1. Report Industry Investment Rating - No information provided in the document 2. Core Viewpoints of the Report - For non - ferrous metals, construct a seller neutral volatility strategy as they are in a range - bound oscillation [2] - For black metals, build a short - volatility portfolio strategy due to their large - amplitude fluctuations [2] - For precious metals, create a spot hedging strategy as they are rising and breaking through [2] 3. Summary by Related Catalogs 3.1 Market Overview of Underlying Futures - Copper (CU2511): Latest price 80,100, down 20 (-0.02%), volume 6.34 million lots, open interest 17.70 million lots [3] - Aluminum (AL2511): Latest price 20,715, down 55 (-0.26%), volume 11.87 million lots, open interest 23.61 million lots [3] - Zinc (ZN2511): Latest price 22,035, up 40 (0.18%), volume 14.05 million lots, open interest 13.04 million lots [3] - And other metal futures with their respective prices, changes, volumes, and open interests [3] 3.2 Option Factors - Volume and Open Interest PCR - Different metal options have their own volume PCR, volume change, open interest PCR, and open interest change, which are used to describe the strength of the option underlying market and the turning point of the market [4] 3.3 Option Factors - Pressure and Support Levels - Each metal option has its pressure point, pressure point offset, support point, support point offset, maximum call open interest, and maximum put open interest, indicating the pressure and support levels of the underlying [5] 3.4 Option Factors - Implied Volatility - The implied volatility of different metal options includes at - the - money implied volatility, weighted implied volatility, its change, annual average, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility [6] 3.5 Strategies and Recommendations for Different Metals 3.5.1 Non - ferrous Metals - Copper: Build a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7] - Aluminum/Alumina: Construct a short - neutral call + put option combination strategy and a spot collar strategy [9] - Zinc/Lead: Build a short - neutral call + put option combination strategy and a spot collar strategy [9] - Nickel: Create a short - bearish call + put option combination strategy and a spot covered call strategy [10] - Tin: Implement a short - volatility strategy and a spot collar strategy [10] - Lithium Carbonate: Build a short - bearish call + put option combination strategy and a spot long - hedging strategy [11] 3.5.2 Precious Metals - Gold/Silver: Construct a bullish call spread strategy, a short - volatility option seller portfolio strategy, and a spot hedging strategy [12] 3.5.3 Black Metals - Rebar: Build a short - bearish call + put option combination strategy and a spot covered call strategy [13] - Iron Ore: Construct a short - neutral call + put option combination strategy and a long - collar strategy [13] - Ferroalloys: Implement a short - volatility strategy [14] - Industrial Silicon/Polysilicon: Build a short - volatility call + put option combination strategy and a spot hedging strategy [14] - Glass: Implement a short - volatility call + put option combination strategy [15]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - For non - ferrous metals, construct a seller's 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 as they are rising and breaking through [2]. 3. Summary by Related 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 (CU2511) is 80,080, up 260 with a 0.33% increase, and its trading volume is 5.41 million lots with a decrease of 3.52 million lots [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different metal options are given. For instance, the volume PCR of copper options is 0.65 with a change of 0.01, and the open interest PCR is 0.75 with a change of 0.04 [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of various metal options are analyzed. For example, the pressure level of copper options is 82,000 and the support level is 78,000 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of different metal options is provided, including at - the - money implied volatility, weighted implied volatility, etc. For example, the at - the - money implied volatility of copper options is 12.26%, and the weighted implied volatility is 15.27% with a change of - 1.54% [6]. 3.5 Strategy and Recommendations 3.5.1 Non - ferrous Metals - **Copper**: Build a short - volatility seller option portfolio strategy and a spot long - hedging strategy. The three - exchange copper inventory increased by 11,000 tons. The implied volatility of copper options fluctuates around the historical average, and the open interest PCR indicates some pressure above [7]. - **Aluminum**: Construct a short - neutral call + put option portfolio strategy and a spot collar strategy. The domestic aluminum ingot social inventory increased, and the LME inventory is at a low level. The market shows a long - biased upward and high - level oscillating trend [9]. - **Zinc/Lead**: Build a short - neutral call + put option portfolio strategy and a spot collar strategy. The zinc market shows an oscillating and falling trend after rising, and the implied volatility of zinc options continues to decline [9]. - **Nickel**: Construct a short - bearish call + put option portfolio strategy and a spot covered strategy. The domestic nickel ore port inventory increased, and the market shows a wide - range oscillating trend with bearish pressure above [10]. - **Tin**: Build a short - volatility strategy and a spot collar strategy. The tin production in Yunnan and Jiangxi is affected, and the market shows a short - term high - level oscillating trend with pressure above [10]. - **Lithium Carbonate**: Construct a short - bearish call + put option portfolio strategy and a spot long - hedging strategy. The lithium carbonate production increased, and the market shows a large - amplitude fluctuating and continuously falling trend [11]. 3.5.2 Precious Metals - **Gold/Silver**: Build a bullish option bull - spread combination strategy, a long - biased short - volatility option seller portfolio strategy, and a spot hedging strategy. The relationship between gold and silver prices is related to the overseas manufacturing PMI. The gold market shows a short - term oscillating and strongly breaking - through trend [12]. 3.5.3 Black Metals - **Rebar**: Construct a short - bearish call + put option portfolio strategy and a spot long - covered strategy. The rebar inventory decreased slightly, and the market shows a weak oscillating trend with pressure above [13]. - **Iron Ore**: Build a short - neutral call + put option portfolio strategy and a spot long - collar strategy. The iron ore inventory decreased, and the market shows a range - bound oscillating and rebounding trend [13]. - **Ferroalloys**: Build a short - volatility strategy for manganese silicon. The manganese silicon production decreased, and the market shows a weak and bearish trend [14]. - **Industrial Silicon/Polysilicon**: Construct a short - volatility call + put option portfolio strategy and a spot hedging strategy. The industrial silicon inventory remains high, and the market shows a large - amplitude range - bound oscillating trend [14]. - **Glass**: Build a short - volatility call + put option portfolio strategy and a spot long - collar strategy. The glass inventory decreased in some areas, and the market shows a weak trend with pressure above [15].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The metal sector is divided into non - ferrous metals, precious metals, and black metals. Different strategies are recommended for each sector and its selected varieties based on their market conditions and option factors [8]. - For non - ferrous metals, which are in a weak and volatile state, a seller's neutral volatility strategy is recommended. Black metals maintain a large - amplitude volatile market, suitable for building a short - volatility portfolio strategy. Precious metals show a bullish upward trend, and a spot hedging strategy is suggested [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of various metal futures are provided, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2510) is 80,810, with a price increase of 150 and a trading volume of 9.16 million lots [3]. 3.2 Option Factors - PCR - The PCR indicators (volume PCR and open interest PCR) of various metal options are presented. These indicators are used to describe the strength of option underlying market trends and potential turning points. For instance, the volume PCR of copper options is 0.30, with a change of - 0.08, and the open interest PCR is 0.72, with a change of 0.01 [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of various metal options are analyzed. For example, the pressure point of copper options is 82,000, and the support point is 78,000. These levels are determined by the strike prices with the maximum open interest of call and put options [5]. 3.4 Option Factors - Implied Volatility - The implied volatility data of various metal options are provided, 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 17.51%, and the weighted implied volatility is 19.24% [6]. 3.5 Strategy and Recommendations 3.5.1 Non - Ferrous Metals - **Copper Options**: Fundamentally, the inventory of the three major exchanges has increased by 12,000 tons. The market shows a high - level consolidation with support below. Option strategies include building a short - volatility seller's option portfolio and a spot hedging strategy [7]. - **Aluminum/Alumina Options**: Aluminum inventory has decreased, and the market shows a bullish upward trend. Strategies include a bullish call spread strategy, a short - neutral call + put option combination strategy, and a spot collar strategy [9]. - **Zinc/Pb Options**: Zinc inventory has increased, and the market shows a volatile decline. Strategies include a short - neutral call + put option combination strategy and a spot collar strategy [9]. - **Nickel Options**: Nickel inventory has increased, and the market shows a wide - range volatile pattern with upward pressure. Strategies include a short - bearish call + put option combination strategy and a spot covered call strategy [10]. - **Tin Options**: Tin supply is tight, and the market shows a short - term high - level volatile pattern with upward pressure. Strategies include a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate Options**: Lithium carbonate inventory has decreased, and the market shows a large - amplitude volatile and continuous decline. Strategies include a short - bearish call + put option combination strategy and a spot hedging strategy [11]. 3.5.2 Precious Metals - **Gold/Silver Options**: For gold, inflation data in the US is lower than expected, and the market shows a short - term consolidation and a strong upward breakthrough. Strategies include a bullish call spread strategy, a short - bullish volatility option seller's combination strategy, and a spot hedging strategy [12]. 3.5.3 Black Metals - **Rebar Options**: Rebar inventory has increased, and the market shows a weak consolidation with upward pressure. Strategies include a short - bearish call + put option combination strategy and a spot covered call strategy [13]. - **Iron Ore Options**: Iron ore inventory has increased, and the market shows a volatile rebound. Strategies include a short - neutral call + put option combination strategy and a spot collar strategy [13]. - **Ferroalloy Options**: Manganese silicon shows a weak and bearish market. Strategies include a short - volatility strategy [14]. - **Industrial Silicon/Polysilicon Options**: Industrial silicon production has increased, and the market shows a large - amplitude volatile pattern with upward pressure. Strategies include a short - volatility call + put option combination strategy and a spot hedging strategy [14]. - **Glass Options**: Glass inventory has decreased, and the market shows a weak market with upward pressure. Strategies include a short - volatility call + put option combination strategy and a spot collar strategy [15].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals, which are in a weak and volatile state, a seller's neutral volatility strategy is recommended [2]. - For the black - series metals, with large - amplitude price fluctuations, a short - volatility combination strategy is suitable [2]. - For precious metals, as they are rising and breaking upward, a spot hedging strategy is proposed [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Copper (CU2510): The latest price is 79,660, down 50 (-0.06%), with a trading volume of 7.85 million lots (an increase of 0.74 million lots) and an open interest of 18.06 million lots (an increase of 0.68 million lots) [3]. - Aluminum (AL2510): The latest price is 20,690, up 20 (0.10%), with a trading volume of 15.86 million lots (an increase of 3.73 million lots) and an open interest of 22.12 million lots (a decrease of 1.54 million lots) [3]. - Other metals also have their respective price, trading volume, and open - interest data detailed in the report [3]. 3.2 Option Factors - Volume and Open Interest PCR - For copper, the volume PCR is 0.34 (a decrease of 0.08), and the open - interest PCR is 0.74 (a decrease of 0.06) [4]. - For aluminum, the volume PCR is 0.45 (a decrease of 0.13), and the open - interest PCR is 0.81 (a decrease of 0.02) [4]. - Different metals have different PCR values, which are used to describe the strength of the option underlying market and the turning points of the market [4]. 3.3 Option Factors - Pressure and Support Levels - Copper: The pressure point is 82,000, and the support point is 78,000 [5]. - Aluminum: The pressure point is 21,000, and the support point is 20,200 [5]. - These levels are determined by the strike prices of the maximum open interest of call and put options [5]. 3.4 Option Factors - Implied Volatility - Copper: The at - the - money implied volatility is 11.50%, the weighted implied volatility is 16.24% (an increase of 2.46%), and the difference between implied and historical volatility is - 1.90% [6]. - Aluminum: The at - the - money implied volatility is 9.50%, the weighted implied volatility is 10.75% (an increase of 0.15%), and the difference between implied and historical volatility is - 1.49% [6]. - Implied volatility reflects the market's expectation of future price fluctuations [6]. 3.5 Strategy and Recommendations 3.5.1 Non - Ferrous Metals - **Copper Options**: - Fundamental analysis: The total inventory of the three major exchanges increased by 0.7 million tons, with different changes in each exchange's inventory [8]. - Market analysis: The Shanghai copper market showed a high - level consolidation pattern [8]. - Option factor analysis: Implied volatility fluctuates around the historical average, and the open - interest PCR indicates some pressure above [8]. - Strategy: A short - volatility seller's option combination strategy and a spot long - hedging strategy are recommended [8]. - **Other Non - Ferrous Metals (Aluminum, Zinc, etc.)**: Similar analysis and strategy recommendations are provided for each metal, considering their fundamentals, market trends, option factors, and proposing corresponding directional, volatility, and spot - hedging strategies [9][10][11]. 3.5.2 Precious Metals - **Gold/Silver Options**: - Fundamental analysis: The US economic data in the second quarter showed better - than - expected growth and lower - than - expected inflation [12]. - Market analysis: Shanghai gold is in a short - term consolidation and upward - breaking trend [12]. - Option factor analysis: Implied volatility is around the historical average, and the open - interest PCR indicates strong support below [12]. - Strategy: A neutral short - volatility option seller's combination strategy and a spot - hedging strategy are recommended [12]. 3.5.3 Black - Series Metals - **Rebar, Iron Ore, etc.**: - Fundamental analysis: Inventory data of rebar and iron ore are provided, showing different inventory changes [13]. - Market analysis: Rebar is in a weak consolidation pattern, and iron ore is in an interval - fluctuating and rebounding pattern [13]. - Option factor analysis: Implied volatility and open - interest PCR are analyzed for each metal [13][14][15]. - Strategy: Short - volatility combination strategies and spot - hedging or spot - covered strategies are recommended according to different situations [13][14][15].

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. Different option strategies are proposed for each sector and selected varieties based on market conditions and option factors [8]. - For non - ferrous metals, which are in a weak and volatile state, a neutral volatility strategy for sellers is recommended; black metals maintain a large - amplitude volatile trend, suitable for constructing short - volatility portfolios; precious metals are consolidating at high levels with a slight decline, and a spot hedging strategy is recommended [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. For example, the price of copper futures (CU2510) is 78,850, down 500 (- 0.63%); the price of aluminum futures (AL2510) is 20,680, down 170 (- 0.82%) [3]. 3.2 Option Factors - 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. For example, the volume PCR of copper options is 0.49, and the open interest PCR is 0.82 [4]. 3.3 Option Factors - 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 is 82,000, and the support level is 75,000 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of various metal options is presented, including at - the - money implied volatility, weighted implied volatility, and its changes. For example, the at - the - money implied volatility of copper is 8.41%, and the weighted implied volatility is 13.00% with a change of - 1.44% [6]. 3.5 Option Strategies and Recommendations 3.5.1 Non - Ferrous Metals - **Copper Options**: The fundamental situation shows a decrease in inventory in some exchanges. The market has been in a high - level consolidation. Implied volatility is at the historical average. Recommended strategies include a short - volatility seller option portfolio and a spot long - hedging strategy [7]. - **Aluminum/Alumina Options**: Aluminum inventory has changed, and the market is in a bullish high - level shock. Implied volatility is below the historical average. Recommended strategies include a bullish call spread, a short - neutral call + put option combination, and a spot collar strategy [9]. - **Zinc/Lead Options**: Zinc has specific inventory and开工 rate data, and the market is in a volatile decline. Implied volatility is below the historical average. Recommended strategies include a short - neutral call + put option combination and a spot collar strategy [9]. - **Nickel Options**: The spot market has inventory changes, and the market is in a wide - range shock. Implied volatility is at a high historical level. Recommended strategies include a short - bearish call + put option combination and a spot covered - call strategy [10]. - **Tin Options**: Tin inventory has decreased, and the market is in a short - term weak shock. Implied volatility is at a low historical level. Recommended strategies include a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate Options**: The market has large fluctuations, and implied volatility has risen rapidly. Recommended strategies include a short - neutral call + put option combination and a spot long - hedging strategy [11]. 3.5.2 Precious Metals - **Gold/Silver Options**: Gold is affected by the Fed's interest - rate policy. The market is in a short - term consolidation with a weak trend. Implied volatility is around the historical average. Recommended strategies include a short - neutral volatility seller option portfolio and a spot hedging strategy [12]. 3.5.3 Black Metals - **Rebar Options**: Rebar inventory has increased, and the market is in a weak consolidation. Implied volatility is at a relatively high historical level. Recommended strategies include a short - bearish call + put option combination and a spot long - covered - call strategy [13]. - **Iron Ore Options**: Iron ore inventory has changed, and the market is in a range - bound rebound. Implied volatility is above the historical average. Recommended strategies include a short - neutral call + put option combination and a spot long - collar strategy [13]. - **Ferroalloy Options**: Manganese silicon inventory has decreased, and the market is in a weak and bearish trend. Implied volatility is at a high historical level. Recommended strategies include a short - volatility strategy [14]. - **Industrial Silicon/Polysilicon Options**: Industrial silicon inventory is at a high level, and the market has large fluctuations. Implied volatility is rising. Recommended strategies include a short - volatility call + put option combination and a spot hedging strategy [14]. - **Glass Options**: Glass inventory has increased, and the market is in a weak trend. Implied volatility is at a high historical level. Recommended strategies include a short - volatility call + put option combination and a spot long - collar strategy [15].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - For non - ferrous metals, construct a seller's neutral volatility strategy as they are oscillating; for ferrous metals, build a short - volatility portfolio strategy due to sharp post - rise declines and high volatility; for precious metals, create a spot hedging strategy as they are consolidating at high levels [2] 3. Summary According to Relevant 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. For example, the latest price of copper CU2509 is 78,360, with a price increase of 200 and a rise - fall percentage of 0.26% [3] 3.2 Option Factors - Volume and Open Interest PCR - The PCR values of volume and open interest for different metal options are provided, along with their changes. These values are used to describe the strength of the option underlying market and the turning points of the underlying market. For example, the volume PCR of copper options is 1.22, with a change of 0.31, and the open interest PCR is 0.88, with a change of 0.04 [4] 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of different 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 point of copper options is 82,000, and the support point is 75,000 [5] 3.4 Option Factors - Implied Volatility - The implied volatility data of different metal options are presented, including at - the - money implied volatility, weighted implied volatility, its change, annual average, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of copper options is 9.62, and the weighted implied volatility is 15.99, with a change of 0.71 [6] 3.5 Strategy and Recommendations - **Non - ferrous Metals** - **Copper Options**: Based on the analysis of fundamentals and market trends, it is recommended to construct a short - volatility seller's option portfolio strategy and a spot long - hedging strategy [7] - **Aluminum/Alumina Options**: Build a short - neutral call + put option combination strategy and a spot collar strategy [9] - **Zinc/Lead Options**: Construct a short - neutral call + put option combination strategy and a spot collar strategy [9] - **Nickel Options**: Create a short - bearish call + put option combination strategy and a spot long - hedging strategy [10] - **Tin Options**: Implement a short - volatility strategy and a spot collar strategy [10] - **Lithium Carbonate Options**: Build a short - neutral call + put option combination strategy and a spot long - hedging strategy [11] - **Precious Metals** - **Gold/Silver Options**: Construct a short - neutral volatility option seller's portfolio strategy and a spot hedging strategy [12] - **Ferrous Metals** - **Rebar Options**: Build a short - neutral call + put option combination strategy and a spot long - covered call strategy [13] - **Iron Ore Options**: Implement a bull - spread combination strategy for call options, a short - bullish call + put option combination strategy, and a long - collar strategy [13] - **Ferroalloy Options**: Construct a short - volatility strategy [14] - **Industrial Silicon/Polysilicon Options**: Build a short - volatility call + put option combination strategy and a spot hedging strategy [14] - **Glass Options**: Implement a short - volatility call + put option combination strategy and a long - collar strategy [15] 3.6 Charts - The price trends, option trading volumes, open interests, PCR values, implied volatility, historical volatility cones, and pressure and support levels of various metal options such as copper, aluminum, zinc, etc. are presented through charts [17][37][75]