1. Report Industry Investment Rating - No investment rating information is provided in the report [1][2] 2. Core Viewpoints - For non - ferrous metals, a seller's neutral volatility strategy can be constructed as they tend to move upwards; for the black series, a short - volatility combination strategy is suitable due to their large - amplitude fluctuations; for precious metals that are rebounding, a bull spread combination strategy can be built [2] 3. Summary by Related Catalogs 3.1 Futures Market Overview - The latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various metal futures contracts such as copper, aluminum, zinc, etc., are presented [3] 3.2 Option Factors - Volume and Open Interest PCR - The trading volume, volume change, open interest, open interest change, trading volume PCR, volume PCR change, open interest PCR, and open interest PCR change of various metal options are provided. 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 [4] 3.3 Option Factors - Pressure and Support Levels - The strike price at the money, pressure points, pressure point offsets, support points, support point offsets, maximum call option open interest, and maximum put option open interest of various metal options are given. These are used to analyze the pressure and support levels of the option underlyings [5] 3.4 Option Factors - Implied Volatility - 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, 20 - day historical volatility, and the difference between implied and historical volatility of various metal options are presented [6] 3.5 Strategy and Recommendations 3.5.1 Non - Ferrous Metals - **Copper**: Based on the fundamentals and market trends of copper, directional, volatility, and spot long - hedging strategies are proposed, such as constructing a bull spread combination strategy for call options, a short - volatility seller option combination strategy, and a spot long - hedging strategy [7] - **Aluminum**: Considering the fundamentals and market trends of aluminum, directional, volatility, and spot long - hedging strategies are recommended, including constructing a bull spread combination strategy for call options, a sell - biased long call + put option combination strategy, and a spot collar strategy [9] - **Zinc**: According to the fundamentals and market trends of zinc, volatility and spot long - hedging strategies are suggested, like constructing a sell - biased long call + put option combination strategy and a spot collar strategy [9] - **Nickel**: Based on the fundamentals and market trends of nickel, directional, volatility, and spot - covered strategies are put forward, such as constructing a bull spread combination strategy for call options, a sell - biased long call + put option combination strategy, and a spot - covered strategy [10] - **Tin**: Considering the fundamentals and market trends of tin, volatility and spot long - hedging strategies are recommended, including constructing a short - volatility strategy and a spot collar strategy [10] - **Lithium Carbonate**: According to the fundamentals and market trends of lithium carbonate, volatility and spot long - hedging strategies are suggested, like constructing a sell - biased long call + put option combination strategy and a spot long - hedging strategy [11] 3.5.2 Precious Metals - **Silver**: Based on the fundamentals and market trends of silver, volatility and spot - hedging strategies are proposed, such as constructing a neutral short - volatility option seller combination strategy and a spot - hedging strategy [12] 3.5.3 Black Series - **Rebar**: Considering the fundamentals and market trends of rebar, volatility and spot long - covered strategies are recommended, including constructing a sell - biased short call + put option combination strategy and a spot long - covered strategy [13] - **Iron Ore**: Based on the fundamentals and market trends of iron ore, volatility and spot long - hedging strategies are put forward, such as constructing a sell - neutral call + put option combination strategy and a long collar strategy [13] - **Ferroalloys**: For manganese silicon, volatility strategies are suggested, like constructing a short - volatility strategy; for industrial silicon, volatility and spot long - hedging strategies are recommended; for glass, volatility and spot long - hedging strategies are put forward [14][15]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - For non - ferrous metals, a neutral volatility selling strategy for sellers can be constructed as they tend to move upwards; for the black series with large - amplitude fluctuations, a short - volatility combination strategy is suitable; for precious metals with a rebound, a bull spread combination strategy can be built [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various metal futures contracts, including copper, aluminum, zinc, etc. For example, the latest price of copper contract CU2602 is 96,060, with a decrease of 4,400 and a decline rate of 4.38% [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of different metal options are provided. These indicators are used to describe the strength of the option underlying market and the turning point of the underlying market. For instance, the volume PCR of copper options is 0.45, and the open interest PCR is 0.78 [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure points, support points, and their offsets of various metal options are given. For example, the pressure point of copper options is 110,000, and the support point is 92,000 [5]. 3.4 Option Factors - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, and its change, annual average, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility of different metal options are presented. For example, the at - the - money implied volatility of copper options is 31.29% [6]. 3.5 Option Strategies and Recommendations - **Non - ferrous Metals** - **Copper**: Based on the analysis of fundamentals, market trends, and option factors, strategies such as a short - volatility seller option combination strategy and a spot long - hedging strategy are recommended [7]. - **Aluminum**: A bull spread combination strategy for call options, a short - biased call + put option combination strategy, and a spot collar strategy are suggested [9]. - **Zinc**: A short - biased call + put option combination strategy and a spot collar strategy are recommended [9]. - **Nickel**: A bull spread combination strategy for call options, a short - biased call + put option combination strategy, and a spot covered - call strategy are proposed [10]. - **Tin**: A short - volatility strategy and a spot collar strategy are recommended [10]. - **Lithium Carbonate**: A short - neutral call + put option combination strategy and a spot long - hedging strategy are suggested [11]. - **Precious Metals** - **Silver**: A neutral short - volatility option seller combination strategy and a spot hedging strategy are recommended [12]. - **Black Series** - **Rebar**: A short - bearish call + put option combination strategy and a spot long - covered - call strategy are suggested [13]. - **Iron Ore**: A short - neutral call + put option combination strategy and a spot long - collar strategy are recommended [13]. - **Ferroalloys (Manganese Silicon and Silicon Iron)**: For manganese silicon, a short - volatility strategy is recommended; for silicon iron, a short - biased call + put option combination strategy and a spot long - hedging strategy are suggested [14]. - **Industrial Silicon**: A short - volatility call + put option combination strategy and a spot long - hedging strategy are recommended [14]. - **Glass**: A bear spread combination strategy for put options, a short - volatility call + put option combination strategy, and a spot long - collar strategy are suggested [15].

能源化工期权策略早报 | 李立勤 | 高级投研经 | 从业资格号：F3074095 | 交易咨询号：Z0017896 | 邮箱：lilq@wkqh.cn | | --- | --- | --- | --- | --- | | | 理 | | | | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 能源化工期权 2025-12-24 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | ...

Group 1: Report Summary - Report Date: December 19, 2025 [1] - Report Type: Metal Options Strategy Morning Report - Core Viewpoints: Build different option strategies for non - ferrous metals, precious metals, and black metals based on their market trends and option factors [2] Group 2: Market Overview Futures Market - The non - ferrous metals showed a mostly upward trend, the black metals maintained high - volatility trends, and the precious metals rebounded [2]. - Specific futures prices, trading volumes, and position changes of various metals are provided in Table 1 [3]. Option Factors - Volume and Position PCR: The PCR values of different metal options are presented in Table 2, which can be used to analyze the strength and turning points of the underlying asset markets [4]. - Pressure and Support Levels: The pressure and support levels of different metal options are shown in Table 3, determined by the strike prices of the maximum call and put option positions [5]. - Implied Volatility: The implied volatility data of different metal options are provided in Table 4, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [6]. Group 3: Strategy Recommendations for Different Metals Non - Ferrous Metals Copper - Fundamental Analysis: The inventories of the three major exchanges increased by 11,000 tons month - on - month [7]. - Market Analysis: The price of Shanghai copper showed a bullish trend with support below [7]. - Option Factor Analysis: The implied volatility was above the historical average, and the position PCR indicated strong support below [7]. - Strategy Recommendations: Build a bull spread strategy for call options and a short - volatility seller option portfolio strategy, and a spot long - hedging strategy [7]. Aluminum - Fundamental Analysis: The aluminum ingot inventory decreased, while the bonded area inventory increased [9]. - Market Analysis: The price of Shanghai aluminum showed a bullish trend with rapid declines [9]. - Option Factor Analysis: The implied volatility was above the historical average, and the position PCR indicated strong pressure above [9]. - Strategy Recommendations: Build a short - volatility option portfolio strategy and a spot collar strategy [9]. Zinc - Fundamental Analysis: The inventory of Shanghai Futures Exchange zinc ingot futures and overseas inventory data are provided [9]. - Market Analysis: The price of Shanghai zinc showed an upward - biased trend with pressure above [9]. - Option Factor Analysis: The implied volatility was above the historical average, and the position PCR indicated a short - term strong trend [9]. - Strategy Recommendations: Build a short - volatility option portfolio strategy and a spot collar strategy [9]. Nickel - Fundamental Analysis: The global nickel apparent inventory increased, and the demand for intermediate products weakened [10]. - Market Analysis: The price of Shanghai nickel showed a weak - biased volatile trend with pressure above [10]. - Option Factor Analysis: The implied volatility was above the average, and the position PCR indicated a weak - biased trend [10]. - Strategy Recommendations: Build a short - volatility option portfolio strategy with a short - biased delta and a spot covered - call strategy [10]. Tin - Fundamental Analysis: The resumption of tin mines in Myanmar was slow, and the raw material supply for smelting enterprises was tight [10]. - Market Analysis: The price of Shanghai tin showed a short - term high - volatility bullish trend with support below [10]. - Option Factor Analysis: The implied volatility was at a high historical level, and the position PCR indicated strong support below [10]. - Strategy Recommendations: Build a bull spread strategy for call options, a short - volatility strategy, and a spot collar strategy [10]. Lithium Carbonate - Fundamental Analysis: The weekly inventory of domestic lithium carbonate decreased, and the registered warehouse receipts increased [11]. - Market Analysis: The price of lithium carbonate showed a bullish trend with large fluctuations and strong support below [11]. - Option Factor Analysis: The implied volatility increased rapidly and remained at a high level, and the position PCR indicated increasing bullish strength [11]. - Strategy Recommendations: Build a bull spread strategy for call options, a short - volatility option portfolio strategy, and a spot long - hedging strategy [11]. Precious Metals Silver - Fundamental Analysis: The de - stocking of COMEX silver slowed down, while the LBMA silver inventory increased [12]. - Market Analysis: The price of silver showed a bullish trend with rebounds after declines [12]. - Option Factor Analysis: The implied volatility was at a high historical level, and the position PCR indicated strong support below [12]. - Strategy Recommendations: Build a bull spread strategy for call options, a short - volatility option seller portfolio strategy, and a spot long - hedging strategy [12]. Black Metals Rebar - Fundamental Analysis: The total inventory of rebar decreased, with a decline in both social and factory inventories [13]. - Market Analysis: The price of rebar showed a weak - biased volatile trend with pressure above [13]. - Option Factor Analysis: The implied volatility was below the historical average, and the position PCR indicated strong short - side pressure above [13]. - Strategy Recommendations: Build a short - volatility option portfolio strategy with a short - biased delta and a spot covered - call strategy [13]. Iron Ore - Fundamental Analysis: The inventory of imported iron ore at 47 ports increased, and the daily discharge volume decreased slightly [13]. - Market Analysis: The price of iron ore showed a weak - biased volatile trend with support below and pressure above [13]. - Option Factor Analysis: The implied volatility was below the historical average, and the position PCR indicated short - term support below [13]. - Strategy Recommendations: Build a short - volatility option portfolio strategy with a neutral delta and a spot long - collar strategy [13]. Manganese Silicon - Fundamental Analysis: The weekly output of manganese silicon was stable, and the apparent inventory was at a high level [14]. - Market Analysis: The price of manganese silicon showed a weak - biased trend with a rebound [14]. - Option Factor Analysis: The implied volatility was at a low historical level, and the position PCR indicated a weak market under short - side pressure [14]. - Strategy Recommendations: Build a short - volatility strategy [14]. Industrial Silicon - Fundamental Analysis: The inventory of industrial silicon increased, including factory, market, and registered warehouse receipt inventories [14]. - Market Analysis: The price of industrial silicon showed a weak - biased volatile trend with pressure above [14]. - Option Factor Analysis: The implied volatility was around the average, and the position PCR indicated a weak - biased volatile trend [14]. - Strategy Recommendations: Build a bear spread strategy for put options, a short - volatility option portfolio strategy, and a spot long - hedging strategy [14]. Glass - Fundamental Analysis: The inventory of float glass decreased, including the national and Shahe area inventories [15]. - Market Analysis: The price of glass showed a weak - biased trend with a rebound after over - selling [15]. - Option Factor Analysis: The implied volatility was at a high historical level, and the position PCR indicated a weak market [15]. - Strategy Recommendations: Build a bear spread strategy for put options, a short - volatility option portfolio strategy, and a spot long - collar strategy [15].

1. Report Title and Date - The report is titled "Metal Option Strategy Morning Report" dated December 17, 2025 [1] 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 combination strategy [2] - For precious metals rebounding and rising, construct a bull spread combination strategy [2] 3. Summary by Category 3.1 Futures Market Overview - The report provides the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various metal futures contracts such as copper, aluminum, zinc, etc [3] 3.2 Option Factors 3.2.1 Volume - to - Open - Interest PCR - It shows the volume, volume change, open interest, open interest change, volume PCR, volume PCR change, open interest PCR, and open interest PCR change of different metal options, which are used to describe the strength of the option underlying market and the turning point of the underlying market [4] 3.2.2 Pressure and Support Levels - From the perspective of the strike prices with the largest open interests of call and put options, the pressure and support levels of the option underlying are presented [5] 3.2.3 Implied Volatility - It includes 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 different metal options [6] 3.3 Strategy and Recommendations for Different Metals 3.3.1 Non - Ferrous Metals - **Copper**: Construct a bull spread combination strategy for call options and a short - volatility seller option combination strategy, and also a spot long - hedging strategy [7] - **Aluminum**: Construct a short - option combination strategy of slightly bullish call and put options and a spot collar strategy [9] - **Zinc**: Construct a short - option combination strategy of slightly bullish call and put options and a spot collar strategy [9] - **Nickel**: Construct a short - option combination strategy of slightly bearish call and put options 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 - option combination strategy of slightly bullish call and put options and a spot long - hedging strategy [11] 3.3.2 Precious Metals - **Silver**: Construct a bull spread combination strategy for call options, a slightly bullish short - volatility option seller combination strategy, and a spot hedging strategy [12] 3.3.3 Black Series - **Rebar**: Construct a short - option combination strategy of slightly bearish call and put options and a spot covered - call strategy [13] - **Iron Ore**: Construct a short - option combination strategy of slightly bearish call and put options and a spot long - collar strategy [13] - **Ferroalloys (Manganese Silicon and Ferrosilicon)**: For manganese silicon, construct a short - volatility strategy; for industrial silicon, construct a bear spread combination strategy for put options, a short - volatility option combination strategy, and a spot hedging strategy; for glass, construct a bear spread combination strategy for put options, a short - volatility option combination strategy, and a spot long - collar strategy [14][15]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals, they are trending upwards, and a neutral volatility strategy for sellers is recommended; for the black series, the market shows significant fluctuations, suitable for constructing a short - volatility combination strategy; for precious metals, they are rebounding, and a bull spread combination strategy is advisable [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Different metal futures have various price changes, trading volumes, and open interest changes. For example, copper (CU2601) has a latest price of 92,390, a decline of 180 (-0.19%), a trading volume of 18.34 million lots, and an open interest of 16.58 million lots with a decrease of 2.28 million lots [3]. 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - The volume and open interest PCR of different options are presented, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For example, the volume PCR of copper is 0.59 with a change of 0.21, and the open interest PCR is 0.80 with a change of - 0.09 [4]. 3.2.2 Pressure and Support Levels - The pressure and support levels of different options are analyzed. For example, the pressure point of copper is 94,000 and the support point is 90,000 [5]. 3.2.3 Implied Volatility - The implied volatility data of different options are provided, including at - the - money implied volatility, weighted implied volatility, and its changes. For example, the at - the - money implied volatility of copper is 16.98%, and the weighted implied volatility is 21.44% with a change of - 0.11 [6]. 3.3 Strategy and Recommendations 3.3.1 Non - Ferrous Metals - **Copper**: Based on the analysis of fundamentals, market trends, and option factors, a bull spread combination strategy for call options, a short - volatility seller option combination strategy, and a spot long - hedging strategy are recommended [7]. - **Aluminum**: A short - volatility option combination strategy and a spot collar strategy are suggested [9]. - **Zinc**: A short - volatility option combination strategy and a spot collar strategy are proposed [9]. - **Nickel**: A short - volatility option combination strategy and a spot covered call strategy are recommended [10]. - **Tin**: A bull spread combination strategy for call options, a short - volatility strategy, and a spot collar strategy are advised [10]. - **Lithium Carbonate**: A short - volatility option combination strategy and a spot long - hedging strategy are recommended [11]. 3.3.2 Precious Metals - **Silver**: A bull spread combination strategy for call options, a short - volatility option seller combination strategy, and a spot hedging strategy are recommended [12]. 3.3.3 Black Series - **Rebar**: A short - volatility option combination strategy and a spot covered call strategy are suggested [13]. - **Iron Ore**: A short - volatility option combination strategy and a spot long - collar strategy are proposed [13]. - **Ferroalloys**: For manganese silicon, a short - volatility strategy is recommended; for industrial silicon, a bear spread combination strategy for put options, a short - volatility option combination strategy, and a spot hedging strategy are advised; for glass, a bear spread combination strategy for put options, a short - volatility option combination strategy, and a spot long - collar strategy are recommended [14][15].

农产品期权策略早报概要：油料油脂类农产品偏弱震荡，油脂类，农副产品维持震荡行情，软商品白糖小幅震荡， 棉花偏强盘整，谷物类玉米和淀粉偏多窄幅盘整。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 农产品期权 2025-12-12 农产品期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （ ...

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 Information - Report Title: Metal Options Strategy Morning Report [1] - Date: December 4, 2025 Investment Rating - Not provided in the report Core Views - 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 combination strategy [2]. - For precious metals rebounding and rising, construct a bull spread combination strategy [2]. Summary by Category 1. Futures Market Overview - Various metal futures are presented, including copper, aluminum, zinc, etc., with details on the latest price, change, percentage change, trading volume, volume change, open interest, and open interest change [3]. 2. Option Factors - Volume and Open Interest PCR - PCR indicators (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. Data for different metal options are provided [4]. 3. Option Factors - Pressure and Support Levels - Pressure and support levels of option underlyings are determined from the strike prices of the maximum open interest of call and put options. Data for various metal options are given [5]. 4. Option Factors - Implied Volatility - Implied volatility data (including at - the - money implied volatility, weighted implied volatility, etc.) for different metal options are presented, along with the change and the difference between implied and historical volatility [6]. 5. Strategy and Recommendations Non - Ferrous Metals - **Copper**: Construct a bull spread combination strategy for call options, a short - volatility 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 bullish bias and a spot long - hedging strategy [11]. Precious Metals - **Silver**: Construct a bull spread combination strategy for call options, a short - volatility option seller combination strategy with a bullish bias, and a spot hedging strategy [12]. 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)**: Construct a short - volatility strategy [14]. - **Industrial Silicon**: Construct a short call + put option combination strategy for short - volatility and a spot long - hedging strategy [14]. - **Glass**: Construct a short call + put option combination strategy for short - volatility and a spot long - collar strategy [15].

金属期权 2025-12-03 金属期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 金属期权策略早报概要：（1）有色金属偏多上行，构建卖方中性波动率策略策略；（2）黑色系维持大幅度波动的 行情走势，适合构建做空波动率组合策略；（3）贵金属反弹回暖上升，构建牛市价差组合策略。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万手) | | ...