Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - This week, domestic commodities rebounded significantly, with most varieties seeing an uptick, including both industrial and agricultural product indices. The reasons include the poor US employment data and controllable inflation data, which may give the Federal Reserve a basis to continue cutting interest rates in the first half of 2026, leading to a recovery in market risk appetite; the domestic economic situation is weak with strong supply and weak demand, and the black - series performed worse than other sectors [3]. - Considering the latest changes in economic growth momentum and the relatively high base in the same period last year, it is expected that the economic operation in the first quarter of 2026 will still face certain downward pressure. Therefore, monetary policy is expected to end the observation period and enter the active stage to stabilize the economic operation in the first quarter of 2026 [3]. - In the short term, market sentiment has improved, and commodities have rebounded. This is due to the possible Fed rate - cuts in the first half of 2026, positive domestic policy tones after important meetings, and geopolitical factors such as the uncertainty of the Russia - Ukraine peace agreement and potential US actions against Venezuela, which will cause fluctuations in energy prices and drive a phased rebound in energy prices [3]. Summary by Relevant Catalogs PART TWO: Overseas Situation Analysis - **GDP**: In the third quarter, the US real GDP annualized quarterly - on - quarterly growth rate was 4.3%, higher than the expected 3.3% and the previous value of 3.8%, reaching the fastest growth rate in two years. The PCE price index annualized quarterly - on - quarterly growth rate was 2.9%, in line with expectations but maintaining a high level. The core driving factor for the strong growth in the third quarter was the better - than - expected performance on the consumption side. However, due to factors such as the previous federal government "shutdown", the economic growth in the fourth quarter is expected to slow down significantly, and the annual growth rate in 2025 is expected to be 2% or lower [3]. - **Employment Data**: In November, the number of non - farm payrolls increased by 64,000, better than the market expectation of 50,000. However, the unemployment rate unexpectedly rose to 4.6%, higher than 4.4% in September and slightly higher than the expected 4.5%, reaching a new high since September 2021. If the unemployment rate further rises to 4.7% in December, it may trigger the "Sam Rule" recession indicator again [3]. - **Inflation Data**: The US inflation rate in November was significantly lower than market expectations, showing a cooling trend. The CPI in November was 2.7% year - on - year, lower than the expected 3.1%, and the core CPI year - on - year dropped to 2.6%, also lower than the expected 3%. The poor employment data and controllable inflation data may give the Federal Reserve a basis to continue cutting interest rates in the first half of 2026 [3]. - **Other Regions**: In the eurozone, the PMI in December showed certain changes compared with November. In Japan, the export and import data and CPI data in November also had corresponding performance [18][22]. PART THREE: Domestic Situation Analysis - **Industrial Enterprise Profits**: According to data released by the National Bureau of Statistics on December 27, 2025, China's industrial enterprise profit data in November showed the characteristics of "slight cumulative increase, single - month pressure, and structural differentiation". In November, the revenue of industrial enterprises above the designated size was stable, but profits declined. The year - on - year decline in operating income narrowed, but the year - on - year decline in profits widened. The overall profitability still lacks effective support, and weak domestic demand remains a drag on corporate profitability [3]. - **LPR**: On December 22, 2025, the central bank issued a credit repair policy and kept the 1 - year and 5 - year LPR unchanged. The credit repair policy can accurately distinguish overdue types and optimize the allocation of credit resources, and the stability of LPR helps maintain internal and external balance. Considering the economic situation, it is expected that the monetary policy will enter the active stage to stabilize the economic operation in the first quarter of 2026 [3]. PART FOUR: High - Frequency Data Tracking - **Industrial开工率**: The report tracks the开工率 of the polyester industry chain and the blast furnace开工率. For example, on December 26, the开工 rate of PTA in the polyester industry chain was 72%, and the开工 rate of POY was 86% [38]. - **Consumer - related Data**: It also tracks data such as the wholesale and retail data of manufacturers and the inventory data of some products. For example, on December 25, certain data showed specific percentage changes [45]. - **Commodity Price Data**: The report monitors the prices of some commodities, such as the average wholesale prices of vegetables, pork, and fruits, as well as the 200 - index of agricultural product wholesale prices [47].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For non - ferrous metals, a neutral volatility strategy for sellers can be constructed as they are trending upwards; for black metals, a short - volatility combination strategy is suitable due to their large - amplitude fluctuations; for precious metals, a bull - spread combination strategy can be built as they are rebounding and rising [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Copper (CU2602) closed at 101,380, up 3,270 (3.33%), with a trading volume of 28.70 million lots and an open interest of 25.21 million lots [3] - Aluminum (AL2602) closed at 22,520, up 135 (0.60%), with a trading volume of 35.36 million lots and an open interest of 29.96 million lots [3] - Zinc (ZN2602) closed at 23,215, up 85 (0.37%), with a trading volume of 14.57 million lots and an open interest of 9.74 million lots [3] - And so on for other metals including lead, nickel, tin, etc. 3.2 Option Factors - Volume and Open Interest PCR - For copper, the volume PCR is 0.45 (down 0.13), and the open interest PCR is 0.74 (up 0.08) [4] - For aluminum, the volume PCR is 0.25 (down 0.29), and the open interest PCR is 0.52 (down 0.04) [4] - Similar data are provided for other metals 3.3 Option Factors - Pressure and Support Levels - For copper, the pressure level is 98,000 and the support level is 90,000 [5] - For aluminum, the pressure level is 23,000 and the support level is 21,400 [5] - Other metals also have their corresponding pressure and support levels 3.4 Option Factors - Implied Volatility - For copper, the at - the - money implied volatility is 30.23%, the weighted implied volatility is 32.68% (up 5.44%) [6] - For aluminum, the at - the - money implied volatility is 18.46%, the weighted implied volatility is 22.02% (up 3.56%) [6] - Implied volatility data are available for all metals 3.5 Strategy and Recommendations 3.5.1 Non - ferrous Metals - **Copper**: Build a bull - spread combination strategy for call options and a short - volatility seller option combination strategy; for spot hedging, hold a long spot position + buy put options + sell out - of - the - money call options [7] - **Aluminum**: Construct a bull - spread combination strategy for call options, a short - call + put option combination strategy; for spot hedging, use a collar strategy [9] - Similar strategies are provided for zinc, nickel, tin, and lithium carbonate 3.5.2 Precious Metals - **Silver**: Build a bull - spread combination strategy for call options, a short - volatility option seller combination strategy; for spot hedging, hold a long spot position + buy put options + sell out - of - the - money call options [12] 3.5.3 Black Metals - **Rebar**: Build a short - call + put option combination strategy for a short - bias; for spot hedging, hold a long spot position + sell call options [13] - **Iron ore**: Build a short - neutral call + put option combination strategy; for spot hedging, use a collar strategy [13] - Similar strategies are provided for ferroalloys, industrial silicon, and glass

Report Date - The report is dated December 26, 2025 [1] Core Viewpoints - For non - ferrous metals showing a bullish upward trend, construct a seller neutral volatility strategy [2] - For the black metals maintaining a large - amplitude volatile market, construct a short - volatility portfolio strategy [2] - For precious metals rebounding and rising, construct a bull spread portfolio strategy [2] Summary of Each Section 1. Futures Market Overview - The table presents the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open - interest changes of various metal futures contracts [3] 2. Option Factors - Volume and Open - Interest PCR - The volume PCR and open - interest PCR of different metal options are provided, along with their changes, which can be used to analyze the strength of the option underlying market and potential turning points [4] 3. Option Factors - Pressure and Support Levels - The pressure points, pressure - point offsets, support points, support - point offsets, maximum call option holdings, and maximum put option holdings of different metal options are given, helping to identify potential price barriers and supports [5] 4. Option Factors - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, weighted implied - volatility changes, annual average implied volatility, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility of various metal options are presented [6] 5. Option Strategies and Recommendations Non - Ferrous Metals - **Copper**: Construct a bull spread strategy for call options, a short - volatility seller option portfolio strategy, and a spot long - hedging strategy [7] - **Aluminum**: Construct a short - volatility strategy by selling call and put options and a spot collar strategy [9] - **Zinc**: Construct a short - volatility strategy by selling call and put options and a spot collar strategy [9] - **Nickel**: Construct a bull spread strategy for call options, a short - volatility strategy by selling call and put options, and a spot covered - call strategy [10] - **Tin**: Construct a bull spread strategy for call options, a short - volatility strategy, and a spot collar strategy [10] - **Lithium Carbonate**: Construct a bull spread strategy for call options, a short - volatility strategy by selling call and put options, and a spot long - hedging strategy [11] Precious Metals - **Silver**: Construct a bull spread strategy for call options, a short - volatility option seller portfolio strategy, and a spot hedging strategy [12] Black Metals - **Rebar**: Construct a short - volatility strategy by selling call and put options and a spot covered - call strategy [13] - **Iron Ore**: Construct a short - volatility strategy by selling call and put options and a spot long - collar strategy [13] - **Ferroalloys (Manganese Silicon and Silicon Iron)**: For manganese silicon, construct a short - volatility strategy; for silicon iron, construct a short - volatility strategy and a spot hedging - related strategy [13][14] - **Industrial Silicon**: Construct a bear spread strategy for put options, a short - volatility strategy by selling call and put options, and a spot hedging strategy [14] - **Glass**: Construct a bear spread strategy for put options, a short - volatility strategy by selling call and put options, and a spot long - collar strategy [15]

金属期权 2025-12-24 金属期权策略早报 | 李立勤 | 高级投研经 理 | 从业资格号：F3074095 | 交易咨询号：Z0017896 | 邮箱：lilq@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 | 金属期权策略早报概要：（1）有色金属偏多上行，构建卖方中性波动率策略策略；（2）黑色系维持大幅度波动的 行情走势，适合构建做空波动率组合策略；（3）贵金属反弹回暖上升，构建牛市价差组合策略。 | 表1：标的期货市场概况 | | --- | | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | ...

金属期权 2025-12-22 金属期权策略早报 | 表1：标的期货市场概况 | | --- | | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万手) | | (万手) | | | 铜 | CU2602 | 93,560 | 840 | 0.91 | 17.27 | 1.27 | 23.77 | 0.64 | | 铝 | AL2602 | 22,245 | 205 | 0.93 | 22.56 | 3.72 | 31.51 | 2.09 | | 锌 | ZN2602 | 23,090 | 70 | 0.30 | 8.84 | 0.20 | 8.64 | 0.26 | | 铅 | PB2602 | 17,005 | 155 | 0.92 | 5.65 | 2.52 | 6.22 | 0.65 | | 镍 | NI2602 | 117,430 | 1,170 | 1.01 | 16.58 | 10.28 ...

Group 1: Report Summary - Report Date: December 19, 2025 [1] - Report Type: Metal Options Strategy Morning Report - Core Viewpoints: Build different option strategies for non - ferrous metals, precious metals, and black metals based on their market trends and option factors [2] Group 2: Market Overview Futures Market - The non - ferrous metals showed a mostly upward trend, the black metals maintained high - volatility trends, and the precious metals rebounded [2]. - Specific futures prices, trading volumes, and position changes of various metals are provided in Table 1 [3]. Option Factors - Volume and Position PCR: The PCR values of different metal options are presented in Table 2, which can be used to analyze the strength and turning points of the underlying asset markets [4]. - Pressure and Support Levels: The pressure and support levels of different metal options are shown in Table 3, determined by the strike prices of the maximum call and put option positions [5]. - Implied Volatility: The implied volatility data of different metal options are provided in Table 4, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [6]. Group 3: Strategy Recommendations for Different Metals Non - Ferrous Metals Copper - Fundamental Analysis: The inventories of the three major exchanges increased by 11,000 tons month - on - month [7]. - Market Analysis: The price of Shanghai copper showed a bullish trend with support below [7]. - Option Factor Analysis: The implied volatility was above the historical average, and the position PCR indicated strong support below [7]. - Strategy Recommendations: Build a bull spread strategy for call options and a short - volatility seller option portfolio strategy, and a spot long - hedging strategy [7]. Aluminum - Fundamental Analysis: The aluminum ingot inventory decreased, while the bonded area inventory increased [9]. - Market Analysis: The price of Shanghai aluminum showed a bullish trend with rapid declines [9]. - Option Factor Analysis: The implied volatility was above the historical average, and the position PCR indicated strong pressure above [9]. - Strategy Recommendations: Build a short - volatility option portfolio strategy and a spot collar strategy [9]. Zinc - Fundamental Analysis: The inventory of Shanghai Futures Exchange zinc ingot futures and overseas inventory data are provided [9]. - Market Analysis: The price of Shanghai zinc showed an upward - biased trend with pressure above [9]. - Option Factor Analysis: The implied volatility was above the historical average, and the position PCR indicated a short - term strong trend [9]. - Strategy Recommendations: Build a short - volatility option portfolio strategy and a spot collar strategy [9]. Nickel - Fundamental Analysis: The global nickel apparent inventory increased, and the demand for intermediate products weakened [10]. - Market Analysis: The price of Shanghai nickel showed a weak - biased volatile trend with pressure above [10]. - Option Factor Analysis: The implied volatility was above the average, and the position PCR indicated a weak - biased trend [10]. - Strategy Recommendations: Build a short - volatility option portfolio strategy with a short - biased delta and a spot covered - call strategy [10]. Tin - Fundamental Analysis: The resumption of tin mines in Myanmar was slow, and the raw material supply for smelting enterprises was tight [10]. - Market Analysis: The price of Shanghai tin showed a short - term high - volatility bullish trend with support below [10]. - Option Factor Analysis: The implied volatility was at a high historical level, and the position PCR indicated strong support below [10]. - Strategy Recommendations: Build a bull spread strategy for call options, a short - volatility strategy, and a spot collar strategy [10]. Lithium Carbonate - Fundamental Analysis: The weekly inventory of domestic lithium carbonate decreased, and the registered warehouse receipts increased [11]. - Market Analysis: The price of lithium carbonate showed a bullish trend with large fluctuations and strong support below [11]. - Option Factor Analysis: The implied volatility increased rapidly and remained at a high level, and the position PCR indicated increasing bullish strength [11]. - Strategy Recommendations: Build a bull spread strategy for call options, a short - volatility option portfolio strategy, and a spot long - hedging strategy [11]. Precious Metals Silver - Fundamental Analysis: The de - stocking of COMEX silver slowed down, while the LBMA silver inventory increased [12]. - Market Analysis: The price of silver showed a bullish trend with rebounds after declines [12]. - Option Factor Analysis: The implied volatility was at a high historical level, and the position PCR indicated strong support below [12]. - Strategy Recommendations: Build a bull spread strategy for call options, a short - volatility option seller portfolio strategy, and a spot long - hedging strategy [12]. Black Metals Rebar - Fundamental Analysis: The total inventory of rebar decreased, with a decline in both social and factory inventories [13]. - Market Analysis: The price of rebar showed a weak - biased volatile trend with pressure above [13]. - Option Factor Analysis: The implied volatility was below the historical average, and the position PCR indicated strong short - side pressure above [13]. - Strategy Recommendations: Build a short - volatility option portfolio strategy with a short - biased delta and a spot covered - call strategy [13]. Iron Ore - Fundamental Analysis: The inventory of imported iron ore at 47 ports increased, and the daily discharge volume decreased slightly [13]. - Market Analysis: The price of iron ore showed a weak - biased volatile trend with support below and pressure above [13]. - Option Factor Analysis: The implied volatility was below the historical average, and the position PCR indicated short - term support below [13]. - Strategy Recommendations: Build a short - volatility option portfolio strategy with a neutral delta and a spot long - collar strategy [13]. Manganese Silicon - Fundamental Analysis: The weekly output of manganese silicon was stable, and the apparent inventory was at a high level [14]. - Market Analysis: The price of manganese silicon showed a weak - biased trend with a rebound [14]. - Option Factor Analysis: The implied volatility was at a low historical level, and the position PCR indicated a weak market under short - side pressure [14]. - Strategy Recommendations: Build a short - volatility strategy [14]. Industrial Silicon - Fundamental Analysis: The inventory of industrial silicon increased, including factory, market, and registered warehouse receipt inventories [14]. - Market Analysis: The price of industrial silicon showed a weak - biased volatile trend with pressure above [14]. - Option Factor Analysis: The implied volatility was around the average, and the position PCR indicated a weak - biased volatile trend [14]. - Strategy Recommendations: Build a bear spread strategy for put options, a short - volatility option portfolio strategy, and a spot long - hedging strategy [14]. Glass - Fundamental Analysis: The inventory of float glass decreased, including the national and Shahe area inventories [15]. - Market Analysis: The price of glass showed a weak - biased trend with a rebound after over - selling [15]. - Option Factor Analysis: The implied volatility was at a high historical level, and the position PCR indicated a weak market [15]. - Strategy Recommendations: Build a bear spread strategy for put options, a short - volatility option portfolio strategy, and a spot long - collar strategy [15].

Group 1: Report Overview - Report Title: Metal Options Strategy Morning Report [1] - Date: December 18, 2025 - Report Summary: The report provides an analysis of the metal options market, including the performance of various metal futures, option factors, and trading strategies [2] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Viewpoints - The有色金属 sector is expected to move upward, and a neutral volatility strategy for sellers is recommended [2] - The黑色系 sector is expected to maintain high volatility, and a short volatility strategy is recommended [2] - The贵金属 sector is expected to rebound, and a bull spread strategy is recommended [2] Group 4: Futures Market Overview - Copper (CU2601): The latest price is 92,680, up 380 (0.41%) from the previous day. The trading volume is 6.63 million lots, down 3.58 million lots, and the open interest is 13.65 million lots, down 0.93 million lots [3] - Aluminum (AL2601): The latest price is 21,985, up 145 (0.66%) from the previous day. The trading volume is 4.34 million lots, down 2.73 million lots, and the open interest is 12.40 million lots, down 0.85 million lots [3] - Zinc (ZN2601): The latest price is 23,045, up 135 (0.59%) from the previous day. The trading volume is 12.06 million lots, down 1.80 million lots, and the open interest is 5.92 million lots, down 1.40 million lots [3] - Lead (PB2601): The latest price is 16,825, up 55 (0.33%) from the previous day. The trading volume is 4.02 million lots, down 0.05 million lots, and the open interest is 2.69 million lots, down 0.28 million lots [3] - Nickel (NI2601): The latest price is 113,300, up 570 (0.51%) from the previous day. The trading volume is 13.96 million lots, down 1.77 million lots, and the open interest is 9.41 million lots, down 1.15 million lots [3] - Tin (SN2601): The latest price is 334,240, up 9,230 (2.84%) from the previous day. The trading volume is 16.68 million lots, down 5.58 million lots, and the open interest is 3.21 million lots, down 0.02 million lots [3] - Alumina (AO2601): The latest price is 2,573, up 23 (0.90%) from the previous day. The trading volume is 19.30 million lots, down 9.09 million lots, and the open interest is 18.04 million lots, down 1.05 million lots [3] - Gold (AU2602): The latest price is 982.48, up 5.18 (0.53%) from the previous day. The trading volume is 27.59 million lots, down 1.80 million lots, and the open interest is 19.71 million lots, up 0.09 million lots [3] - Silver (AG2602): The latest price is 15,594, up 589 (3.93%) from the previous day. The trading volume is 162.71 million lots, up 5.57 million lots, and the open interest is 38.90 million lots, up 2.49 million lots [3] - Lithium Carbonate (LC2602): The latest price is 106,900, up 7,560 (7.61%) from the previous day. The trading volume is 3.36 million lots, up 2.37 million lots, and the open interest is 3.36 million lots, down 0.06 million lots [3] - Industrial Silicon (SI2602): The latest price is 8,480, up 50 (0.59%) from the previous day. The trading volume is 4.29 million lots, up 1.59 million lots, and the open interest is 9.10 million lots, down 0.06 million lots [3] - Polysilicon (PS2602): The latest price is 62,175, up 2,490 (4.17%) from the previous day. The trading volume is 4.47 million lots, up 1.45 million lots, and the open interest is 3.58 million lots, down 0.19 million lots [3] - Rebar (RB2601): The latest price is 3,130, up 35 (1.13%) from the previous day. The trading volume is 6.27 million lots, down 1.26 million lots, and the open interest is 22.66 million lots, down 1.52 million lots [3] - Iron Ore (I2602): The latest price is 793.00, up 12.00 (1.54%) from the previous day. The trading volume is 0.55 million lots, down 0.03 million lots, and the open interest is 7.18 million lots, down 0.02 million lots [3] - Manganese Silicon (SM2602): The latest price is 5,744, up 2 (0.03%) from the previous day. The trading volume is 1.65 million lots, up 0.06 million lots, and the open interest is 2.96 million lots, down 0.09 million lots [3] - Silicon Iron (SF2602): The latest price is 5,428, up 50 (0.93%) from the previous day. The trading volume is 5.39 million lots, up 0.50 million lots, and the open interest is 3.79 million lots, up 0.22 million lots [3] - Glass (FG2602): The latest price is 1,013, up 17 (1.71%) from the previous day. The trading volume is 2.90 million lots, up 0.59 million lots, and the open interest is 4.11 million lots, up 0.05 million lots [3] Group 5: Option Factors Volume and Open Interest PCR - The PCR indicators are used to describe the strength of the option underlying market and the turning point of the underlying market [4] Pressure and Support Levels - The pressure and support levels are determined by the strike prices with the largest open interest of call and put options [5] Implied Volatility - The implied volatility reflects the market's expectation of the future volatility of the underlying asset [6] Group 6: Strategy Recommendations Copper Options - Directional Strategy: Construct a bull spread strategy using call options to obtain directional returns [7] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value returns [7] - Spot Hedging Strategy: Construct a spot collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [7] Aluminum Options - Directional Strategy: None [9] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value and directional returns [9] - Spot Hedging Strategy: Construct a spot collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [9] Zinc Options - Directional Strategy: None [9] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value [9] - Spot Hedging Strategy: Construct a spot collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [9] Nickel Options - Directional Strategy: None [10] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value [10] - Spot Hedging Strategy: Construct a covered call strategy by holding a long position in the spot market and selling call options [10] Tin Options - Directional Strategy: Construct a bull spread strategy using call options to obtain directional returns [10] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value returns [10] - Spot Hedging Strategy: Construct a spot collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [10] Lithium Carbonate Options - Directional Strategy: Construct a bull spread strategy using call options to obtain directional returns [11] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value and directional returns [11] - Spot Hedging Strategy: Construct a spot collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [11] Silver Options - Directional Strategy: Construct a bull spread strategy using call options to obtain directional returns [12] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value [12] - Spot Hedging Strategy: Construct a spot collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [12] Rebar Options - Directional Strategy: None [13] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value [13] - Spot Hedging Strategy: Construct a covered call strategy by holding a long position in the spot market and selling call options [13] Iron Ore Options - Directional Strategy: None [13] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value and directional returns [13] - Spot Hedging Strategy: Construct a long collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [13] Manganese Silicon Options - Directional Strategy: None [14] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value returns [14] - Spot Hedging Strategy: None [14] Industrial Silicon Options - Directional Strategy: Construct a bear spread strategy using put options to obtain directional returns [14] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value and directional returns [14] - Spot Hedging Strategy: Construct a spot collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [14] Glass Options - Directional Strategy: Construct a bear spread strategy using put options to obtain directional returns [15] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value [15] - Spot Hedging Strategy: Construct a long collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [15]

1. Report Title and Date - The report is titled "Metal Option Strategy Morning Report" dated December 17, 2025 [1] 2. Core Viewpoints - For non - ferrous metals showing a bullish upward trend, construct a neutral volatility strategy for sellers [2] - For the black series with large - amplitude fluctuations, construct a short - volatility combination strategy [2] - For precious metals rebounding and rising, construct a bull spread combination strategy [2] 3. Summary by Category 3.1 Futures Market Overview - The report provides 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 [3] 3.2 Option Factors 3.2.1 Volume - to - Open - Interest PCR - It shows the volume, volume change, open interest, open interest change, volume PCR, volume PCR change, open interest PCR, and open interest PCR change of different metal options, which are used to describe the strength of the option underlying market and the turning point of the underlying market [4] 3.2.2 Pressure and Support Levels - From the perspective of the strike prices with the largest open interests of call and put options, the pressure and support levels of the option underlying are presented [5] 3.2.3 Implied Volatility - It includes the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatilities of different metal options [6] 3.3 Strategy and Recommendations for Different Metals 3.3.1 Non - Ferrous Metals - **Copper**: Construct a bull spread combination strategy for call options and a short - volatility seller option combination strategy, and also a spot long - hedging strategy [7] - **Aluminum**: Construct a short - option combination strategy of slightly bullish call and put options and a spot collar strategy [9] - **Zinc**: Construct a short - option combination strategy of slightly bullish call and put options and a spot collar strategy [9] - **Nickel**: Construct a short - option combination strategy of slightly bearish call and put options and a spot covered - call strategy [10] - **Tin**: Construct a bull spread combination strategy for call options, a short - volatility strategy, and a spot collar strategy [10] - **Lithium Carbonate**: Construct a short - option combination strategy of slightly bullish call and put options and a spot long - hedging strategy [11] 3.3.2 Precious Metals - **Silver**: Construct a bull spread combination strategy for call options, a slightly bullish short - volatility option seller combination strategy, and a spot hedging strategy [12] 3.3.3 Black Series - **Rebar**: Construct a short - option combination strategy of slightly bearish call and put options and a spot covered - call strategy [13] - **Iron Ore**: Construct a short - option combination strategy of slightly bearish call and put options and a spot long - collar strategy [13] - **Ferroalloys (Manganese Silicon and Ferrosilicon)**: For manganese silicon, construct a short - volatility strategy; for industrial silicon, construct a bear spread combination strategy for put options, a short - volatility option combination strategy, and a spot hedging strategy; for glass, construct a bear spread combination strategy for put options, a short - volatility option combination strategy, and a spot long - collar strategy [14][15]

| 程资咨询业务资格: | ITG 国贸期货 | 证监许可【2012】31号 | | --- | --- | --- | | 国贸商品指数 | 国贸商品指数日报 | | | ITE C | | | | | 国贸期货研究院 从业资格号: F3014717 2025/12/16 Z0013223 宏观金融中心 投资咨询号: | | | | (12月15日),国内商品期市收盘涨跌参半,新能源材料涨幅居前,多晶硅涨3.61%;航运期货 | | | | 全部上涨,集运指数(欧线)涨3.30%;黑色系多数上涨,焦煤涨3.16%;贵金属全部上涨,沪金涨 | | | | 1. 92%;非金属建材全部上涨,PVC涨1. 60%;化工品多数上涨,丁二烯橡胶涨1.54%;能源品多数上 涨,燃油涨1.50%;农副产品多数上涨,鸡蛋涨1.23%;基本金属跌幅居前,国际铜跌1.45%;油脂油 | | | | 料全部下跌,棕榈油跌0.96%。 | | | | 热评:周一国内商品涨跌参半,其中,工业品走势分化,农产品涨跌参半。具体来看; | | | | (1) 黑色系多数上涨。近期钢材供需双弱,期钢盘面维持偏弱运行。受全国寒潮影响,气温大幅 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals, they are trending upwards, and a neutral volatility strategy for sellers is recommended; for the black series, the market shows significant fluctuations, suitable for constructing a short - volatility combination strategy; for precious metals, they are rebounding, and a bull spread combination strategy is advisable [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Different metal futures have various price changes, trading volumes, and open interest changes. For example, copper (CU2601) has a latest price of 92,390, a decline of 180 (-0.19%), a trading volume of 18.34 million lots, and an open interest of 16.58 million lots with a decrease of 2.28 million lots [3]. 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - The volume and open interest PCR of different options are presented, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For example, the volume PCR of copper is 0.59 with a change of 0.21, and the open interest PCR is 0.80 with a change of - 0.09 [4]. 3.2.2 Pressure and Support Levels - The pressure and support levels of different options are analyzed. For example, the pressure point of copper is 94,000 and the support point is 90,000 [5]. 3.2.3 Implied Volatility - The implied volatility data of different options are provided, including at - the - money implied volatility, weighted implied volatility, and its changes. For example, the at - the - money implied volatility of copper is 16.98%, and the weighted implied volatility is 21.44% with a change of - 0.11 [6]. 3.3 Strategy and Recommendations 3.3.1 Non - Ferrous Metals - **Copper**: Based on the analysis of fundamentals, market trends, and option factors, a bull spread combination strategy for call options, a short - volatility seller option combination strategy, and a spot long - hedging strategy are recommended [7]. - **Aluminum**: A short - volatility option combination strategy and a spot collar strategy are suggested [9]. - **Zinc**: A short - volatility option combination strategy and a spot collar strategy are proposed [9]. - **Nickel**: A short - volatility option combination strategy and a spot covered call strategy are recommended [10]. - **Tin**: A bull spread combination strategy for call options, a short - volatility strategy, and a spot collar strategy are advised [10]. - **Lithium Carbonate**: A short - volatility option combination strategy and a spot long - hedging strategy are recommended [11]. 3.3.2 Precious Metals - **Silver**: A bull spread combination strategy for call options, a short - volatility option seller combination strategy, and a spot hedging strategy are recommended [12]. 3.3.3 Black Series - **Rebar**: A short - volatility option combination strategy and a spot covered call strategy are suggested [13]. - **Iron Ore**: A short - volatility option combination strategy and a spot long - collar strategy are proposed [13]. - **Ferroalloys**: For manganese silicon, a short - volatility strategy is recommended; for industrial silicon, a bear spread combination strategy for put options, a short - volatility option combination strategy, and a spot hedging strategy are advised; for glass, a bear spread combination strategy for put options, a short - volatility option combination strategy, and a spot long - collar strategy are recommended [14][15].