1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - The report presents the market data, option factors, and strategy suggestions for various non - ferrous metal options, including aluminum alloy, aluminum, alumina, copper, nickel, lead, tin, and zinc options. It analyzes the price trends, volatility, and market sentiment of these options, and provides corresponding trading strategies based on different market conditions [3][6][7]. 3. Summary by Related Catalogs 3.1. Aluminum Alloy (AD) - **Market Data**: The ad2604 contract closed at 22,710 yuan yesterday, up 200 yuan (0.88%) from the previous day. The trading volume was 10,719 lots, an increase of 3,854 lots, and the open interest was 9,330 lots, a decrease of 2,149 lots [3][6]. - **Option Factors**: The implied volatility of AD options fluctuates above the mean of 0.0000. The AD option open interest PCR is 0.6382, at the 0.00% level in the past year. The pressure level is 22,000, and the support level is 22,200 [6]. - **Strategy Suggestions**: For the directional strategy, there is no suggestion. For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and dynamically adjust the positions to keep the delta neutral, such as S_AD2604C23000, S_AD2604P22000 [7]. 3.2. Aluminum (AL) - **Market Data**: The al2604 contract closed at 23,845 yuan yesterday, up 145 yuan (0.61%) from the previous day. The trading volume was 266,795 lots, an increase of 28,445 lots, and the open interest was 252,168 lots, an increase of 4,008 lots [15][18]. - **Option Factors**: The implied volatility of AL options fluctuates above the mean of 0.0000. The AL option open interest PCR is 0.5458, at the 4.49% level in the past year. The pressure level is 25,000, and the support level is 23,000 [18]. - **Strategy Suggestions**: For the directional strategy, construct a bull call spread strategy to obtain directional income, such as B_AL2604C23600, S_AL2604C24600. For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and dynamically adjust the positions to keep the delta neutral, such as S_AL2604P23600, S_AL2604C24400, S_AL2604C24600 [19]. 3.3. Alumina (AO) - **Market Data**: The ao2605 contract closed at 2,820 yuan yesterday, down 32 yuan (1.12%) from the previous day. The trading volume was 448,156 lots, an increase of 169,107 lots, and the open interest was 340,118 lots, an increase of 35,111 lots [27][30]. - **Option Factors**: The implied volatility of AO options fluctuates above the mean of 0.0000. The AO option open interest PCR is 0.2496, at the 17.55% level in the past year. The pressure level is 3,500, and the support level is 2,350 [30]. - **Strategy Suggestions**: For the directional strategy, there is no suggestion. For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and dynamically adjust the positions to keep the delta neutral, such as S_AO2605C2950, S_AO2605P2700 [31]. 3.4. Copper (CU) - **Market Data**: The cu2604 contract closed at 102,670 yuan yesterday, up 220 yuan (0.21%) from the previous day. The trading volume was 105,699 lots, an increase of 105,699 lots, and the open interest was 184,703 lots, an increase of 11,195 lots [39][42]. - **Option Factors**: The implied volatility of CU options fluctuates above the mean of 0.0000. The CU option open interest PCR is 0.5947, at the 1.63% level in the past year. The pressure level is 116,000, and the support level is 94,000 [42]. - **Strategy Suggestions**: For the directional strategy, construct a bull call spread strategy to obtain directional income, such as B_CU2604C100000, S_CU2604C106000. For the volatility strategy, construct a short - volatility option seller combination strategy to obtain time - value income, such as S_CU2604P98000, S_CU2604P100000, S_CU2604C108000, S_CU2604C112000 [43]. 3.5. Nickel (NI) - **Market Data**: The ni2605 contract closed at 141,040 yuan yesterday, down 480 yuan (0.33%) from the previous day. The trading volume was 368,199 lots, an increase of 368,199 lots, and the open interest was 205,915 lots, an increase of 17,485 lots [52][55]. - **Option Factors**: The implied volatility of NI options fluctuates above the mean of 0.0000. The NI option open interest PCR is 0.5329, at the 44.08% level in the past year. The pressure level is 150,000, and the support level is 130,000 [55]. - **Strategy Suggestions**: For the directional strategy, there is no suggestion. For the volatility strategy, construct a short - biased call + put option combination strategy to obtain option time - value income and dynamically adjust the positions to keep the delta short, such as S_NI2604P126000, S_NI2604P130000, S_NI2604C146000, S_NI2604C150000 [56]. 3.6. Lead (PB) - **Market Data**: The pb2604 contract closed at 16,795 yuan yesterday, up 50 yuan (0.29%) from the previous day. The trading volume was 55,290 lots, a decrease of 12,415 lots, and the open interest was 64,924 lots, a decrease of 7,072 lots [64][67]. - **Option Factors**: The implied volatility of PB options fluctuates above the mean of 0.0000. The PB option open interest PCR is 0.7409, at the 57.14% level in the past year. The pressure level is 19,600, and the support level is 16,400 [67]. - **Strategy Suggestions**: For the directional strategy, there is no suggestion. For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and dynamically adjust the positions to keep the delta neutral, such as S_PB2604P16200, S_PB2604C17200, S_PB2604C17600 [68]. 3.7. Tin (SN) - **Market Data**: The sn2603 contract closed at 414,180 yuan yesterday, up 13,320 yuan (3.32%) from the previous day. The trading volume was 163,249 lots, a decrease of 9,976 lots, and the open interest was 12,801 lots, a decrease of 5,545 lots [76][79]. - **Option Factors**: The implied volatility of SN options fluctuates above the mean of 0.0000. The SN option open interest PCR is 0.843, at the 57.14% level in the past year. The pressure level is 525,000, and the support level is 350,000 [79]. - **Strategy Suggestions**: For the directional strategy, there is no suggestion. For the volatility strategy, use a short - volatility strategy to obtain time - value income, such as S_SN2604P38000, S_SN2604C430000 [80]. 3.8. Zinc (ZN) - **Market Data**: The zn2604 contract closed at 24,570 yuan yesterday, down 70 yuan (0.28%) from the previous day. The trading volume was 94,374 lots, an increase of 94,374 lots, and the open interest was 92,762 lots, an increase of 3,278 lots [88][91]. - **Option Factors**: The implied volatility of ZN options fluctuates above the mean of 0.0000. The ZN option open interest PCR is 0.7843, at the 40.41% level in the past year. The pressure level is 25,000, and the support level is 24,000 [91]. - **Strategy Suggestions**: For the directional strategy, there is no suggestion. For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and dynamically adjust the positions to keep the delta neutral, such as S_ZN2604P24000, S_ZN2604P24200, S_ZN2604C25000, S_ZN2604C25500 [92].

Group 1: Report Summary - Report Title: Metal Options Strategy Morning Report [1] - Report Date: January 7, 2026 - Research Team: Li Liqin, Huang Kehan, Li Renjun [2] Group 2: Investment Ratings - No investment ratings were provided in the report. Group 3: Core Views - For non - ferrous metals, which are trending upwards, a seller's neutral volatility strategy is recommended [2]. - For the black series, which are experiencing significant fluctuations, a short - volatility portfolio strategy is suitable [2]. - For precious metals, which are rebounding, a bull spread portfolio strategy is suggested [2]. Group 4: Market Overview Futures Market - Copper (CU2602) closed at 104,600, up 1,300 (1.26%) with a trading volume of 29.10 million hands and an open interest of 22.36 million hands [3]. - Aluminum (AL2602) closed at 24,695, up 620 (2.58%) with a trading volume of 55.17 million hands and an open interest of 25.31 million hands [3]. - Other metals such as zinc, lead, nickel, etc., also had their respective price changes, trading volumes, and open interest as detailed in the report [3]. Option Factors - Volume and Open Interest PCR: Different metals had varying volume and open - interest PCR values, which are used to describe the strength of the option underlying and potential turning points [4]. - Pressure and Support Levels: Pressure and support levels were identified for each metal option based on the strike prices of the maximum open interest of call and put options [5]. - Implied Volatility: Implied volatility data for each metal option were presented, including at - the - money implied volatility, weighted implied volatility, and its changes [6]. Group 5: Strategy Recommendations Non - Ferrous Metals - **Copper**: A bull spread strategy for call options, a short - volatility seller's option portfolio strategy, and a spot long - hedging strategy are recommended [7]. - **Aluminum**: A bull spread strategy for call options, a short - volatility option portfolio strategy with a positive delta, and a spot collar strategy are suggested [9]. - **Zinc**: A short - volatility option portfolio strategy with a long - delta and a spot collar strategy are recommended [9]. - **Nickel**: A bull spread strategy for call options, a short - volatility option portfolio strategy with a long - delta, and a spot covered - call strategy are suggested [10]. - **Tin**: A short - volatility strategy and a spot collar strategy are recommended [10]. - **Lithium Carbonate**: A short - volatility option portfolio strategy with a long - delta and a spot long - hedging strategy are suggested [11]. Precious Metals - **Silver**: A short - volatility option seller's portfolio strategy with a neutral delta and a spot hedging strategy are recommended [12]. Black Series - **Rebar**: A short - volatility option portfolio strategy with a short - delta and a spot covered - call strategy are suggested [13]. - **Iron Ore**: A short - volatility option portfolio strategy with a neutral delta and a spot long - collar strategy are recommended [13]. - **Ferroalloys (Manganese Silicon and Silicon Iron)**: Strategies such as short - volatility strategies and spot hedging strategies are recommended according to their respective market conditions [14]. - **Industrial Silicon**: A short - volatility option portfolio strategy with a neutral delta and a spot long - hedging strategy are suggested [14]. - **Glass**: A short - volatility option portfolio strategy and a spot long - collar strategy are recommended [15].

Group 1: Report Overview - The report is an energy and chemical options strategy morning report dated January 6, 2026 [2] - It covers various energy and chemical options, including energy (crude oil, LPG), polyolefins (PP, PVC, etc.), polyesters (PX, PTA, etc.), and alkali chemicals (caustic soda, soda ash) [3] - The recommended strategy is to construct option combination strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3] Group 2: Underlying Futures Market Overview - The table shows the latest prices, price changes, trading volumes, and open interest of various option underlying futures contracts [4] - For example, the latest price of crude oil (SC2602) is 428, with a price increase of 1 and a gain of 0.30%, trading volume of 4.45 million lots, and open interest of 3.43 million lots [4] Group 3: Option Factors - Volume and Open Interest PCR - The table 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 options [5] - Volume PCR and open interest PCR are used to describe the strength of the option underlying market and the turning point of the underlying market, respectively [5] Group 4: Option Factors - Resistance and Support Levels - The table lists the at - the - money strike price, resistance point, resistance point deviation, support point, support point deviation, maximum call option open interest, and maximum put option open interest of various options [6] - These levels are determined based on the strike prices of the maximum open interest of call and put options [6] Group 5: Option Factors - Implied Volatility - The table shows the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call option implied volatility, put option implied volatility, HISV20, and the difference between implied and historical volatility of various options [7] - The weighted implied volatility uses volume - weighted average [7] Group 6: Strategy and Recommendations for Energy Options - Crude Oil - Fundamental analysis: US military raid on Maduro, Saudi - UAE rift in Yemen, OPEC+ expected to maintain production policy, NNPC aims to increase production [8] - Market analysis: Crude oil showed a weak - biased market trend after a series of price movements [8] - Option factor research: Implied volatility remained below the average, open interest PCR indicated a weak market, resistance level was 540, and support level was 440 [8] - Strategy recommendations: Directional strategy: None; Volatility strategy: Construct a short - biased call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [8] Group 7: Strategy and Recommendations for Other Options - Similar analyses and strategy recommendations are provided for LPG, methanol, ethylene glycol, PVC, rubber, PTA, caustic soda, soda ash, and urea options [9][10][11] - Each analysis includes fundamental analysis, market analysis, option factor research, and corresponding strategy recommendations [10][11]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For non - ferrous metals, a neutral volatility strategy for sellers can be constructed as they are trending upwards; for black metals, a short - volatility combination strategy is suitable due to their large - amplitude fluctuations; for precious metals, a bull - spread combination strategy can be built as they are rebounding and rising [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Copper (CU2602) closed at 101,380, up 3,270 (3.33%), with a trading volume of 28.70 million lots and an open interest of 25.21 million lots [3] - Aluminum (AL2602) closed at 22,520, up 135 (0.60%), with a trading volume of 35.36 million lots and an open interest of 29.96 million lots [3] - Zinc (ZN2602) closed at 23,215, up 85 (0.37%), with a trading volume of 14.57 million lots and an open interest of 9.74 million lots [3] - And so on for other metals including lead, nickel, tin, etc. 3.2 Option Factors - Volume and Open Interest PCR - For copper, the volume PCR is 0.45 (down 0.13), and the open interest PCR is 0.74 (up 0.08) [4] - For aluminum, the volume PCR is 0.25 (down 0.29), and the open interest PCR is 0.52 (down 0.04) [4] - Similar data are provided for other metals 3.3 Option Factors - Pressure and Support Levels - For copper, the pressure level is 98,000 and the support level is 90,000 [5] - For aluminum, the pressure level is 23,000 and the support level is 21,400 [5] - Other metals also have their corresponding pressure and support levels 3.4 Option Factors - Implied Volatility - For copper, the at - the - money implied volatility is 30.23%, the weighted implied volatility is 32.68% (up 5.44%) [6] - For aluminum, the at - the - money implied volatility is 18.46%, the weighted implied volatility is 22.02% (up 3.56%) [6] - Implied volatility data are available for all metals 3.5 Strategy and Recommendations 3.5.1 Non - ferrous Metals - **Copper**: Build a bull - spread combination strategy for call options and a short - volatility seller option combination strategy; for spot hedging, hold a long spot position + buy put options + sell out - of - the - money call options [7] - **Aluminum**: Construct a bull - spread combination strategy for call options, a short - call + put option combination strategy; for spot hedging, use a collar strategy [9] - Similar strategies are provided for zinc, nickel, tin, and lithium carbonate 3.5.2 Precious Metals - **Silver**: Build a bull - spread combination strategy for call options, a short - volatility option seller combination strategy; for spot hedging, hold a long spot position + buy put options + sell out - of - the - money call options [12] 3.5.3 Black Metals - **Rebar**: Build a short - call + put option combination strategy for a short - bias; for spot hedging, hold a long spot position + sell call options [13] - **Iron ore**: Build a short - neutral call + put option combination strategy; for spot hedging, use a collar strategy [13] - Similar strategies are provided for ferroalloys, industrial silicon, and glass

Report Date - The report is dated December 26, 2025 [1] Core Viewpoints - For non - ferrous metals showing a bullish upward trend, construct a seller neutral volatility strategy [2] - For the black metals maintaining a large - amplitude volatile market, construct a short - volatility portfolio strategy [2] - For precious metals rebounding and rising, construct a bull spread portfolio strategy [2] Summary of Each Section 1. Futures Market Overview - The table presents the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open - interest changes of various metal futures contracts [3] 2. Option Factors - Volume and Open - Interest PCR - The volume PCR and open - interest PCR of different metal options are provided, along with their changes, which can be used to analyze the strength of the option underlying market and potential turning points [4] 3. Option Factors - Pressure and Support Levels - The pressure points, pressure - point offsets, support points, support - point offsets, maximum call option holdings, and maximum put option holdings of different metal options are given, helping to identify potential price barriers and supports [5] 4. Option Factors - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, weighted implied - volatility changes, annual average implied volatility, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility of various metal options are presented [6] 5. Option Strategies and Recommendations Non - Ferrous Metals - **Copper**: Construct a bull spread strategy for call options, a short - volatility seller option portfolio strategy, and a spot long - hedging strategy [7] - **Aluminum**: Construct a short - volatility strategy by selling call and put options and a spot collar strategy [9] - **Zinc**: Construct a short - volatility strategy by selling call and put options and a spot collar strategy [9] - **Nickel**: Construct a bull spread strategy for call options, a short - volatility strategy by selling call and put options, and a spot covered - call strategy [10] - **Tin**: Construct a bull spread strategy for call options, a short - volatility strategy, and a spot collar strategy [10] - **Lithium Carbonate**: Construct a bull spread strategy for call options, a short - volatility strategy by selling call and put options, and a spot long - hedging strategy [11] Precious Metals - **Silver**: Construct a bull spread strategy for call options, a short - volatility option seller portfolio strategy, and a spot hedging strategy [12] Black Metals - **Rebar**: Construct a short - volatility strategy by selling call and put options and a spot covered - call strategy [13] - **Iron Ore**: Construct a short - volatility strategy by selling call and put options and a spot long - collar strategy [13] - **Ferroalloys (Manganese Silicon and Silicon Iron)**: For manganese silicon, construct a short - volatility strategy; for silicon iron, construct a short - volatility strategy and a spot hedging - related strategy [13][14] - **Industrial Silicon**: Construct a bear spread strategy for put options, a short - volatility strategy by selling call and put options, and a spot hedging strategy [14] - **Glass**: Construct a bear spread strategy for put options, a short - volatility strategy by selling call and put options, and a spot long - collar strategy [15]

Group 1 - The core viewpoint indicates that while the index has broken through resistance levels, caution is advised for the next two days to avoid making incorrect directional trades [2] - The mid-term analysis highlights two critical details: direction and strength. The direction is confirmed as the Shenzhen index has broken the descending channel, while the CSI 2000 is close to its previous high [2] - In terms of strength, although the index has risen, only 60% of stocks have increased, and the CSI 1000 has not fully surpassed its resistance level, indicating a moderate upward trend with controlled speed [2] Group 2 - The upcoming challenges include the CSI 1000 facing a resistance level at 7450 and the Shenzhen index at around 13400, suggesting that a complete breakthrough is unlikely in the immediate future [2] - The expectation for the next two days is a gentle rise to test the next resistance level, followed by a potential pullback, with a short-term peak likely to be reached within one to two hours [2] - The overall market sentiment is summarized as having the right directional choice and a healthy rhythm, although the strength and speed are somewhat lacking, which is not necessarily negative as initial phases often exhibit slower speeds [2]

Group 1 - The market showed signs of a potential breakout between the 5-month and 5-week moving averages, with a closing above 3900 indicating a short-term bullish control [2][3] - The index closed with a small bullish candle, suggesting a short-term advantage for bulls, despite a mid-term weakening [3] - Key resistance levels are identified at 3912-3922, while support levels are at 3880, indicating critical points for market movement [4][5] Group 2 - The daily critical area for the market is between 3907 and 3894, with a strong trend expected only if it remains above this range [4] - The short-term technical indicators suggest potential upward movement, but caution is advised if volume does not support the rally [3][4] - The long-term outlook indicates that maintaining above the 60-day moving average is necessary to return to a bull market, while staying above the 250-day moving average is essential to avoid a bear market [5]

Market Analysis - The market experienced a significant rise, prompting discussions on whether retail investors should increase or decrease their positions. The recommendation is to neither add nor reduce positions at this time [1] - A previous resistance level was identified at 3222 points, which is a dense trading area. After a bottom-fishing strategy was employed last Wednesday, a reduction in positions was made upon reaching this resistance level [1] - The current market rebound is facing selling pressure from previously trapped investors, which may increase the short-term supply of stocks [1] Investment Strategy - Retail investors are often advised to be greedy during market pullbacks, but the current situation suggests caution due to the resistance level and potential selling pressure [1] - The common mistake among retail investors is to chase stocks during upward trends and panic during downturns, highlighting the need for a clearer understanding of market dynamics [1] Sector Insights - The BC battery sector was noted for leading the market decline, with expectations of a gradual correction rather than a swift one, potentially following an ABC pattern [1] - The lithium battery sector is experiencing upward momentum due to price increases from VC, indicating strong upward forces. If BC battery prices decline further, it may signal the end of downward pressure, allowing upward forces to re-emerge [1]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - For non - ferrous metals, construct a seller neutral volatility strategy as they are in a range - bound oscillation; for black metals, build a short - volatility portfolio strategy due to their large - amplitude fluctuations; for precious metals, create a spot hedging strategy following their significant decline from high levels [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The latest prices of various metal futures showed different trends, with most experiencing price drops. For example, copper (CU2512) dropped by 0.86% to 85,690, and aluminum (AL2512) decreased by 0.35% to 21,405. Trading volumes and open interests also varied among different metals [3]. 3.2 Option Factors - Volume and Open Interest PCR - PCR indicators describe the strength of option underlying market trends and potential turning points. For instance, the copper option's volume PCR was 0.61, and the open interest PCR was 0.78 [4]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of the strike prices with the largest open interest in call and put options, the pressure and support levels of each metal option were identified. For example, the pressure level of copper was 90,000, and the support level was 84,000 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of each metal option showed different levels and trends. For example, the implied volatility of copper was 15.56% at the at - the - money strike, and the weighted implied volatility was 19.01%, showing a decrease of 1.39% [6]. 3.5 Strategy and Recommendations for Different Metals 3.5.1 Non - Ferrous Metals - **Copper**: The fundamentals showed inventory changes in major exchanges. The market was in a high - level consolidation with support. Option strategies included a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7]. - **Aluminum**: Inventory data indicated a complex situation. The market showed a long - biased upward high - level oscillation. Strategies included a bullish call option spread strategy, a short - volatility strategy, and a spot collar strategy [9]. - **Zinc**: The fundamentals involved TC prices and inventory data. The market was in a fluctuating recovery with pressure. Strategies included a short - volatility strategy and a spot collar strategy [9]. - **Nickel**: Global inventory increased. The market was in a wide - range oscillation with short - side pressure. Strategies included a short - volatility strategy and a spot covered - call strategy [10]. - **Tin**: The supply side faced challenges. The market showed a short - term high - level oscillation with support. Strategies included a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate**: Inventory was being depleted. The market was in an oscillating recovery followed by a rapid decline. Strategies included a short - volatility strategy and a spot long - hedging strategy [11]. 3.5.2 Precious Metals - **Gold**: The Fed's policy influenced the market. The market showed a long - term upward trend with high - level consolidation. Strategies included a short - volatility neutral option seller portfolio strategy and a spot hedging strategy [12]. 3.5.3 Black Metals - **Rebar**: Inventory decreased. The market was in a weak short - side trend with pressure. Strategies included a short - volatility strategy and a spot long - covered - call strategy [14]. - **Iron Ore**: Port inventory increased. The market was in a weak oscillating downward trend with support and pressure. Strategies included a short - volatility strategy and a spot long - collar strategy [14]. - **Ferroalloy (Manganese Silicon)**: Production was stable with high inventory. The market was in a weak short - side trend. Strategies included a short - volatility strategy [15]. - **Industrial Silicon**: Inventory remained high. The market was in a large - range oscillating weak trend. Strategies included a short - volatility strategy and a spot hedging strategy [15]. - **Glass**: Production was stable, and inventory decreased. The market was in a weak trend with pressure. Strategies included a short - volatility strategy and a spot long - collar strategy [16].

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. For non - ferrous metals, a neutral volatility seller strategy can be constructed as they are in a range - bound state; for black metals with large - amplitude fluctuations, a short - volatility portfolio strategy is suitable; for precious metals with an upward - breaking trend, a spot hedging strategy is recommended [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Copper (CU2511) closed at 86,520, up 1,710 (2.02%), with a trading volume of 29.14 million lots and an open interest of 20.18 million lots [3]. - Aluminum (AL2511) closed at 20,975, up 115 (0.55%), with a trading volume of 19.17 million lots and an open interest of 17.09 million lots [3]. - Other metals such as zinc, lead, nickel, etc., also have detailed price, trading volume, and open - interest data presented [3]. 3.2 Option Factors - Volume and Open Interest PCR - For copper options, the volume PCR is 0.74 (up 0.40), and the open - interest PCR is 0.71 (down 0.03) [4]. - Aluminum options have a volume PCR of 1.03 (up 0.63) and an open - interest PCR of 0.84 (up 0.11) [4]. - Different metals' option volume and open - interest PCR data reflect market sentiment and potential trend reversals [4]. 3.3 Option Factors - Pressure and Support Levels - Copper's pressure point is 92,000 and support point is 80,000 [5]. - Aluminum's pressure point is 21,400 and support point is 20,400 [5]. - These levels are derived from the strike prices of the maximum open - interest call and put options [5]. 3.4 Option Factors - Implied Volatility - Copper's at - the - money implied volatility is 22.38%, and the weighted implied volatility is 24.94% (down 0.46%) [6]. - Aluminum's at - the - money implied volatility is 9.91%, and the weighted implied volatility is 12.62% (up 0.09%) [6]. - The implied volatility data helps in formulating volatility - based option strategies [6]. 3.5 Option Strategies and Recommendations 3.5.1 Non - Ferrous Metals - **Copper Options**: Construct a short - volatility seller option portfolio strategy and a spot hedging strategy [7]. - **Aluminum/Alumina Options**: Build a neutral short - call and short - put option combination strategy and a spot collar strategy [9]. - **Zinc/Lead Options**: Adopt a neutral short - call and short - put option combination strategy and a spot collar strategy [9]. - **Nickel Options**: Implement a short - bearish call and put option combination strategy and a spot covered - call strategy [10]. - **Tin Options**: Use a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate Options**: Apply a short - bearish call and put option combination strategy and a spot long - put and short - call strategy [11]. 3.5.2 Precious Metals - **Gold/Silver Options**: Build a bullish call spread strategy, a long - biased short - volatility option seller portfolio strategy, and a spot hedging strategy [12]. 3.5.3 Black Metals - **Rebar Options**: Use a short - bearish call and put option combination strategy and a spot covered - call strategy [13]. - **Iron Ore Options**: Adopt a neutral short - call and short - put option combination strategy and a spot collar strategy [13]. - **Ferroalloy Options**: Implement a short - volatility strategy for manganese - silicon options [14]. - **Industrial Silicon/Polysilicon Options**: Build a short - volatility short - call and short - put option combination strategy and a spot long - put and short - call strategy [14]. - **Glass Options**: Use a short - volatility short - call and short - put option combination strategy and a spot collar strategy [15].