Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - For non - ferrous metals in a consolidation and oscillation state, construct a short - volatility strategy; for the black series with large fluctuations, construct a seller's option combination strategy; for precious metals in a high - level oscillation in the bullish trend direction, construct a bull spread combination strategy, a short - volatility strategy, and a spot hedging strategy [2]. 3. Summary by Related Catalogs 3.1. Futures Market Overview - Copper (CU2506): The latest price is 78,140, up 560 or 0.72%, with a trading volume of 11.67 million lots (down 1.61 million lots) and an open interest of 17.97 million lots (up 0.06 million lots) [3]. - Aluminum (AL2506): The latest price is 19,570, up 90 or 0.46%, with a trading volume of 26.76 million lots (up 0.08 million lots) and an open interest of 19.27 million lots (down 0.21 million lots) [3]. - Other metals such as zinc, lead, nickel, etc., also have their respective price, trading volume, and open - interest changes [3]. 3.2. Option Factor - Volume and Open Interest PCR - PCR indicators are used to describe the strength of the option underlying market and the turning point of the underlying market. For example, the copper option has a trading volume PCR of 2.20 (up 1.19) and an open - interest PCR of 1.23 (up 0.09) [4]. 3.3. Option Factor - Pressure and Support Levels - From the perspective of the maximum open - interest of call and put options, the pressure and support levels of each metal option are obtained. For example, the pressure level of copper (CU2506) is 80,000 and the support level is 70,000 [5]. 3.4. Option Factor - Implied Volatility - The implied volatility of each metal option is calculated. For example, the at - the - money implied volatility of copper is 15.91%, and the weighted implied volatility is 21.95% (up 0.95%) [6]. 3.5. Strategy and Recommendations - **Non - ferrous Metals** - **Copper Options**: Construct a short - volatility seller's option combination strategy and a spot long - hedging strategy [7]. - **Aluminum/Alumina Options**: Construct a short - neutral call + put option combination strategy and a spot collar strategy [9]. - **Other Non - ferrous Metals**: Each has corresponding directional, volatility, and spot - related strategies [9][10][11]. - **Precious Metals** - **Gold/Silver Options**: Construct a short - neutral volatility option seller's combination strategy and a spot - hedging strategy [12]. - **Black Series** - **Steel, Iron Ore, etc.**: Each has corresponding directional, volatility, and spot - related strategies. For example, construct a bearish put spread combination strategy for steel [13][14][15].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - The report provides an overview of the metal options market, including the performance of various metal futures, option factors, and corresponding strategies and suggestions for different metal categories such as non - ferrous metals, precious metals, and black metals [2]. - For non - ferrous metals, it is recommended to construct strategies according to the market conditions of each metal, such as short - volatility strategies for copper and short - option combination strategies for aluminum [7][9]. - For precious metals, strategies like bull - spread combination strategies and short - volatility strategies are suggested for gold and silver [12]. - For black metals, strategies such as short - option combination strategies and bear - spread combination strategies are proposed for different metals like iron ore and manganese silicon [13][14]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2506) is 77,450, with a decrease of 580 and a decline rate of 0.74% [3]. 3.2 Option Factors - **Volume and Open Interest PCR**: This factor is 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 is 1.01, with a change of - 0.49, and the open interest PCR is 1.14, with a change of - 0.13 [4]. - **Pressure and Support Levels**: Determined from the strike prices of the maximum open interest of call and put options. For example, the pressure point of copper is 80,000 and the support point is 70,000 [5]. - **Implied Volatility**: Includes at - the - money implied volatility, weighted implied volatility, etc. For example, the at - the - money implied volatility of copper is 15.29%, and the weighted implied volatility is 21.00%, with a change of - 1.92% [6]. 3.3 Strategies and Suggestions - **Non - ferrous Metals** - **Copper**: Suggested strategies include short - volatility strategies and spot hedging strategies. For example, construct a short - volatility seller option combination strategy like S_CU2506P75000, S_CU2506P76000, S_CU2506C82000, S_CU2506C80000 [7]. - **Aluminum/Alumina**: Strategies involve short - neutral call + put option combination strategies and spot collar strategies [9]. - **Zinc/Lead**: Short - bearish call + put option combination strategies and spot collar strategies are recommended [9]. - **Nickel**: Short - bearish call + put option combination strategies and spot long - position hedging strategies are suggested [10]. - **Tin**: Bear - put spread combination strategies, short - volatility strategies, and spot collar strategies are proposed [10]. - **Lithium Carbonate**: Bear - spread combination strategies, short - bearish call + put option combination strategies, and spot covered - call strategies are recommended [11]. - **Precious Metals** - **Gold/Silver**: Bull - call spread combination strategies, short - neutral short - volatility option seller combination strategies, and spot hedging strategies are suggested [12]. - **Black Metals** - **Rebar**: Short - bearish call + put option combination strategies and spot covered - call strategies are recommended [13]. - **Iron Ore**: Short - bearish call + put option combination strategies and spot collar strategies are proposed [13]. - **Ferroalloys**: Bear - put spread combination strategies for manganese silicon are suggested [14]. - **Industrial Silicon/Polysilicon**: Bear - put spread combination strategies, short - bearish call + put option combination strategies, and spot covered - call strategies are recommended [14]. - **Glass**: Bear - put spread combination strategies, short - volatility short - call + put option combination strategies, and spot collar strategies are proposed [15].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The metal sector is mainly divided into non - ferrous metals, precious metals, and black metals. Different options strategies and suggestions are provided for selected varieties in each sector based on their fundamental analysis, option factor research, and market trends [7]. - For non - ferrous metals under pressure and in a consolidation phase, strategies such as shorting volatility can be constructed; for black metals with large fluctuations, seller option combination strategies are suitable; for precious metals that continue to be strong, bull spread combination strategies, short - volatility strategies, and spot hedging strategies can be adopted [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts are presented, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2506) is 77,740, with a price increase of 150 and a trading volume of 7.91 million lots [3]. 3.2 Option Factor - Volume and Open Interest PCR - The volume and open interest PCR of various metal options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For instance, the volume PCR of copper options is 0.99, and the open interest PCR is 1.15 [4]. 3.3 Option Factor - Pressure and Support Levels - The pressure and support levels of various metal options are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of copper (CU2506) is 80,000, and the support level is 70,000 [5]. 3.4 Option Factor - Implied Volatility - The implied volatility of various metal options is presented, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of copper options is 17.93%, and the weighted implied volatility is 23.55% [6]. 3.5 Strategies and Suggestions 3.5.1 Non - Ferrous Metals - **Copper Options**: The copper market has shown a trend of over - sold rebound and subsequent fluctuations. Option strategies include constructing short - volatility seller option combination strategies and spot long - hedging strategies [7]. - **Aluminum/Alumina Options**: The aluminum market has gradually recovered and risen under pressure. Strategies include selling neutral call + put option combination strategies and constructing spot collar strategies [8]. - **Zinc/Lead Options**: The zinc market has shown a trend of decline and subsequent rebound and consolidation. Strategies include selling bearish call + put option combination strategies and constructing spot collar strategies [8]. - **Nickel Options**: The nickel market has shown a weak trend under pressure. Strategies include selling bearish call + put option combination strategies and spot long - hedging strategies [9]. - **Tin Options**: The tin market has shown a weak trend after a decline and rebound. Strategies include bearish put spread combination strategies, short - volatility strategies, and spot collar strategies [9]. - **Lithium Carbonate Options**: The lithium carbonate market has shown a weak bearish trend. Strategies include constructing bear spread combination strategies, selling bearish call + put option combination strategies, and spot covered call strategies [10]. 3.5.2 Precious Metals - **Gold/Silver Options**: The gold market has shown a trend of high - level shock after a rise and fall. Strategies include constructing bullish call spread combination strategies, short - volatility option seller combination strategies, and spot hedging strategies [11]. 3.5.3 Black Metals - **Rebar Options**: The rebar market has shown a weak bearish trend with a recent rebound. Strategies include selling bearish call + put option combination strategies and spot covered call strategies [12]. - **Iron Ore Options**: The iron ore market has shown a short - term weak bearish trend. Strategies include selling bearish call + put option combination strategies and constructing long collar strategies [12]. - **Ferroalloy Options**: The manganese silicon market has shown a weak bearish trend. Strategies include constructing bearish put spread combination strategies and selling call + put option combination strategies [13]. - **Industrial Silicon/Polysilicon Options**: The industrial silicon market has shown a weak downward trend. Strategies include constructing bearish put spread combination strategies, selling bearish call + put option combination strategies, and spot covered call strategies [13]. - **Glass Options**: The glass market has shown a weak bearish downward trend. Strategies include constructing bearish put spread combination strategies, short - volatility selling call + put option combination strategies, and constructing long collar strategies [14].