fiber | 6,244 | -22 | -0.35% | 1.29 | 0.35 | 2.11 | -0.13 | | Bottle Chip | 5,660 | -34 | -0.60% | 1.27 | -0.47 | 1.62 | -0.12 | | Caustic Soda | 2,120 | -26 | -1.21% | 22.01 | -7.02 | 16.96 | -0.38 | | Soda Ash | 1,147 | -8 | -0.69% | 66.89 | -4.22 | 106.67 | -3.64 | | Urea | 1,688 | -2 | -0.12% | 15.60 | 3.54 | 20.93 | -0.03 | [4] 3.2 Option Factors - Volume and Open Interest PCR - The PCR indicators are used to describe the strength of the underlying option market and the turning point of the market. The open interest PCR is the ratio of put option open interest to call option open interest, and the trading volume PCR is the ratio of put option trading volume to call option trading volume [5] 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of the underlying option are determined by the strike prices with the largest open interest in call and put options [6] 3.4 Option Factors - Implied Volatility - The implied volatility includes at-the-money implied volatility, weighted implied volatility, call option implied volatility, and put option implied volatility. The weighted implied volatility is calculated using trading volume - weighted average [7] 3.5 Option Strategies and Suggestions 3.5.1 Energy - related Options - **Crude Oil** - **Underlying Market Analysis**: US refinery demand has stabilized and recovered. Shale oil production has slightly declined, and refineries have increased diesel output due to arbitrage demand. OPEC's short - term supply is flat, Libyan exports have quickly recovered, and Russian exports are not blocked. In the Middle East, Kuwait's refinery has resumed operation earlier than expected, weakening the support for low - sulfur fuel oil [8] - **Option Factor Research**: The implied volatility of crude oil options fluctuates above the average level; the open interest PCR is below 0.80, indicating a weak market; the pressure level is 540, and the support level is 430 [8] - **Option Strategy Recommendations**: Construct a bear spread strategy with put options for directional returns; construct a short - biased call + put option combination strategy for option time value and directional returns; construct a long collar strategy for spot hedging [8] - **Liquefied Petroleum Gas (LPG)** - **Underlying Market Analysis**: US propane inventory is starting to decline but remains at a historical high. The cost - end crude oil is under pressure from oversupply and geopolitical issues, and the LPG price has shown a market trend of over - sold rebound and slight consolidation [10] - **Option Factor Research**: The implied volatility of LPG options has significantly decreased to near the average level; the open interest PCR is around 0.80, indicating a weak market; the pressure level is 4500, and the support level is 4150 [10] - **Option Strategy Recommendations**: Construct a long - biased call + put option combination strategy for option time value and directional returns; construct a long collar strategy for spot hedging [10] 3.5.2 Alcohol - related Options - **Methanol** - **Underlying Market Analysis**: Port inventory has decreased, and enterprise inventory is at a relatively low level. The market sentiment has improved, and the methanol price has shown a trend of over - sold rebound [10] - **Option Factor Research**: The implied volatility of methanol options fluctuates around the historical average level; the open interest PCR is below 0.60, indicating a weakly oscillating market; the pressure level is 2300, and the support level is 2000 [10] - **Option Strategy Recommendations**: Construct a bear spread strategy with put options for directional returns; construct a short - biased call + put option combination strategy for option time value; construct a long collar strategy for spot hedging [10] - **Ethylene Glycol** - **Underlying Market Analysis**: Port inventory is expected to increase at a slower pace, and the supply - demand balance sheet is expected to improve. The ethylene glycol price has shown a weak market trend [11] - **Option Factor Research**: The implied volatility of ethylene glycol options fluctuates below the average level; the open interest PCR is below 0.70, indicating strong short - side power; the pressure level is 4500, and the support level is 3500 [11] - **Option Strategy Recommendations**: Construct a bear spread strategy with put options for directional returns; construct a short - volatility strategy for time value returns; construct a long collar strategy for spot hedging [11] 3.5.3 Polyolefin - related Options - **Polypropylene** - **Underlying Market Analysis**: PE and PP production and trading enterprise inventories have decreased. The polypropylene price has shown a weak market trend [11] - **Option Factor Research**: The implied volatility of polypropylene options has decreased to near the average level; the open interest PCR is around 0.70, indicating a weak market; the pressure level is 7000, and the support level is 6300 [11] - **Option Strategy Recommendations**: Construct a bear spread strategy with put options for directional returns; construct a long collar strategy for spot hedging [11] 3.5.4 Rubber - related Options - **Rubber** - **Underlying Market Analysis**: The exchange's rubber inventory and warehouse receipts are expected to significantly decrease. The rubber price has shown a weakly oscillating market trend [12] - **Option Factor Research**: The implied volatility of rubber options has decreased to near the average level after a sharp rise; the open interest PCR is below 0.60; the pressure level is 16000, and the support level is 15000 [12] - **Option Strategy Recommendations**: Construct a neutral - biased call + put option combination strategy for option time value and directional returns [12] 3.5.5 Polyester - related Options - **PTA** - **Underlying Market Analysis**: PTA social inventory is decreasing, and the downstream load remains high. The PTA price has shown a rebound trend [12] - **Option Factor Research**: The implied volatility of PTA options fluctuates above the average level; the open interest PCR is around 0.70, indicating an oscillating market; the pressure level is 4700, and the support level is 4300 [12] - **Option Strategy Recommendations**: Construct a neutral - biased call + put option combination strategy for option time value [12] 3.5.6 Alkali - related Options - **Caustic Soda** - **Underlying Market Analysis**: Supply is sufficient, and downstream demand is weak. The caustic soda price has shown a weak short - side market trend [13] - **Option Factor Research**: The implied volatility of caustic soda options fluctuates at a relatively high level; the open interest PCR is below 0.60, indicating a weak market; the pressure level is 3000, and the support level is 2200 [13] - **Option Strategy Recommendations**: Construct a bear spread strategy for directional returns; construct a long collar strategy for spot hedging [13] - **Soda Ash** - **Underlying Market Analysis**: Factory inventory has decreased. The soda ash price has shown a low - level weak oscillating market trend [13] - **Option Factor Research**: The implied volatility of soda ash options fluctuates at a relatively high historical level; the open interest PCR is below 0.60, indicating strong short - side pressure; the pressure level is 1860, and the support level is 1100 [13] - **Option Strategy Recommendations**: Construct a bear spread strategy for directional returns; construct a short - volatility combination strategy for volatility returns; construct a long collar strategy for spot hedging [13] 3.5.7 Other Options - Urea - **Underlying Market Analysis**: Enterprise inventory has decreased, and port inventory is expected to increase. The urea price has shown a trend of low - level oscillation and gradual rebound [14] - **Option Factor Research**: The implied volatility of urea options fluctuates slightly around the historical average level; the open interest PCR is below 0.60, indicating strong short - side pressure; the pressure level is 1800, and the support level is 1600 [14] - **Option Strategy Recommendations**: Construct a long - biased call + put option combination strategy for option time value and directional returns; construct a long collar strategy for spot hedging [14]

Report Summary - **Report Date**: December 5, 2025 [1] - **Report Title**: Metal Options Strategy Morning Report 1. Industry Investment Rating - No industry investment rating is provided in the report 2. Core Viewpoints - For non - ferrous metals showing a bullish upward trend, construct a neutral volatility strategy for sellers [2]. - For the black series with large - amplitude fluctuations, construct a short - volatility portfolio strategy [2]. - For precious metals rebounding and rising, construct a bull spread portfolio strategy [2] 3. Summary by Related Catalogs 3.1 Futures Market Overview | Option Variety | Latest Price | Change | Change Rate (%) | Volume (10,000 lots) | Volume Change | Open Interest (10,000 lots) | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | | Copper | 90,960 | 170 | 0.19 | 22.53 | 9.93 | 23.46 | 1.06 | | Aluminum | 22,235 | 175 | 0.79 | 24.64 | 8.48 | 24.45 | - 0.48 | | Zinc | 23,010 | 170 | 0.74 | 16.43 | 5.79 | 10.57 | 0.11 | | Lead | 17,305 | 120 | 0.70 | 3.73 | 1.03 | 4.66 | 0 | | Nickel | 117,700 | - 30 | - 0.03 | 10.33 | - 0.91 | 11.80 | - 0.06 | | Tin | 320,070 | 1,690 | 0.53 | 34.50 | 13.90 | 5.21 | - 0.10 | | Alumina | 2,590 | - 30 | - 1.15 | 18.44 | - 2.01 | 32.93 | - 1.51 | | Gold | 958.46 | 0.82 | 0.09 | 31.05 | 1.04 | 19.76 | - 0.02 | | Silver | 13,366 | - 260 | - 1.91 | 228.09 | - 38.35 | 45.24 | - 0.61 | | Lithium Carbonate | 92,400 | - 1,140 | - 1.22 | 1.20 | 0.03 | 2.62 | 0.04 | | Industrial Silicon | 8,925 | - 35 | - 0.39 | 1.65 | 0.13 | 6.76 | 0.46 | | Polysilicon | 55,520 | 300 | 0.54 | 1.76 | 0.41 | 3.20 | 0.22 | | Rebar | 3,148 | 11 | 0.35 | 32.20 | - 5.18 | 62.75 | - 5.02 | | Iron Ore | 791.50 | - 2.00 | - 0.25 | 18.67 | 1.72 | 29.37 | - 4.11 | | Manganese Silicon | 5,778 | 38 | 0.66 | 13.60 | 3.36 | 16.11 | - 3.89 | | Ferrosilicon | 5,468 | 60 | 1.11 | 4.00 | 1.88 | 5.58 | - 1.40 | | Glass | 1,008 | 0 | 0.00 | 116.38 | - 5.97 | 125.61 | - 3.22 | [3] 3.2 Option Factors - Volume and Open Interest PCR - The PCR indicators are mainly used to describe the strength of the option underlying market and the turning point of the underlying market [4] 3.2.1 Volume PCR | Option Variety | Volume PCR | Volume PCR Change | | --- | --- | --- | | Copper | 0.39 | 0.03 | | Aluminum | 0.26 | - 0.02 | | Zinc | 0.32 | - 0.29 | | Lead | 0.37 | - 0.04 | | Nickel | 0.34 | - 0.10 | | Tin | 0.42 | 0.12 | | Alumina | 0.44 | 0.14 | | Gold | 0.36 | - 0.12 | | Silver | 0.79 | 0.21 | | Lithium Carbonate | 0.85 | 0.05 | | Industrial Silicon | 0.75 | 0.21 | | Polysilicon | 0.95 | 0.02 | | Rebar | 0.54 | - 0.07 | | Iron Ore | 1.27 | - 0.42 | | Manganese Silicon | 0.41 | - 0.13 | | Ferrosilicon | 0.34 | - 0.33 | | Glass | 0.89 | 0.26 | [4] 3.2.2 Open Interest PCR | Option Variety | Open Interest PCR | Open Interest PCR Change | | --- | --- | --- | | Copper | 0.83 | 0.06 | | Aluminum | 0.57 | - 0.02 | | Zinc | 0.94 | - 0.05 | | Lead | 0.77 | - 0.02 | | Nickel | 0.57 | 0 | | Tin | 0.85 | 0.19 | | Alumina | 0.23 | 0 | | Gold | 0.56 | - 0.01 | | Silver | 1.34 | 0.03 | | Lithium Carbonate | 0.82 | - 0.02 | | Industrial Silicon | 0.45 | - 0.01 | | Polysilicon | 1.30 | - 0.17 | | Rebar | 0.59 | 0.01 | | Iron Ore | 1.68 | 0.01 | | Manganese Silicon | 0.67 | - 0.01 | | Ferrosilicon | 0.79 | - 0.02 | | Glass | 0.35 | - 0.02 | [4] 3.3 Option Factors - Pressure and Support Levels | Option Variety | Pressure Point | Support Point | | --- | --- | --- | | Copper | 90,000 | 84,000 | | Aluminum | 22,000 | 21,000 | | Zinc | 23,000 | 22,000 | | Lead | 18,000 | 16,800 | | Nickel | 120,000 | 110,000 | | Tin | 335,000 | 290,000 | | Alumina | 3,000 | 2,700 | | Gold | 1,000 | 904 | | Silver | 14,000 | 12,000 | | Lithium Carbonate | 100,000 | 80,000 | | Industrial Silicon | 10,000 | 8,600 | | Polysilicon | 60,000 | 50,000 | | Rebar | 3,200 | 3,000 | | Iron Ore | 900 | 700 | | Manganese Silicon | 6,000 | 5,700 | | Ferrosilicon | 5,700 | 5,400 | | Glass | 1,620 | 1,000 | [5] 3.4 Option Factors - Implied Volatility | Option Variety | At - the - Money Implied Volatility (%) | Weighted Implied Volatility (%) | Weighted Implied Volatility Change | Annual Average | Call Implied Volatility (%) | Put Implied Volatility (%) | HISV20 | Implied - Historical Volatility Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Copper | 19.25 | 22.29 | 1.88 | 17.99 | 23.58 | 18.96 | 15.73 | 3.52 | | Aluminum | 11.89 | 13.42 | 0.44 | 12.40 | 13.63 | 12.61 | 11.10 | 0.79 | | Zinc | 11.19 | 12.59 | 1.44 | 14.21 | 12.80 | 11.92 | 10.89 | 0.30 | | Lead | 10.65 | 13.33 | - 0.22 | 14.69 | 13.80 | 12.09 | 12.51 | - 1.87 | | Nickel | 12.81 | 16.06 | 0.55 | 23.31 | 16.47 | 14.87 | 15.81 | - 3.00 | | Tin | 28.28 | 30.46 | 0.86 | 26.69 | 31.53 | 27.93 | 22.76 | 5.51 | | Alumina | 19.41 | 23.99 | - 0.24 | 29.19 | 26.09 | 19.19 | 22.57 | - 3.16 | | Gold | 20.78 | 24.39 | 0.68 | 22.13 | 25.89 | 20.22 | 22.50 | - 1.72 | | Silver | 38.38 | 40.10 | - 3.26 | 29.82 | 39.95 | 40.28 | 30.87 | 7.51 | | Lithium Carbonate | 34.80 | 34.24 | - 2.89 | 39.79 | 36.20 | 31.95 | 34.89 | - 0.09 | | Industrial Silicon | 20.04 | 23.73 | - 0.32 | 33.57 | 26.65 | 19.84 | 23.29 | - 3.25 | | Polysilicon | 32.67 | 41.71 | 0.84 | 44.01 | 41.23 | 42.22 | 35.36 | - 2.69 | | Rebar | 11.38 | 13.62 | - 0.08 | 16.55 | 13.67 | 13.52 | 13.76 | - 2.38 | | Iron Ore | 16.90 | 18.52 | - 0.47 | 21.46 | 17.28 | 19.49 | 18.84 | - 1.94 | | Manganese Silicon | 12.86 | 14.67 | 0.16 | 21.90 | 14.94 | 14.01 | 13.95 | - 1.09 | | Ferrosilicon | 14.86 | 15.63 | 1.86 | 23.13 | 16.01 | 14.49 | 15.00 | - 0.14 | | Glass | 25.78 | 29.36 | - 1.29 | 36.84 | 31.97 | 26.41 | 30.56 | - 4.79 | [6] 3.5 Strategy and Recommendations 3.5.1 Non - Ferrous Metals - **Copper Options**: Construct a call option bull spread strategy, a short - volatility seller option portfolio strategy, and a spot long - hedging strategy [8] - **Aluminum Options**: Construct a call option bull spread strategy, a short call + put option portfolio strategy with a bullish bias, and a spot collar strategy [9] - **Zinc Options**: Construct a short call + put option portfolio strategy with a neutral bias and a spot collar strategy [9] - **Nickel Options**: Construct a short call + put option portfolio strategy with a bearish bias and a spot covered - call strategy [10] - **Tin Options**: Construct a call option bull spread strategy, a short - volatility strategy, and a spot collar strategy [10] - **Lithium Carbonate Options**: Construct a short call + put option portfolio strategy with a bullish bias and a spot long - hedging strategy [11] 3.5.2 Precious Metals (Silver) - Construct a short - volatility option seller portfolio strategy with a bullish bias and a spot hedging strategy [12] 3.5.3 Black Series - **Rebar Options**: Construct a short call + put option portfolio strategy with a bearish bias and a spot covered - call strategy [13] - **Iron Ore Options**: Construct a short call + put option portfolio strategy with a bearish bias and a spot long - collar strategy [13] - **Ferroalloy Options (Manganese Silicon)**: Construct a short - volatility strategy [14] - **Industrial Silicon Options**: Construct a short call + put option portfolio strategy to short volatility and a spot long - hedging strategy [14] - **Glass Options**: Construct a short call + put option portfolio strategy to short volatility and a spot long - collar strategy [15]