Group 1: Report Overview - The report is a metal options strategy morning report dated August 22, 2025 [1] - The core view is to provide option strategy suggestions for different metal sectors, including non - ferrous metals, precious metals, and black metals [2] Group 2: Market Overview Futures Market - Copper (CU2510) latest price is 78,710, up 140 (0.18%), volume 3.60 million lots, open interest 14.34 million lots [3] - Aluminum (AL2510) latest price is 20,720, up 120 (0.58%), volume 12.45 million lots, open interest 23.39 million lots [3] - And so on for other metals like zinc, lead, nickel, etc. Option Factors Volume and Open Interest PCR - Copper: volume PCR is 0.77, down 0.16; open interest PCR is 0.87, down 0.01 [4] - Aluminum: volume PCR is 0.79, down 0.47; open interest PCR is 0.93, up 0.02 [4] Pressure and Support Levels - Copper: pressure point is 82,000, support point is 78,000 [5] - Aluminum: pressure point is 20,800, support point is 20,000 [5] Implied Volatility - Copper: flat - implied volatility is 8.46%, weighted implied volatility is 14.67%, up 1.67% [6] - Aluminum: flat - implied volatility is 8.86%, weighted implied volatility is 12.10%, up 0.03% [6] Group 3: Strategy and Suggestions Non - Ferrous Metals Copper - Fundamental: three major exchanges' copper inventory increased by 0.7 million tons [7] - Market analysis: since June, it has been in a high - level consolidation [7] - Option strategy: build a short - volatility seller option portfolio and a spot hedging strategy [7] Aluminum/Alumina - Fundamental: domestic aluminum ingot inventory increased, while保税区 inventory decreased [9] - Market analysis: showed a high - level shock and decline [9] - Option strategy: build a neutral short - volatility option combination and a spot collar strategy [9] Other Non - Ferrous Metals - Similar analysis and strategy suggestions are provided for zinc, lead, nickel, tin, and lithium carbonate [9][10][11] Precious Metals Gold/Silver - Fundamental: US CPI data is provided [12] - Market analysis: gold showed a short - term consolidation and decline [12] - Option strategy: build a neutral short - volatility option seller combination and a spot hedging strategy [12] Black Metals Rebar - Fundamental: rebar social inventory and factory inventory increased [13] - Market analysis: showed a downward trend with pressure [13] - Option strategy: build a bearish option spread strategy and a short - volatility option combination [13] Other Black Metals - Similar analysis and strategy suggestions are provided for iron ore, ferroalloys, industrial silicon, polysilicon, and glass [13][14][15]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - For non - ferrous metals, a neutral volatility strategy for sellers is recommended as they tend to move upwards. For the black series, a short - volatility combination strategy is suitable due to large - amplitude fluctuations. For precious metals, a spot hedging strategy is suggested as they are consolidating at high levels [2] 3. Summary by Related Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest of various metal futures contracts are presented. For example, the copper contract CU2509 is priced at 79,110, down 230 (-0.29%), with a trading volume of 5.20 million lots and an open interest of 15.89 million lots [3] 3.2 Option Factors - 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 0.38, down 0.20, and the open - interest PCR is 0.80, down 0.01 [4] 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of each metal option are analyzed. For example, the pressure point of copper options is 82,000, and the support point is 79,000 [5] 3.4 Option Factors - Implied Volatility - The implied volatility of various metal options is given. For example, the at - the - money implied volatility of copper options is 9.12%, and the weighted implied volatility is 15.44%, up 1.78% [6] 3.5 Strategy and Recommendations 3.5.1 Non - Ferrous Metals - **Copper Options**: The inventory of the three major exchanges has increased. A short - volatility seller option combination strategy and a spot hedging strategy are recommended [7] - **Aluminum/Alumina Options**: The market shows a bullish trend with high - level oscillations. A neutral short - call + short - put option combination strategy and a spot collar strategy are suggested [9] - **Zinc/Lead Options**: The inventory is at a low level. A neutral short - call + short - put option combination strategy and a spot collar strategy are recommended [9] - **Nickel Options**: The market is in a wide - range oscillation with short - selling pressure. A short - call + short - put option combination strategy with a short bias and a spot long - position hedging strategy are proposed [10] - **Tin Options**: The market is in a short - term weak oscillation. A short - volatility strategy and a spot collar strategy are recommended [10] - **Lithium Carbonate Options**: The market shows a short - term bullish trend. A long - biased short - call + short - put option combination strategy and a spot long - position hedging strategy are suggested [11] 3.5.2 Precious Metals - **Gold/Silver Options**: The gold market is expected to rise in the fourth quarter. A neutral short - volatility option seller combination strategy and a spot hedging strategy are recommended [12] 3.5.3 Black Series - **Rebar Options**: The inventory is increasing, and the market is in a small - amplitude consolidation oscillation. A neutral short - call + short - put option combination strategy and a spot long - position covered - call strategy are suggested [13] - **Iron Ore Options**: The inventory is rising, and the market is in a bullish oscillation. A neutral short - call + short - put option combination strategy and a spot long - position collar strategy are recommended [13] - **Ferroalloy Options**: The manganese - silicon market has large fluctuations. A short - volatility strategy is recommended [14] - **Industrial Silicon/Polysilicon Options**: The market has large - amplitude fluctuations. A short - volatility short - call + short - put option combination strategy and a spot hedging strategy are suggested [14] - **Glass Options**: The market is in a weak trend. A short - volatility short - call + short - put option combination strategy and a spot long - position collar strategy are recommended [15]