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 various metal varieties based on their fundamentals, market trends, and option factors [2][8]. - For non - ferrous metals, strategies such as bull spreads, bear spreads, and short - volatility strategies are recommended according to the market conditions of each metal [7][9][10]. - For precious metals, strategies like short - volatility option seller combinations and spot hedging strategies are suggested [12]. - For black metals, strategies including bear spreads, short - volatility strategies, and spot hedging or covered call strategies are put forward [13][14][15]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report provides 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 (CU2507) is 78,570, with a decline of 610 and a decrease rate of 0.77% [3]. 3.2 Option Factor - Volume and Open Interest PCR - It shows the volume and open interest PCR of different metal options, which are used to describe the strength of the option underlying market and the turning point of the market. For instance, the volume PCR of copper options is 0.56, with a change of 0.10, and the open interest PCR is 0.95, with a change of - 0.05 [4]. 3.3 Option Factor - Pressure and Support Levels - The pressure and support levels of each metal option 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 is 80,000, and the support point is 70,000 [5]. 3.4 Option Factor - Implied Volatility - The implied volatility data of different metal options are presented, 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 is 12.60, and the weighted implied volatility is 17.17, with a change of - 0.10 [6]. 3.5 Strategy and Recommendations 3.5.1 Non - Ferrous Metals - **Copper**: Directional strategy - construct a bull spread of call options; volatility strategy - construct a short - volatility option seller combination; spot long - hedging strategy - hold spot long + buy put options + sell out - of - the - money call options [7]. - **Aluminum/Alumina**: Directional strategy - none; volatility strategy - construct a short - neutral call + put option combination; spot long - hedging strategy - construct a spot collar strategy [9]. - **Zinc/Lead**: Directional strategy - none; volatility strategy - construct a short - bearish call + put option combination; spot long - hedging strategy - construct a spot collar strategy [9]. - **Nickel**: Directional strategy - none; volatility strategy - construct a short - bearish call + put option combination; spot long - hedging strategy - hold spot long + buy put options [10]. - **Tin**: Directional strategy - none; volatility strategy - construct a short - volatility strategy; spot long - hedging strategy - construct a spot collar strategy [10]. - **Lithium Carbonate**: Directional strategy - construct a bear spread of put options; volatility strategy - construct a short - bearish call + put option combination; spot long - covered call strategy - hold spot long + sell call options [11]. 3.5.2 Precious Metals - **Gold/Silver**: Directional strategy - none; volatility strategy - construct a short - bullish volatility option seller combination; spot hedging strategy - hold spot long + buy put options + sell out - of - the - money call options [12]. 3.5.3 Black Metals - **Rebar**: Directional strategy - construct a bear spread of put options; volatility strategy - construct a short - bearish call + put option combination; spot long - covered call strategy - hold spot long + sell at - the - money call options [13]. - **Iron Ore**: Directional strategy - none; volatility strategy - construct a short - neutral call + put option combination; spot long - hedging strategy - construct a long collar strategy [13]. - **Ferroalloys**: For manganese silicon, directional strategy - construct a bear spread of put options; volatility strategy - construct a short - volatility strategy; spot hedging strategy - none. For industrial silicon/polysilicon, directional strategy - none; volatility strategy - construct a short - neutral call + put option combination; spot covered call strategy - hold spot long + sell call options [14]. - **Glass**: Directional strategy - construct a bear spread of put options; volatility strategy - construct a short - volatility call + put option combination; spot long - hedging strategy - construct a long collar strategy [15].

金属期权 2025-06-11 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 | 金属期权策略早报概要：（1）有色金属区间盘整震荡，构建做空波动率策略策略；（2）黑色系弱势震荡，适合构 建熊市价差组合策略和卖方期权组合策略；（3）贵金属黄金高位盘整，白银多头突破上行，构建做空波动率策略 和现货避险策略。 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) | | (万手) | | | 铜 | CU2507 | 79,030 | -100 | -0.13 | 8.61 ...

金属期权 2025-06-10 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 | 金属期权策略早报概要：（1）有色金属区间盘整震荡，构建做空波动率策略策略；（2）黑色系弱势震荡，适合构 建熊市价差组合策略和卖方期权组合策略；（3）贵金属黄金高位盘整，白银多头突破上行，构建做空波动率策略 和现货避险策略。 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) | | (万手) | | | 铜 | CU2507 | 79,330 | 660 | 0.84 | 7.53 | ...

金属期权 2025-06-09 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 | 金属期权策略早报概要：（1）有色金属区间盘整震荡，构建做空波动率策略策略；（2）黑色系弱势反弹，适合构 建熊市价差组合策略和卖方期权组合策略；（3）贵金属黄金高位盘整，白银多头突破上行，构建做空波动率策略 和现货避险策略。 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) | | (万手) | | | 铜 | CU2507 | 78,620 | -190 | -0.24 | 12.8 ...

金属期权 2025-06-03 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 | 金属期权策略早报概要：（1）有色金属偏多震荡，构建做空波动率策略策略；（2）黑色系弱势盘整，适合构建熊 市价差组合策略和卖方期权组合策略；（3）贵金属止跌反弹大幅上扬后小幅盘整，构建做空波动率策略和现货避 险策略。 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) | | (万手) | | | 铜 | CU2507 | 77,600 | -390 | -0.50 | 8.74 | 0 ...

Commodity Market Overview - The commodity futures market showed mixed performance during the week of May 26 to May 30, with black commodities being the weakest sector, leading to market attention [1] - Energy and chemical sectors saw significant declines, with fuel down 4.85% and crude oil down 2.97%, while basic metals led gains with nickel up 1.14% and copper up 1.33% [1] - Agricultural products exhibited a mixed trend, with palm oil rising while live pig prices fell [1] Gold Market Analysis - After a strong performance in April, gold prices fell in May, with COMEX gold dropping to a low of $3123 per ounce and experiencing a volatility of over 10% within the month [2] - The decline in gold prices is attributed to easing global tariff concerns, which previously drove prices up, leading to a phase of consolidation in the gold market [2][3] - Analysts expect short-term corrections in gold prices, but a long-term upward trend is anticipated due to factors such as declining dollar credit and ongoing central bank gold purchases [3] Oil Market Dynamics - Oil prices continued to show a downward trend, with WTI crude at $60.79 per barrel and Brent crude at $62.61 per barrel [4] - OPEC+ agreed to a significant production increase of 410,000 barrels per day, reflecting Saudi Arabia's strategy to regain market share from U.S. shale producers [4][5] - Demand forecasts for global oil consumption have been downgraded, with OPEC's predictions for 2025 and 2026 showing a decrease of 50,000 barrels per day from previous estimates [5] Manufacturing Sector Insights - The manufacturing Purchasing Managers' Index (PMI) rose to 49.5% in May, indicating a slight improvement in economic activity [6] - High-tech manufacturing continued to expand, with a PMI of 50.9%, while the service sector also showed signs of stability [6][7] - Analysts suggest that recent financial policies and easing trade tensions contributed to the rebound in manufacturing activity [7] Sector-Specific Trends - In the energy and chemical sector, OPEC+'s planned production increases are expected to exert downward pressure on oil prices, while domestic fuel oil inventories are rising [8] - The black commodity sector is facing weak demand for iron ore, with steel production declining and inventory levels remaining high [9] - In the agricultural sector, palm oil prices are rebounding due to improved export demand, while soybean crushing in China is at high levels, impacting domestic oil prices [10]

Report Title - Metal Options Strategy Morning Report [1] Report Date - May 30, 2025 Core Viewpoints - For non - ferrous metals in consolidation and oscillation, construct short - volatility strategies; for the black series in weak consolidation, construct bearish price - spread combination strategies and seller option combination strategies; for precious metals after a sharp rebound and then a small consolidation, construct short - volatility strategies and spot hedging strategies [2] Industry Investment Rating - Not provided in the report Summary by Relevant Catalogs 1. Futures Market Overview - Different metal futures have various price changes, trading volumes, and open interest changes. For example, the copper futures contract CU2507 has a latest price of 77,850, a decline of 140, and a decline rate of - 0.18%, with a trading volume of 8.02 million lots and an open interest of 17.48 million lots [3] 2. Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different metal options show different trends. For instance, the copper option has a volume PCR of 1.34 with a change of 0.07 and an open interest PCR of 1.17 with a change of - 0.05 [4] 3. Option Factors - Pressure and Support Levels - From the perspective of option factors, different metal options have corresponding pressure and support levels. For example, the pressure level of copper is 80,000 and the support level is 70,000 [5] 4. Option Factors - Implied Volatility - The implied volatility of different metal options varies. For example, the copper option has a flat - value implied volatility of 11.92%, a weighted implied volatility of 16.53% with a change of 0.05 [6] 5. Strategy and Recommendations for Different Metals Non - ferrous Metals - **Copper**: Construct a bullish option bull - spread combination strategy, a short - volatility seller option combination strategy, and a spot long - hedging strategy [8] - **Aluminum/Alumina**: Construct a bullish option bull - spread combination strategy, a short - neutral call + put option combination strategy, and a spot collar strategy [9] - **Zinc/Lead**: Construct a short - neutral call + put option combination strategy and a spot collar strategy [9] - **Nickel**: Construct a short - bearish call + put option combination strategy and a spot long - hedging strategy [10] - **Tin**: Construct a bearish option bear - spread combination strategy, a short - volatility strategy, and a spot collar strategy [10] - **Lithium Carbonate**: Construct a bearish option bear - spread combination strategy, a short - bearish call + put option combination strategy, and a spot covered - call strategy [11] Precious Metals - **Gold/Silver**: Construct a short - neutral short - volatility option seller combination strategy and a spot hedging strategy [12] Black Series - **Rebar**: Construct a bearish option bear - spread combination strategy, 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 spot long - collar strategy [13] - **Ferroalloys**: Construct a short - volatility strategy [14] - **Industrial Silicon/Polysilicon**: Construct a bearish option bear - spread combination strategy, a short - bearish call + put option combination strategy, and a spot covered - call strategy [14] - **Glass**: Construct a bearish option bear - spread combination strategy, a short - volatility call + put option combination strategy, and a spot long - collar strategy [15]

Group 1: Commodity Market Overview - Commodity prices showed mixed trends during the week from May 19 to May 23, with gold prices experiencing a significant rebound [1] - In the energy and chemical sector, coking coal fell by 1.59%, while crude oil rose by 0.46% [1] - The black metal sector saw iron ore and rebar prices decline by 0.76% and 0.65%, respectively [1] Group 2: Gold Market Insights - Gold prices surged, with London gold increasing by 4.86% to $3,357.2 per ounce, and COMEX gold rising by 5.65% to $3,386.5 per ounce [1] - The World Gold Council reported an average daily trading volume of $441 billion in April, a 48% month-over-month increase, indicating strong structural demand for gold [2] - Geopolitical risks, particularly related to U.S. tariffs proposed by President Trump, have heightened market sensitivity, contributing to gold's price support [2] Group 3: Trade Tensions and Agricultural Commodities - Soybean meal prices saw a slight increase after five weeks of decline, with the main contract rising by 1.83% to 2,952 yuan/ton [4] - Concerns over potential impacts of U.S. tariffs on soybean meal exports to the EU have intensified market apprehension [4] - The market sentiment for soybean meal remains bearish due to supply surplus and export uncertainties, with a notable increase in net short positions [4][5] Group 4: Economic Data and Implications - China's economic indicators for January to April showed a retail sales growth of 4.7% and fixed asset investment growth of 4.0%, indicating stable growth despite external pressures [7] - The chief economist at GF Securities noted that economic data reflects resilience, but investment growth remains a concern [7] - The ongoing trade tensions and tariff discussions are expected to require more macroeconomic policy support for sustained growth [9] Group 5: U.S. Treasury Market Developments - The recent auction of 20-year U.S. Treasury bonds faced weak demand, with yields surpassing 5% for the second time, reflecting market concerns over U.S. fiscal health [10] - Moody's downgraded the U.S. sovereign credit rating, which has contributed to rising yields and declining bond prices [10] - The passage of the "One Big Beautiful Bill" in the U.S. House of Representatives is expected to further exacerbate fiscal challenges, potentially increasing upward pressure on bond yields [11]

金属期权 2025-05-22 金属期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | 金属期权策略早报概要：（1）有色金属盘整震荡偏上，构建做空波动率策略策略；（2）黑色系大幅反弹回暖后逐 渐回落，适合构建卖方期权组合策略；（3）贵金属高位回落转弱止跌反弹大幅上扬，构建做空波动率策略和现货 避险策略。 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) | | (万手) | | | 铜 | CU2507 | 77,550 | -240 | -0.31 | 4.88 | ...

金属期权 2025-05-21 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 | 金属期权策略早报概要：（1）有色金属盘整震荡偏上，构建做空波动率策略策略；（2）黑色系大幅反弹回暖后逐 渐回落，适合构建卖方期权组合策略；（3）贵金属高位回落转弱止跌反弹大幅上扬，构建做空波动率策略和现货 避险策略。 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) | | (万手) | | | 铜 | CU2506 | 78,140 | 280 | 0.36 | 6.67 | -1 ...