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]