Report Industry Investment Rating No relevant content provided. Report's Core View - The report provides a comprehensive analysis of the metal options market, including the market situation of various metal futures, option factors, and corresponding option strategies and suggestions for different metal sectors such as non - ferrous metals, precious metals, and black metals [2][7]. Summary by Related Catalogs 1. Market Overview of Underlying Futures - The latest prices, price changes, trading volumes, and open interest changes of multiple metal futures such as copper, aluminum, and zinc are presented. For example, the latest price of copper (CU2508) is 80,540, with a decline of 220 and a decrease rate of 0.27% [3]. 2. Option Factors 2.1 Volume - Open Interest PCR - The volume PCR and open - interest PCR of various metal options are given, which are used to describe the strength of the option underlying market and the turning point of the underlying market. For example, the volume PCR of copper options is 0.38, with a change of 0.02, and the open - interest PCR is 0.66, with a change of 0.04 [4]. 2.2 Pressure and Support Levels - The pressure points, support points, and the maximum open interest of call and put options of different metal options are analyzed. For example, the pressure point of copper options is 82,000, and the support point is 77,000 [5]. 2.3 Implied Volatility - The implied volatility data of various metal options, including at - the - money implied volatility, weighted implied volatility, and its changes, are provided. For example, the at - the - money implied volatility of copper options is 13.53, and the weighted implied volatility is 18.71, with a change of - 0.83 [6]. 3. Strategies and Suggestions 3.1 Non - Ferrous Metals - **Copper Options**: Directional strategy is to construct a bull spread combination strategy of call options; volatility strategy is to construct a short - volatility seller option combination strategy; and a spot hedging strategy is also provided [8]. - **Aluminum/Alumina Options**: Directional strategy is a bull spread combination strategy of call options; volatility strategy is to construct a short call + put option combination strategy; and a spot collar strategy is provided [9]. - **Zinc/Lead Options**: Directional strategy is to construct a bull spread combination strategy; volatility strategy is to construct a short neutral call + put option combination strategy; and a spot collar strategy is provided [9]. - **Nickel Options**: Volatility strategy is to construct a short bearish call + put option combination strategy; and a spot long - position hedging strategy is provided [10]. - **Tin Options**: Volatility strategy is a short - volatility strategy; and a spot collar strategy is provided [10]. - **Lithium Carbonate Options**: Volatility strategy is to construct a short neutral call + put option combination strategy; and a spot covered - call strategy is provided [11]. 3.2 Precious Metals - **Gold/Silver Options**: Volatility strategy is to construct a short - volatility option seller combination strategy with a long - bias; and a spot hedging strategy is provided [12]. 3.3 Black Metals - **Rebar Options**: Volatility strategy is to construct a short neutral call + put option combination strategy; and a spot covered - call strategy is provided [13]. - **Iron Ore Options**: Volatility strategy is to construct a short neutral call + put option combination strategy; and a spot long - collar strategy is provided [13]. - **Ferroalloy Options**: Volatility strategy is a short - volatility strategy [14]. - **Industrial Silicon/Polysilicon Options**: Volatility strategy is to construct a short neutral call + put option combination strategy; and a spot covered - call strategy is provided [14]. - **Glass Options**: Volatility strategy is to construct a short - volatility call + put option combination strategy; and a spot long - collar strategy is provided [15].