Report Date and Title - Report date: December 9, 2025 [1] - Report title: Metal Options Strategy Morning Report [1] Research Team - Lu Pinxian, Investment Research Manager, Qualification No.: F3047321, Trading Consultation No.: Z0015541, Email: lupx@wkqh.cn [2] - Huang Kehan, Options Researcher, Qualification No.: F03138607, Phone: 0755 - 23375252, Email: huangkh@wkqh.cn [2] - Li Renjun, Industrial Service, Qualification No.: F03090207, Trading Consultation No.: Z0016947, Email: lirj@wkqh.cn [2] Core Views - For non - ferrous metals, which are showing a bullish upward trend, construct a seller neutral volatility strategy [2] - For the black series, which maintain a large - amplitude volatile market trend, it is suitable to construct a short - volatility combination strategy [2] - For precious metals, which are rebounding and rising, construct a bull spread combination strategy [2] Market Overview of Underlying Futures Copper - Latest price: 92,400, Change: - 40, Change rate: - 0.04%, Volume: 19.49 (ten thousand lots), Volume change: 0.69, Open interest: 23.00 (ten thousand lots), Open interest change: - 0.64 [3] Aluminum - Latest price: 22,120, Change: - 25, Change rate: - 0.11%, Volume: 25.16 (ten thousand lots), Volume change: - 1.00, Open interest: 23.31 (ten thousand lots), Open interest change: - 1.22 [3] Zinc - Latest price: 23,170, Change: 60, Change rate: 0.26%, Volume: 18.03 (ten thousand lots), Volume change: 1.71, Open interest: 10.87 (ten thousand lots), Open interest change: 0.11 [3] Other Metals - Similar data for lead, nickel, tin, alumina, gold, silver, lithium carbonate, industrial silicon, polysilicon, rebar, iron ore, manganese silicon, ferrosilicon, and glass are also provided [3] Option Factors Volume and Open Interest PCR - Volume PCR and open interest PCR data for various metal options are presented, along with their changes [4] Pressure and Support Levels - Pressure and support levels for different metal options are given, calculated from the strike prices of the maximum open interest of call and put options [5] Implied Volatility - Data on at - the - money implied volatility, weighted implied volatility, and its change, annual average, call and put implied volatility, historical volatility, and the difference between implied and historical volatility are provided for each metal option [6] Strategy and Recommendations Non - Ferrous Metals - **Copper options**: Construct a call option bull spread strategy, a short - volatility seller option combination strategy, and a spot long hedging strategy [9] - **Aluminum options**: Construct a call option bull spread strategy, a short call + put option combination strategy, and a spot collar strategy [10] - **Zinc options**: Construct a short neutral call + put option combination strategy and a spot collar strategy [10] - **Nickel options**: Construct a short bearish call + put option combination strategy and a spot covered call strategy [11] - **Tin options**: Construct a call option bull spread strategy, a short - volatility strategy, and a spot collar strategy [11] - **Lithium carbonate options**: Construct a short neutral call + put option combination strategy and a spot long hedging strategy [12] Precious Metals - **Silver options**: Construct a call option bull spread strategy, a short - volatility option seller combination strategy with a bullish bias, and a spot hedging strategy [13] Black Series - **Rebar options**: Construct a short bearish call + put option combination strategy and a spot long covered call strategy [14] - **Iron ore options**: Construct a short bearish call + put option combination strategy and a long collar strategy [14] - **Ferroalloy options**: For manganese silicon, construct a short - volatility strategy; for industrial silicon, construct a short - volatility call + put option combination strategy; for glass, construct a put option bear spread strategy, a short - volatility call + put option combination strategy, and a long collar strategy [15][16]

1. Report Summary - The report provides a morning strategy for metal options on December 8, 2025, covering有色金属, precious metals, and black metals. It analyzes the fundamentals, market trends, and option factors of various metal options and offers corresponding option strategies and suggestions [2]. 2. Core Views - For non - ferrous metals with a bullish upward trend, construct a neutral volatility seller strategy; for black metals with large - amplitude fluctuations, build a short - volatility combination strategy; for precious metals with a rebound, construct a bull spread combination strategy [2]. 3. Directory Summaries 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 (CU2601) is 92,380, up 820 with a 0.90% increase, and its trading volume is 18.81 million lots [3]. 3.2 Option Factors 3.2.1 Volume - to - Open - Interest PCR - It shows the volume, volume changes, open interest, open interest changes, volume PCR, and open - interest PCR of different metal options. For instance, the volume PCR of copper options is 0.43 with a 0.04 change, and the open - interest PCR is 0.87 with a 0.04 change [4]. 3.2.2 Pressure and Support Levels - From the perspective of option factors, the report lists the pressure points, support points, and the maximum open interest of call and put options for each metal option. For example, the pressure point of copper options is 90,000, and the support point is 84,000 [5]. 3.2.3 Implied Volatility - The report provides the 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 each metal option. For example, the at - the - money implied volatility of copper options is 21.77%, and the weighted implied volatility is 23.22% with a 0.93 change [6]. 3.3 Strategy and Suggestions 3.3.1 Non - Ferrous Metals - **Copper Options**: With a tight supply of copper concentrates and a bullish price trend, construct a bull spread combination strategy for directional trading, a short - volatility seller option combination strategy for volatility trading, and a spot long - hedging strategy [9]. - **Aluminum Options**: Given the support from macro - expectations and supply disruptions, build a bull spread combination strategy, a short - call + short - put option combination strategy, and a spot collar strategy [10]. - **Zinc Options**: For zinc with a fluctuating and bullish - warming trend, use a short - call + short - put option combination strategy and a spot collar strategy [10]. - **Nickel Options**: Considering the current market situation of nickel, construct a short - call + short - put option combination strategy with a short - delta position and a spot covered - call strategy [11]. - **Tin Options**: With limited downside space for tin prices, build a bull spread combination strategy, a short - volatility strategy, and a spot collar strategy [11]. - **Lithium Carbonate Options**: Based on the inventory and market trends, use a short - call + short - put option combination strategy and a spot long - hedging strategy [12]. 3.3.2 Precious Metals - **Silver Options**: Driven by factors such as investors' optimistic attitude towards the Fed's interest - rate cuts, construct a bull spread combination strategy, a short - volatility option seller combination strategy with a long - delta position, and a spot hedging strategy [13]. 3.3.3 Black Metals - **Rebar Options**: Given the current situation of rebar, use a short - call + short - put option combination strategy with a short - delta position and a spot covered - call strategy [14]. - **Iron Ore Options**: Considering the inventory and market trends of iron ore, build a short - call + short - put option combination strategy and a spot long - collar strategy [14]. - **Ferroalloy Options**: For manganese silicon and industrial silicon, use short - volatility strategies, and for industrial silicon, also use a spot long - hedging strategy [15]. - **Glass Options**: Based on the market situation of glass, construct a bear spread combination strategy, a short - volatility strategy, and a spot long - collar strategy [16].

Group 1 - The domestic commodity futures market closed mostly lower during the night session, with the black series leading the declines [1] - Coking coal fell by 5.24%, indicating significant downward pressure in the black series [1] - Agricultural products mostly declined, with corn starch dropping by 1.70% [1] Group 2 - Chemical products also saw a majority decline, with ethylene glycol decreasing by 1.64% [1] - Non-metallic building materials showed mixed results, with PVC down by 0.99% [1] - Oilseeds and oils mostly fell, with rapeseed meal decreasing by 0.71% [1] Group 3 - Energy products had gains, with low-sulfur fuel oil increasing by 1.32%, indicating some strength in this sector [1]

中国大宗商品价格指数连续七个月环比回升 中新社北京12月5日电 (记者 阮煜琳)中国物流与采购联合会5日发布数据显示，2025年11月份，中国大 宗商品价格指数(CBPI)为114.1点，环比上涨0.8%，同比上涨1.6%，保持稳中向好态势。 编辑：付健青 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 分行业看，有色价格指数继续走高，能源价格指数止跌反弹，农产品价格指数小幅上涨，矿产价格指数 继续回升，黑色系价格指数跌幅收窄，化工价格指数继续下行。 分商品看，在中国物流与采购联合会重点监测的50种大宗商品中，11月价格与上月相比，25种(50%)大 宗商品价格上涨，25种(50%)大宗商品价格下跌。11月涨幅前三的大宗商品为碳酸锂、焦炭和瓦楞纸， 环比分别上涨15%、7.2%和7.1%；跌幅前三的为甲醇、玻璃和棕榈油，环比分别下跌8.3%、7.1%和 6%。 分析认为，总体来看，中国大宗商品市场景气水平继续回升，保持稳中 ...

Report Information - Report Title: Metal Options Strategy Morning Report [1] - Date: December 4, 2025 Investment Rating - Not provided in the report Core Views - 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]. Summary by Category 1. Futures Market Overview - Various metal futures are presented, including copper, aluminum, zinc, etc., with details on the latest price, change, percentage change, trading volume, volume change, open interest, and open interest change [3]. 2. Option Factors - Volume and Open Interest PCR - PCR indicators (volume PCR and open interest PCR) are used to describe the strength of the option underlying market and the turning point of the underlying market. Data for different metal options are provided [4]. 3. Option Factors - Pressure and Support Levels - Pressure and support levels of option underlyings are determined from the strike prices of the maximum open interest of call and put options. Data for various metal options are given [5]. 4. Option Factors - Implied Volatility - Implied volatility data (including at - the - money implied volatility, weighted implied volatility, etc.) for different metal options are presented, along with the change and the difference between implied and historical volatility [6]. 5. Strategy and Recommendations Non - Ferrous Metals - **Copper**: Construct a bull spread combination strategy for call options, a short - volatility option combination strategy, and a spot long - hedging strategy [8]. - **Aluminum**: Construct a bull spread combination strategy for call options, a short call + put option combination strategy with a bullish bias, and a spot collar strategy [9]. - **Zinc**: Construct a short call + put option combination strategy with a neutral bias and a spot collar strategy [9]. - **Nickel**: Construct a short call + put option combination strategy with a bearish bias 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 call + put option combination strategy with a bullish bias and a spot long - hedging strategy [11]. Precious Metals - **Silver**: Construct a bull spread combination strategy for call options, a short - volatility option seller combination strategy with a bullish bias, and a spot hedging strategy [12]. Black Series - **Rebar**: Construct a short call + put option combination strategy with a bearish bias and a spot long - covered - call strategy [13]. - **Iron Ore**: Construct a short call + put option combination strategy with a bearish bias and a spot long - collar strategy [13]. - **Ferroalloys (Manganese Silicon)**: Construct a short - volatility strategy [14]. - **Industrial Silicon**: Construct a short call + put option combination strategy for short - volatility and a spot long - hedging strategy [14]. - **Glass**: Construct a short call + put option combination strategy for short - volatility and a spot long - collar strategy [15].

金属期权 2025-12-03 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 | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万手) | | ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - On December 1st, most domestic commodity futures closed higher, with precious metals leading the gains, while agricultural products showed mixed performance. Industrial products mostly rose, and agricultural products had both gains and losses [1] - The focus of the steel futures market in December will shift from reality to macro - expectations, and short - term market sentiment is favorable [1] - The rising trend of basic metals is supported by multiple factors, and the fundamentals of aluminum are relatively stable [1] - The geopolitical situation and OPEC's production plan affect the energy - chemical products market, and the pressure on oil prices may increase if Russian oil returns to normal [1] - The short - term soybean market lacks new drivers, and palm oil prices may rise if the减产 logic is confirmed [1] Group 3: Summary by Relevant Catalog Black Series - All black series commodities rose. The recent demand for finished products improved, speculative demand rebounded significantly, and inventory continued to decline. Last week, the inventory of the five major steel products decreased by 2.25% to 1400.81 million tons, reaching a 3.5 - month low, while production increased by 0.68% to 85.71 million tons, and apparent demand slightly decreased by 0.69% to 88 million tons, still higher than the same period last year [1] Basic Metals - Most basic metals rose. The price of copper broke through the previous high, and the upward trend is supported by multiple factors in the medium term. The price of aluminum fluctuated upward, with low inventory and resilient demand [1] Energy - Chemical Products - Most energy - chemical products rose. International oil prices pulled up strongly in Asian electronic trading, and the domestic crude - oil series mostly rose. Geopolitical contradictions remain, and OPEC plans to maintain the current production plan. The pressure on oil prices will increase if Russian oil returns to normal [1] Oilseeds and Oils - Most oilseeds and oils rose. The price of US soybeans declined, and the domestic soybean meal market lacks new drivers. Palm oil prices are supported by seasonal production reduction expectations, and the price may rise if the reduction logic is confirmed [1] Index Changes - The comprehensive index of Guomao Commodities rose by 1.13% from 2200 to 2224.82 [1] - The daily consumption index rose by 0.85% from 1587.47 to 1601.03 [1] - The Guomao Black Commodity Index rose by 1.12% from 1700.99 to 1720.10 [1] - The Guomao Energy - Chemical Index decreased by 0.05% from 575.99 to 575.72 [1] - The Guomao Oilseeds and Oils Index rose by 0.03% from 2124.65 to 2125.19 [1]

1. Report Overview - The report is a metal options strategy morning report dated December 1, 2025, covering various metal options including non - ferrous metals, precious metals, and black metals [1][2]. 2. Industry Investment Rating - Not provided in the report. 3. Core Views - For non - ferrous metals, which are showing a bullish upward trend, a neutral volatility selling strategy is recommended [2]. - For black metals, which maintain large - amplitude fluctuations, a short - volatility combination strategy is suitable [2]. - For precious metals, which are rebounding and warming up, a bull spread combination strategy is suggested [2]. 4. Summary by Relevant Catalogs 4.1 Futures Market Overview - **Copper (CU2601)**: The latest price is 88,740, up 1,530 (1.75%) with a trading volume of 9.45 million lots (down 0.08 million lots) and an open interest of 21.83 million lots (up 0.76 million lots) [3]. - **Aluminum (AL2601)**: The latest price is 21,780, up 270 (1.26%) with a trading volume of 12.77 million lots (down 2.29 million lots) and an open interest of 26.07 million lots (up 0.35 million lots) [3]. - **Other Metals**: Similar data are provided for zinc, lead, nickel, tin, alumina, gold, silver, lithium carbonate, industrial silicon, polycrystalline silicon, rebar, iron ore, manganese silicon, ferrosilicon, and glass [3]. 4.2 Option Factors - Volume and Open Interest PCR - **Volume PCR**: It measures whether the underlying asset's market is at a turning point. For example, copper's volume PCR is 0.43 with no change [4]. - **Open Interest PCR**: It describes the strength of the underlying asset's market. For example, copper's open interest PCR is 0.83, up 0.02 [4]. 4.3 Option Factors - Pressure and Support Levels - **Copper**: The pressure point is 90,000 and the support point is 84,000 [5]. - **Aluminum**: The pressure point is 22,000 and the support point is 21,000 [5]. - Other metals also have corresponding pressure and support levels provided [5]. 4.4 Option Factors - Implied Volatility - **Copper**: The at - the - money implied volatility is 14.83%, and the weighted implied volatility is 16.35% (up 0.49%) [6]. - **Aluminum**: The at - the - money implied volatility is 9.11%, and the weighted implied volatility is 10.42% (up 0.09%) [6]. - Similar data are given for other metals [6]. 4.5 Strategy and Recommendations 4.5.1 Non - Ferrous Metals - **Copper**: Build a short - volatility selling option portfolio strategy and a spot long hedging strategy [7]. - **Aluminum**: Construct a bull call spread strategy, a selling call + put option combination strategy, and a spot collar strategy [9]. - Other non - ferrous metals like zinc, nickel, tin, and lithium carbonate also have corresponding strategies [9][10][11]. 4.5.2 Precious Metals - **Silver**: Build a bull call spread strategy, a short - volatility option selling combination strategy, and a spot hedging strategy [12]. 4.5.3 Black Metals - **Rebar**: Construct a short - volatility selling call + put option combination strategy and a spot long covered call strategy [13]. - **Iron Ore**: Build a short - volatility selling call + put option combination strategy and a long collar strategy [13]. - Other black metals such as manganese silicon, industrial silicon, and glass also have corresponding strategies [13][14][15].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - For non - ferrous metals, a neutral volatility seller strategy is recommended as they are trending upwards; for the black metals sector, a short - volatility portfolio strategy is suitable due to large - scale fluctuations; for precious metals, a bull spread portfolio strategy is suggested as they are rebounding [2]. 3. Summary by Category 3.1 Futures Market Overview - The table shows the latest prices, price changes, trading volumes, and open interest of various metal futures contracts. For example, the latest price of copper (CU2601) is 87,050, with a decline of 20 and a decrease rate of 0.02%. The trading volume is 9.53 million lots, and the open interest is 21.07 million lots [3]. 3.2 Option Factors - **Volume and Open Interest PCR**: This indicator describes the strength of the option underlying market and the turning point of the market. For instance, the volume PCR of copper is 0.43, with a change of 0.02, and the open interest PCR is 0.81, with a change of - 0.00 [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 90,000, and the support point is 84,000 [5]. - **Implied Volatility**: The implied volatility of options reflects the market's expectation of future price fluctuations. For example, the at - the - money implied volatility of copper is 12.62%, and the weighted implied volatility is 15.85%, with a change of 0.60 [6]. 3.3 Strategy and Recommendations - **Non - ferrous Metals** - **Copper**: Based on the analysis of fundamentals, market trends, and option factors, a short - volatility seller option portfolio strategy and a spot long - hedging strategy are recommended [7]. - **Aluminum**: A bull spread portfolio strategy for call options, 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 with a short bias and a spot covered - call strategy are recommended [10]. - **Tin**: A short - volatility strategy and a spot collar strategy are suggested [10]. - **Lithium Carbonate**: A short - volatility option combination strategy with a long bias and a spot long - hedging strategy are recommended [11]. - **Precious Metals (Silver)** - A bull spread portfolio strategy for call options, a short - volatility option seller combination strategy with a long bias, and a spot hedging strategy are recommended [12]. - **Black Metals** - **Rebar**: A short - volatility option combination strategy with a short bias and a spot covered - call strategy are recommended [13]. - **Iron Ore**: A short - volatility option combination strategy with a short bias and a spot long - collar strategy are suggested [13]. - **Ferroalloys (Manganese Silicon)**: A short - volatility strategy is recommended, and no spot hedging strategy is provided [14]. - **Industrial Silicon**: A short - volatility option combination strategy and a spot hedging strategy are recommended [14]. - **Glass**: A short - volatility option combination strategy and a spot long - collar strategy are suggested [15].

Group 1: Report Overview - Report Date: November 27, 2025 [1] - Report Type: Metal Options Strategy Morning Report - Research Team: Lu Pinxian, Huang Kehan, Li Renjun [2] Group 2: Investment Ratings - No investment ratings are provided in the report. Group 3: Core Views - For non - ferrous metals, which are trending upward, a neutral volatility selling strategy is recommended [2]. - For the black metals sector, which is experiencing significant fluctuations, a volatility - shorting portfolio strategy is suitable [2]. - For precious metals, which are rebounding, a bull spread portfolio strategy is suggested [2]. Group 4: Market Overview Futures Market - Copper (CU2601) closed at 87,090, up 400 (0.46%) with a trading volume of 10.72 million lots and an open interest of 20.47 million lots [3]. - Aluminum (AL2601) closed at 21,565, up 120 (0.56%) with a trading volume of 17.29 million lots and an open interest of 25.91 million lots [3]. - Zinc (ZN2601) closed at 22,525, up 165 (0.74%) with a trading volume of 9.62 million lots and an open interest of 10.07 million lots [3]. - And other metals' futures data are also presented in detail [3]. Option Factors Volume - to - Open Interest PCR - Copper's volume PCR is 0.41 (down 0.21) and open interest PCR is 0.81 (down 0.04) [4]. - Aluminum's volume PCR is 0.52 (down 0.01) and open interest PCR is 0.63 (up 0.02) [4]. - Other metals' volume - to - open interest PCR data are also provided [4]. Pressure and Support Levels - Copper's pressure level is 90,000 and support level is 84,000 [5]. - Aluminum's pressure level is 22,000 and support level is 21,000 [5]. - Similar data for other metals are given [5]. Implied Volatility - Copper's at - the - money implied volatility is 11.72%, weighted implied volatility is 15.25% (up 0.49%) [6]. - Aluminum's at - the - money implied volatility is 8.88%, weighted implied volatility is 10.29% (down 0.09%) [6]. - Implied volatility data for other metals are also included [6]. Group 5: Strategy Recommendations Non - Ferrous Metals - **Copper**: Build a short - volatility seller option portfolio strategy, such as S_CU2601P84000, S_CU2601P86000, S_CU2601C86000, S_CU2601C88000. Also, a spot long - hedging strategy can be constructed [7]. - **Aluminum**: Use a bull spread strategy for direction and a short - volatility strategy for volatility. A spot collar strategy is recommended for hedging [9]. - **Other non - ferrous metals**: Similar strategies are provided for zinc, nickel, tin, and lithium carbonate [9][10][11]. Precious Metals - **Silver**: Construct a bull spread strategy for direction and a short - volatility strategy for volatility. A spot hedging strategy is also suggested [12]. Black Metals - **Rebar**: Build a short - volatility strategy with a short delta position. A spot covered - call strategy is recommended [13]. - **Iron Ore**: Use a short - volatility strategy with a neutral delta position. A spot collar strategy is suggested [13]. - **Other black metals**: Strategies for ferrosilicon, industrial silicon, and glass are also presented [14][15].