1. Report Industry Investment Ratings - Not provided in the given content 2. Core Views of the Report - The Sino - US second - round trade talks extended the tariff exemption clause as scheduled, and the policy tone of the Politburo meeting was basically the same as before. The stock index rose and then fell with heavy volume, and the performance of heavy - weight stocks was strong. The improvement of corporate earnings needs to be verified by mid - report data [2]. - The stock - bond seesaw continues to put pressure on long - term bonds, and the sentiment of the bond market has not recovered [2]. - The fluctuation of gold prices increases due to macro news, but the upward trend remains. Silver prices are expected to continue to rise after short - term range - bound fluctuations [2]. - The container shipping index (European line) is in a weak shock, and the short position of the 10 - contract should be held [2]. - Steel prices are supported by limited inventory in steel mills and upcoming production restrictions. Iron ore prices fluctuate with steel prices. Some coal prices are loosening, and coking plants have a profit recovery and a price increase expectation [2]. - The expectation of interest rate cuts has improved, and the center of copper prices has risen. The short - term silver price is expected to continue to rise after range - bound fluctuations [2]. - The supply - demand situation of some energy and chemical products is complex. Some products are in a weak shock, and some have price support or improvement expectations [2]. - Some agricultural products are in a weak adjustment or waiting for data guidance, and some have price trends affected by supply - demand factors [2]. - Some special and new energy products are in a state of shock or have price trends affected by specific factors [2]. 3. Summary by Relevant Catalogs Financial - **Stock Index**: The stock index rose and then fell with heavy volume. It is recommended to sell put options with an execution price of around 6400 for MO2509 when the price is high, and maintain a moderately bullish view [2]. - **Treasury Bonds**: The stock - bond seesaw puts pressure on long - term bonds, and the sentiment has not recovered. It is recommended to wait and see in the short term, and focus on the tax - period capital situation and new bond issuance pricing [2]. - **Precious Metals**: Gold prices are expected to rise, and a bullish spread portfolio can be constructed through gold call options. Silver prices are expected to continue to rise after short - term range - bound fluctuations, and long positions can be held or a bullish spread strategy can be constructed [2]. Black - **Steel and Iron Ore**: Steel prices are supported, and iron ore prices fluctuate with steel prices. It is recommended to wait and see unilaterally and go long on coking coal and short on iron ore [2]. - **Coking Coal and Coke**: The price of some coking coal is loosening, and coking plants have a profit recovery and a price increase expectation. It is recommended to wait and see unilaterally and go long on coke and short on iron ore [2]. Non - ferrous - **Copper and Aluminum**: The expectation of interest rate cuts has improved, and the center of copper prices has risen. The supply - side benefits for aluminum are limited, and the price has a small increase. It is necessary to pay attention to the pressure level [2]. Energy and Chemical - **Crude Oil and Related Products**: The price of crude oil is affected by geopolitical risks and supply - demand expectations. Some products such as PX, PTA, and styrene are in a weak shock, and some products such as bottle chips have price support [2]. - **Other Chemical Products**: The prices of some chemical products such as PVC, pure benzene, and synthetic rubber are affected by various factors, and different trading strategies are recommended [2]. Agricultural - **Grains and Oilseeds**: The prices of some agricultural products such as soybeans, corn, and oils are affected by supply - demand factors. It is recommended to take corresponding trading strategies such as stopping profit on long positions and shorting on rebounds [2]. - **Other Agricultural Products**: The prices of some agricultural products such as sugar, cotton, and eggs are in a weak adjustment or waiting for data guidance, and different trading strategies are recommended [2]. Special and New Energy - **Special Products**: The prices of some special products such as glass and rubber are affected by specific factors, and different trading strategies are recommended, such as holding short positions and waiting and seeing [2]. - **New Energy Products**: The prices of some new energy products such as polysilicon and lithium carbonate are in a state of shock or have price trends affected by specific factors, and different trading strategies are recommended [2].

Macro News - The Bank of Japan is experiencing internal divisions, with some board members advocating for a shift away from the unclear "potential inflation" indicator to focus more on overall inflation and inflation expectations, potentially paving the way for an interest rate hike in October [1] Market Analysis - The ongoing Russia-Ukraine conflict may soon conclude, which could benefit risk assets while negatively impacting safe-haven assets [2] - U.S. July core CPI inflation rate has increased due to import tariffs raising commodity prices, but the potential downward revision of non-farm employment numbers from May to July suggests a "stagflation" scenario, leading to expectations of interest rate cuts by the Federal Reserve in September, October, and December [2] Gold Market Analysis - The expectation of interest rate cuts by the Federal Reserve is putting downward pressure on the U.S. dollar index, while easing market risk sentiment ahead of the U.S.-Russia leaders' meeting has led to a high-low fluctuation in gold prices [3] - International gold prices closed at $3,355.88 per ounce, up 0.23%, with an intraday high of $3,370; domestic gold futures prices are experiencing frequent fluctuations due to macroeconomic factors [3] Investment Strategy - It is suggested to construct a bull spread using call options when prices pull back to key support levels, effectively lowering the cost of long positions [4] Silver Market Dynamics - A weak U.S. dollar is supporting silver prices, along with continued inflows into ETFs; however, weak industrial demand makes the market susceptible to fluctuations driven by investor sentiment [5] - International silver prices rose 1.57% to $38.502 per ounce, reaching a nearly three-week high, with domestic silver prices following the international trend [5] - In the short term, silver prices are expected to maintain a range-bound oscillation, but there is overall upward potential, suggesting the use of bull spread strategies to capture segment opportunities [5]

Group 1: Report Summary - The report provides investment analysis and operation suggestions for various commodities on August 13, 2025 [2][3] Group 2: Core Views - The Sino-US second - round trade talks extended the tariff exemption clause, and the central political bureau meeting's policy tone was consistent with the previous one, affecting the financial and commodity markets [3] - The inflation in the US remained moderate, boosting the expectation of interest rate cuts, and the US dollar declined, which had an impact on the prices of gold, silver and other commodities [3] Group 3: Variety Analysis and Operation Suggestions Equity Index - The Sino - US joint statement on extending tariff exemptions led to a continued upward trend in the equity index. There was a short - term expectation difference in the market. It was advisable to sell the MO2509 put option with an exercise price around 6400 at high prices and maintain a moderately bullish view [3] Treasury Bonds - The current stage of bond futures was suppressed by the strong performance of equities, and the overall sentiment was weak. Unilateral strategies suggested short - term waiting and focusing on financial data and new bond issuance pricing. Curve strategies could appropriately bet on a steeper yield curve [3] Precious Metals - The macro news increased the volatility of gold prices, but there was still a possibility of a pulse - like rise. A bull spread portfolio could be constructed through gold call options at low prices after the price correction. The silver price was expected to maintain a range - bound shock and still had upward space. A bull spread strategy could be constructed using silver put options at relatively low prices to earn premium income [3] Shipping Index (European Line) - The EC main contract oscillated weakly. It was expected to oscillate weakly, and the idea of shorting at high prices should be maintained [3] Steel and Iron Ore - Steel mills' inventory accumulation was not significant, providing support for steel prices. It was advisable to try to go long on dips. The iron ore shipments decreased and the port inventory and clearance increased, following the steel price fluctuations. It was advisable to go long on dips and short iron ore while going long on coking coal [3] Coking Coal and Coke - The coking coal futures rebounded, and the spot auction was strong. The large - mine long - term agreement price increased. It was advisable to go long on dips. The sixth round of price increases for mainstream coking plants was launched, and there was still an expectation of further increases. It was advisable to go long on dips [3] Non - ferrous Metals - The expectation of interest rate cuts improved, and the copper price strengthened slightly. The main contract reference range was 78,000 - 80,000. The market priced in a higher probability of interest rate cuts in September due to the slowdown of US inflation. The zinc price main contract reference range was 22,000 - 23,000. For tin, it was necessary to pay attention to the import situation from Myanmar and maintain a wait - and - see attitude [3] Energy and Chemicals - The oil price was mainly oscillating in the short term. It was advisable to wait and see unilaterally and expand the spread between October - November/December. For PX, it was treated as an oscillation in the range of 6600 - 6900 and expand the PX - SC spread at low levels. For PTA, it was oscillating in the short term in the range of 4600 - 4800. For short - fiber, it was oscillating in the range of 6300 - 6500 [3] Agricultural Products - The US soybean export expectation improved. It was advisable to hold long positions in RM509. The palm oil was expected to have a large - amplitude shock after a strong upward rush, and the main contract might hit 9500. The overseas sugar supply outlook was relatively loose, and it was advisable to reduce the previous high - level short positions [3] Special Commodities - The glass industry was in a negative feedback process, and it was advisable to hold short positions. The rubber raw material price strengthened due to more rainfall in Thailand, and it was necessary to pay attention to the raw material supply during the peak season and maintain a wait - and - see attitude [3] New Energy Commodities - The polysilicon was oscillating downward with the increase of warehouse receipts. The lithium carbonate was affected by more news disturbances, and it was advisable to be cautious and wait and see [3]

Report Industry Investment Rating No information provided. Core View of the Report The report provides investment suggestions for various futures varieties based on their market conditions and influencing factors, including macro - news, supply - demand relationships, and cost factors. The strategies range from short - term trading to long - term position - holding, and different trading strategies such as bull - spread, option trading, and spread trading are proposed for different situations [2][3]. Summary by Related Categories Financial Futures - **Stock Index Futures**: After the second round of Sino - US trade talks extended tariff exemptions and the Politburo meeting, the TMT sector led the upward movement, and small and medium - cap stocks rose significantly. There was a short - term expectation difference in the market. It is recommended to sell put options with an execution price near 6300 on MO2509 and maintain a moderately bullish view [2]. - **Treasury Bond Futures**: Unilateral strategies suggest short - term waiting and focusing on Sino - US talks and new bond issuance pricing. Curve strategies can appropriately bet on short - term trading opportunities. Short - term treasury bond futures may fluctuate within a range waiting for a direction [2]. - **Precious Metals**: Gold price fluctuations increase due to macro - news, but there is still a possibility of a pulse rise. It is recommended to build a bull - spread portfolio using gold call options at a low price after a correction. Silver prices are expected to fluctuate within a range with upward potential. Use silver put options to build a bull - spread strategy at a relatively low position to earn premium income [2]. - **Shipping Index Futures**: The container shipping index (European line) is expected to be weakly volatile, and it is recommended to maintain a short - selling approach [2]. Black Futures - **Steel Products**: Steel prices are supported by limited inventory accumulation in steel mills. It is recommended to try long positions on dips. Iron ore prices follow steel prices, and it is recommended to go long on dips and adopt a strategy of going long on coking coal and short on iron ore. Coking coal prices can be bought on dips, and coke prices can also be bought on dips as there is still an expectation of price increases [2]. Non - ferrous Metals Futures - **Copper**: The fundamentals support the price, and it is expected to fluctuate within a narrow range in the short term, with the main contract reference range of 78000 - 79500 [2]. - **Alumina**: The warehouse receipt volume has increased, and the medium - term oversupply trend remains unchanged, with the main contract reference range of 3000 - 3400 [2]. - **Aluminum**: Aluminum prices fluctuate within a narrow range, and the spot market is weak with a large discount. The main contract reference range is 20000 - 21000 [2]. - **Other Non - ferrous Metals**: For other non - ferrous metals such as zinc, tin, nickel, and stainless steel, they are expected to have different price trends and trading strategies according to their respective fundamentals [2]. Energy and Chemical Futures - **Crude Oil**: The market focuses on the progress of US - Russia leadership negotiations, and short - term oil prices are expected to be weakly volatile. It is recommended to wait for the geopolitical situation to become clearer before going long on dips. The support levels for WTI, Brent, and SC are given [3]. - **Other Chemical Products**: For products like urea, PX, PTA, short - fiber, etc., different trading strategies are proposed based on their supply - demand relationships, cost factors, and price trends [3]. Agricultural Futures - **Grains and Oils**: For soybeans, corn, palm oil, etc., trading strategies are provided according to their supply - demand changes, export expectations, and inventory levels [3]. - **Other Agricultural Products**: For products such as sugar, cotton, eggs, apples, etc., trading suggestions are given based on their market conditions [3]. Special and New Energy Futures - **Special Commodities**: For glass, rubber, industrial silicon, etc., trading strategies are proposed according to their market trends and influencing factors [3]. - **New Energy Commodities**: For polycrystalline silicon, lithium carbonate, etc., trading suggestions are provided based on their price movements and market news [3].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - The stock indices continued to fluctuate within a narrow range. The total trading volume of the stock market was 1405.1 billion yuan, a decrease of 91.4 billion yuan from the previous day. The main support for the stock indices comes from the expectation of favorable policies in the future. Due to the instability of domestic demand and the weak performance of credit and inflation data, the policy side needs to introduce policies to support economic demand. The market is concerned about the policy guidance of the Politburo meeting in July. Since the stock indices have risen significantly since late June, the short - term upward momentum has weakened, and the recent decline in trading volume indicates that the market's enthusiasm for chasing up has cooled down. In general, the short - term driving force of the market has weakened, and the stock indices are expected to fluctuate within a range. - Currently, the implied volatility of options has rebounded. In the medium and long term, the stock indices are more likely to rise, and bull spreads or ratio spreads long - position portfolios can be arranged [4]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On July 2, 2025, the 50ETF rose 0.21% to close at 2.816; the 300ETF (Shanghai Stock Exchange) rose 0.10% to close at 3.992; the 300ETF (Shenzhen Stock Exchange) rose 0.02% to close at 4.117; the CSI 300 Index rose 0.02% to close at 3943.68; the CSI 1000 Index fell 1.01% to close at 6309.48; the 500ETF (Shanghai Stock Exchange) fell 0.59% to close at 5.947; the 500ETF (Shenzhen Stock Exchange) fell 0.54% to close at 2.377; the ChiNext ETF fell 1.03% to close at 2.104; the Shenzhen 100ETF fell 0.33% to close at 2.722; the SSE 50 Index rose 0.18% to close at 2722.55; the STAR 50ETF fell 1.24% to close at 1.04; the E Fund STAR 50ETF fell 1.18% to close at 1.01 [6]. - The trading volume PCR and position PCR of various options on July 2, 2025, and their changes compared with the previous trading day are provided in detail, including 50ETF options, SSE 300ETF options, etc. [7]. - The implied volatility of at - the - money options in July 2025 and the 30 - trading - day historical volatility of the underlying assets of various options are provided, such as the implied volatility of 50ETF options at - the - money options in July 2025 is 11.88%, and the 30 - trading - day historical volatility of the underlying asset is 8.36% [8][9]. 3.2 Relevant Charts - **SSE 50ETF Options**: Include charts of the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [10][11][12]. - **SSE 300ETF Options**: Include charts of the SSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [22][23]. - **SZSE 300ETF Options**: Include charts of the SZSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [25][26]. - **CSI 300 Index Options**: Include charts of the CSI 300 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [39][40]. - **CSI 1000 Index Options**: Include charts of the CSI 1000 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [52][53]. - **SSE 500ETF Options**: Include charts of the SSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [66][67]. - **SZSE 500ETF Options**: Include charts of the SZSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [79][80]. - **ChiNext ETF Options**: Include charts of the ChiNext ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [91][92]. - **Shenzhen 100ETF Options**: Include charts of the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [104][105]. - **SSE 50 Index Options**: Include charts of the SSE 50 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [117][118]. - **STAR 50ETF Options**: Include charts of the STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [131][132]. - **E Fund STAR 50ETF Options**: Include charts of the E Fund STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [134][135].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - On June 19, 2025, stock indices oscillated and declined. The probability of the US getting involved in the Middle East has increased, raising the risk of an escalation of the Middle - East geopolitical crisis, which has suppressed the risk appetite of the stock market. Domestically, although consumption data showed resilience under national subsidy policies, weak credit and inflation data indicated insufficient endogenous growth momentum in domestic demand, leading to an increased expectation of policy support. However, the profit expectation of stocks has not been repaired yet, and the support for stock indices mainly comes from loose capital and risk appetite. New incremental policies are needed for stock indices to continue rising. There are still uncertainties externally, such as the evolution of the tariff war after the suspension period ends in early July and the development of the Middle - East geopolitical crisis. In the short term, market risk appetite tends to be defensive, and stock indices will mainly oscillate within a range, waiting for new driving forces. Since the implied volatility of options is at a relatively low historical quantile level and the support for stock indices is strong, bull spreads or ratio spreads long - position portfolios can be arranged [3] Summary by Relevant Catalogs 1 Option Indicators - On June 19, 2025, 50ETF fell 0.62% to 2.733; 300ETF (SSE) fell 0.79% to 3.873; 300ETF (SZSE) fell 0.87% to 3.995; CSI 300 Index fell 0.82% to 3843.09; CSI 1000 Index fell 1.42% to 6048.22; 500ETF (SSE) fell 1.00% to 5.718; 500ETF (SZSE) fell 1.13% to 2.285; ChiNext ETF fell 1.43% to 2.005; Shenzhen 100ETF fell 1.08% to 2.645; SSE 50 Index fell 0.54% to 2665.52; STAR 50ETF fell 0.59% to 1.01; E Fund STAR 50ETF fell 0.40% to 0.99 [5] - The trading volume PCR and position PCR of various options changed compared with the previous trading day. For example, the trading volume PCR of SSE 50ETF options was 103.41 (previous day: 91.03), and the position PCR was 87.00 (previous day: 90.00) [6] - The implied volatility of at - the - money options in June 2025 or July 2025 and the 30 - trading - day historical volatility of underlying assets were provided for different options. For instance, the implied volatility of at - the - money SSE 50ETF options in June 2025 was 11.64%, and the 30 - trading - day historical volatility of the underlying asset was 8.44% [7] 2 Related Charts - **SSE 50ETF Options**: Included charts of SSE 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different tenors [9][11][13] - **SSE 300ETF Options**: Included charts of SSE 300ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different tenors [20][22][23] - **SZSE 300ETF Options**: Included charts of SZSE 300ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different tenors [23][25][27] - **CSI 300 Index Options**: Included charts of CSI 300 Index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different tenors [35][37][39] - **CSI 1000 Index Options**: Included charts of CSI 1000 Index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different tenors [48][50][52] - **SSE 500ETF Options**: Included charts of SSE 500ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different tenors [62][64][66] - **SZSE 500ETF Options**: Included charts of SZSE 500ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different tenors [76][78][80] - **ChiNext ETF Options**: Included charts of ChiNext ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different tenors [89][91][93] - **Shenzhen 100ETF Options**: Included charts of Shenzhen 100ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different tenors [102][104][106] - **SSE 50 Index Options**: Included charts of SSE 50 Index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different tenors [115][117][119] - **STAR 50ETF Options**: Included charts of STAR 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different tenors [128][130][132] - **E Fund STAR 50ETF Options**: Included charts of E Fund STAR 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different tenors [131][133][136]

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].