金属期权 2025-08-22 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 | 表2：期权因子—量仓PCR | 期权品种 | 成交量 | 量变化 | 持仓量 | 仓变化 | 成交量 | 量PCR | 持仓量 | 仓PCR | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | PCR | 变化 | PCR | 变化 | | 铜 | 78,247 | -4,389 | 118,896 | -300 | 0.77 | -0.16 | 0.87 | -0.01 | | 铝 | 48,439 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - For non - ferrous metals, a neutral volatility strategy for sellers is recommended as they tend to move upwards. For the black series, a short - volatility combination strategy is suitable due to large - amplitude fluctuations. For precious metals, a spot hedging strategy is suggested as they are consolidating at high levels [2] 3. Summary by Related Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest of various metal futures contracts are presented. For example, the copper contract CU2509 is priced at 79,110, down 230 (-0.29%), with a trading volume of 5.20 million lots and an open interest of 15.89 million lots [3] 3.2 Option Factors - Volume and Open Interest PCR - The volume and open - interest PCR of different metal options are provided. For instance, the volume PCR of copper options is 0.38, down 0.20, and the open - interest PCR is 0.80, down 0.01 [4] 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of each metal option are analyzed. For example, the pressure point of copper options is 82,000, and the support point is 79,000 [5] 3.4 Option Factors - Implied Volatility - The implied volatility of various metal options is given. For example, the at - the - money implied volatility of copper options is 9.12%, and the weighted implied volatility is 15.44%, up 1.78% [6] 3.5 Strategy and Recommendations 3.5.1 Non - Ferrous Metals - **Copper Options**: The inventory of the three major exchanges has increased. A short - volatility seller option combination strategy and a spot hedging strategy are recommended [7] - **Aluminum/Alumina Options**: The market shows a bullish trend with high - level oscillations. A neutral short - call + short - put option combination strategy and a spot collar strategy are suggested [9] - **Zinc/Lead Options**: The inventory is at a low level. A neutral short - call + short - put option combination strategy and a spot collar strategy are recommended [9] - **Nickel Options**: The market is in a wide - range oscillation with short - selling pressure. A short - call + short - put option combination strategy with a short bias and a spot long - position hedging strategy are proposed [10] - **Tin Options**: The market is in a short - term weak oscillation. A short - volatility strategy and a spot collar strategy are recommended [10] - **Lithium Carbonate Options**: The market shows a short - term bullish trend. A long - biased short - call + short - put option combination strategy and a spot long - position hedging strategy are suggested [11] 3.5.2 Precious Metals - **Gold/Silver Options**: The gold market is expected to rise in the fourth quarter. A neutral short - volatility option seller combination strategy and a spot hedging strategy are recommended [12] 3.5.3 Black Series - **Rebar Options**: The inventory is increasing, and the market is in a small - amplitude consolidation oscillation. A neutral short - call + short - put option combination strategy and a spot long - position covered - call strategy are suggested [13] - **Iron Ore Options**: The inventory is rising, and the market is in a bullish oscillation. A neutral short - call + short - put option combination strategy and a spot long - position collar strategy are recommended [13] - **Ferroalloy Options**: The manganese - silicon market has large fluctuations. A short - volatility strategy is recommended [14] - **Industrial Silicon/Polysilicon Options**: The market has large - amplitude fluctuations. A short - volatility short - call + short - put option combination strategy and a spot hedging strategy are suggested [14] - **Glass Options**: The market is in a weak trend. A short - volatility short - call + short - put option combination strategy and a spot long - position collar strategy are recommended [15]

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