Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - For non - ferrous metals, a neutral volatility seller strategy can be constructed as they show a weak and volatile trend; for the black series, a short - volatility portfolio strategy is suitable due to large - amplitude fluctuations; for precious metals, a spot hedging strategy can be built as they break upward [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest of various metal futures contracts are presented, such as the copper CU2510 contract with a latest price of 79,440, a decline of 500, and a trading volume of 5.54 million lots [3]. 3.2 Option Factor - Volume and Open Interest PCR - Volume and open - interest PCR data for different metal options are provided, which are used to describe the strength of the option underlying market and the turning points of the underlying market [4]. 3.3 Option Factor - Pressure and Support Levels - Pressure and support levels for different metal options are analyzed from the perspective of the strike prices with the largest open interest of call and put options [5]. 3.4 Option Factor - Implied Volatility - Implied volatility data for different metal options are presented, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [6]. 3.5 Strategy and Recommendations - **Non - ferrous Metals** - **Copper**: Based on the stable inventory, the upward - trending price, and the option factors, a short - volatility seller option portfolio strategy and a spot long - hedging strategy are recommended [7]. - **Aluminum/Alumina**: Given the inventory changes, price trends, and option factors, a bull - spread strategy, a short - neutral call + put option combination strategy, and a spot collar strategy are suggested [9]. - **Zinc/Lead**: Considering the supply and demand fundamentals, price trends, and option factors, a short - neutral call + put option combination strategy and a spot collar strategy are recommended [9]. - **Nickel**: Based on the industrial fundamentals, price trends, and option factors, a short - bearish call + put option combination strategy and a spot covered - call strategy are suggested [10]. - **Tin**: Given the inventory and price trends, and option factors, a short - volatility strategy and a spot collar strategy are recommended [10]. - **Lithium Carbonate**: Considering the production, inventory, price trends, and option factors, a short - bearish call + put option combination strategy and a spot long - hedging strategy are suggested [11]. - **Precious Metals** - **Gold/Silver**: Based on the macro - fundamentals, price trends, and option factors, a bull - spread strategy, a short - neutral volatility seller option portfolio strategy, and a spot hedging strategy are recommended [12]. - **Black Series** - **Rebar**: Given the production capacity utilization rate, price trends, and option factors, a short - bearish call + put option combination strategy and a spot covered - call strategy are suggested [13]. - **Iron Ore**: Considering the inventory, price trends, and option factors, a short - neutral call + put option combination strategy and a spot long - collar strategy are recommended [13]. - **Ferroalloys**: Based on the production capacity utilization rate, price trends, and option factors, a short - volatility strategy is recommended for manganese - silicon, and a short - volatility call + put option combination strategy and a spot hedging strategy are suggested for industrial silicon and polysilicon [14]. - **Glass**: Given the supply and demand fundamentals, price trends, and option factors, a short - volatility call + put option combination strategy and a spot long - collar strategy are recommended [15].

Core Insights - The China Logistics and Purchasing Federation reported that the commodity price index for August was 111.7 points, reflecting a month-on-month increase of 0.3% and a year-on-year increase of 1.2% [1] - The index has shown a continuous month-on-month rebound for four consecutive months, indicating that policies aimed at expanding domestic demand and reducing competition are effectively supporting business operations and facilitating the transition between old and new growth drivers [1] Industry Analysis - By sector, the black metal price index continued to rebound, the energy price index stopped its decline and began to recover, the non-ferrous price index continued to rise, while the agricultural product price index saw a slight decrease, and the chemical price index continued to decline [1] - Among the 50 monitored commodities, 25 saw price increases and 25 saw price decreases compared to the previous month. The top three commodities with the highest price increases were coke (up 20.1%), neodymium oxide (up 19.1%), and lithium carbonate (up 16.6%). The top three commodities with the largest price decreases were apples (down 4.6%), methanol (down 3.6%), and urea (down 2.8%) [1] Future Outlook - Analysts believe that with the traditional production peak seasons in September and October approaching, the development trend of the commodity market in China is expected to continue steadily. However, the global economic uncertainty remains high, and some commodity prices are still at low levels, indicating that businesses face significant operational pressures. To solidify the foundation for economic recovery, it is essential to enhance macroeconomic regulation and implement effective measures to unleash domestic demand potential [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals, a seller neutral volatility strategy is recommended as they are in a weak and volatile state; for black metals, a short - volatility combination strategy is suitable due to their large - amplitude fluctuations; for precious metals, a spot hedging strategy is proposed as they are breaking upward [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, such as copper (CU2510) at 79,650 with a - 0.41% change, and aluminum (AL2510) at 20,625 with a - 0.05% change [3]. 3.2 Option Factor - Volume and Open Interest PCR - The volume and open interest PCR data of different metal options are given, which are used to describe the strength of the option underlying market and the turning points of the underlying market respectively [4]. 3.3 Option Factor - 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 point of copper is 82,000 and the support point is 80,000 [5]. 3.4 Option Factor - Implied Volatility - The implied volatility data of different metal options, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility, are provided [6]. 3.5 Strategy and Recommendations 3.5.1 Non - Ferrous Metals - **Copper**: Construct a short - volatility seller option portfolio strategy and a spot hedging strategy [7]. - **Aluminum/Alumina**: Build a bull spread combination strategy for call options, a short - volatility option combination strategy, and a spot collar strategy [8]. - **Zinc/Lead**: Adopt a short - volatility option combination strategy and a spot collar strategy [8]. - **Nickel**: Use a short - volatility option combination strategy with a short bias and a spot covered call strategy [10]. - **Tin**: Implement a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate**: Construct a short - volatility option combination strategy with a short bias and a spot hedging strategy [11]. 3.5.2 Precious Metals - **Gold/Silver**: Build a bull spread combination strategy for call options, a short - volatility option seller combination strategy, and a spot hedging strategy [12]. 3.5.3 Black Metals - **Rebar**: Adopt a short - volatility option combination strategy with a short bias and a spot covered call strategy [13]. - **Iron Ore**: Use a short - volatility option combination strategy and a spot collar strategy [13]. - **Ferroalloys**: Implement a short - volatility strategy [14]. - **Industrial Silicon/Polysilicon**: Build a short - volatility option combination strategy and a spot hedging strategy [14]. - **Glass**: Adopt a short - volatility option combination strategy and a spot collar strategy [15].

Report Industry Investment Rating - No information provided in the content Core Viewpoints of the Report - For non - ferrous metals, a weak and volatile market is observed, suggesting a seller's neutral volatility strategy [2]. - The black - series shows significant fluctuations, suitable for a short - volatility combination strategy [2]. - Precious metals are on an upward trend, recommending a spot hedging strategy [2]. Summary by Relevant Catalogs 1. Futures Market Overview - The latest prices, price changes, trading volumes, and open interest of various metal futures contracts are presented, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2510) is 80,260, with a price increase of 80 and a trading volume of 9.90 million lots [3]. 2. Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different metal options are provided, which can be used to analyze the strength of the option underlying market and potential turning points. For instance, the volume PCR of copper options is 0.32, with a change of 0.03 [4]. 3. Option Factors - Pressure and Support Levels - The pressure and support levels of various metal options are determined based on the strike prices of the maximum open interest of call and put options. For example, the pressure level of copper options is 82,000, and the support level is 80,000 [5]. 4. Option Factors - Implied Volatility - The implied volatility of different metal options is presented, including at - the - money implied volatility, weighted implied volatility, etc. For example, the at - the - money implied volatility of copper options is 11.67% [6]. 5. Strategy and Recommendations Non - Ferrous Metals - **Copper**: Based on fundamental and market analysis, it is recommended to construct a short - volatility seller's option portfolio strategy and a spot long - hedging strategy [7]. - **Aluminum/Alumina**: A bull spread strategy for call options, a short - neutral call + put option combination strategy, and a spot collar strategy are recommended [9]. - **Zinc/Lead**: A short - neutral call + put option combination strategy and a spot collar strategy are suggested [9]. - **Nickel**: A short - bearish call + put option combination strategy and a spot covered call strategy are recommended [10]. - **Tin**: A short - volatility strategy and a spot collar strategy are proposed [10]. - **Lithium Carbonate**: A short - bearish call + put option combination strategy and a spot long - hedging strategy are recommended [11]. Precious Metals - **Gold/Silver**: A bull spread strategy for call options, a short - neutral short - volatility option seller's combination strategy, and a spot hedging strategy are recommended [12]. Black - Series - **Rebar**: A short - bearish call + put option combination strategy and a spot covered call strategy are suggested [13]. - **Iron Ore**: A short - neutral call + put option combination strategy and a spot long - collar strategy are recommended [13]. - **Ferroalloys**: A short - volatility strategy is recommended for manganese silicon, and a short - volatility call + put option combination strategy and a spot hedging strategy are recommended for industrial silicon and polysilicon [14]. - **Glass**: A short - volatility call + put option combination strategy and a spot long - collar strategy are recommended [15].

Report Summary 1. Investment Rating The report does not mention the industry investment rating. 2. Core Viewpoints - For non - ferrous metals, construct seller neutral volatility strategies for the ones with weak and volatile trends, and short - volatility combination strategies for those with large - amplitude fluctuations. For precious metals with upward breakthroughs, construct spot hedging strategies [2]. 3. Summary by Categories 3.1 Futures Market Overview - Various metal futures have different price changes, trading volumes, and open interest changes. For example, copper (CU2510) has a latest price of 80,410, a rise of 630, and a trading volume of 6.17 million hands. The trading volume of most metals shows a decreasing trend, while the trading volume of some like lithium carbonate (LC2511) increases [3]. 3.2 Option Factors - **Volume - to - Open - Interest PCR**: Different metals have different PCR values and their changes, which can be used to describe the strength of the option underlying market and the turning point of the market. For example, the volume PCR of copper is 0.29 with a change of - 0.06 [4]. - **Pressure and Support Levels**: From the perspective of the strike prices of the maximum open interest of call and put options, the pressure and support levels of different metals are obtained. For example, the pressure level of copper is 82,000 and the support level is 80,000 [5]. - **Implied Volatility**: The implied volatility of different metals shows different levels and changes. For example, the implied volatility of copper is 11.46% at the at - the - money level, and the weighted implied volatility is 15.99% with a change of - 0.25% [6]. 3.3 Strategy and Recommendations - **Non - ferrous Metals** - **Copper**: Construct a short - volatility seller option combination strategy and a spot hedging strategy [7]. - **Aluminum/Alumina**: Construct a bull spread combination strategy for call options, 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 covered - call strategy [10]. - **Tin**: Construct a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate**: Construct a short - bearish call + put option combination strategy and a spot long + buy put + sell call strategy [11]. - **Precious Metals (Gold/Silver)** - **Gold**: Construct a bull spread combination strategy for call options, a short - neutral short - volatility option seller combination strategy, and a spot hedging strategy [12]. - **Black Metals** - **Rebar**: Construct a short - bearish call + put option combination strategy and a spot long + sell 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 for manganese - silicon [14]. - **Industrial Silicon/Polysilicon**: Construct a short - volatility short - call + put option combination strategy and a spot long + buy put + sell call strategy [14]. - **Glass**: Construct a short - volatility short - call + put option combination strategy and a spot long 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 information provided in the document. 2. Core Viewpoints of the Report - The report provides a comprehensive analysis of metal options, including market conditions, option factors, and corresponding strategies for different metal sectors such as non-ferrous metals, precious metals, and black metals. It suggests specific option strategies based on the characteristics of each metal's market trends and option factors [2]. 3. Summary by Relevant Catalogs 3.1 Market Overview of Underlying Futures - The report presents the latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts. For example, the latest price of copper futures (CU2510) is 79,680, with a price increase of 460 and a trading volume of 7.11 million lots [3]. 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - The 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. For instance, the open interest PCR of copper options is 0.80, indicating certain pressure above the Shanghai copper price [4]. 3.2.2 Pressure and Support Levels - The pressure and support levels of each metal option are determined from the perspective of the maximum 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]. 3.2.3 Implied Volatility - The implied volatility of each metal option is analyzed, 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 9.38% [6]. 3.3 Option Strategies and Recommendations 3.3.1 Non - Ferrous Metals - **Copper Options**: Construct a short - volatility seller option portfolio strategy and a spot hedging strategy [8]. - **Aluminum/Alumina Options**: Build a bull spread strategy for call options, a short - neutral call + put option combination strategy, and a spot collar strategy [9]. - **Zinc/Lead Options**: Adopt a short - neutral call + put option combination strategy and a spot collar strategy [9]. - **Nickel Options**: Implement a short - bearish call + put option combination strategy and a spot covered call strategy [10]. - **Tin Options**: Use a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate Options**: Employ a short - neutral call + put option combination strategy and a spot long + put option + call option strategy [11]. 3.3.2 Precious Metals - **Gold/Silver Options**: Construct a short - neutral volatility option seller portfolio strategy and a spot hedging strategy [12]. 3.3.3 Black Metals - **Rebar Options**: Adopt a short - bearish call + put option combination strategy and a spot covered call strategy [13]. - **Iron Ore Options**: Implement a short - neutral call + put option combination strategy and a spot long collar strategy [13]. - **Ferroalloy Options**: Use a short - volatility strategy [14]. - **Industrial Silicon/Polysilicon Options**: Employ a short - volatility call + put option combination strategy and a spot hedging strategy [14]. - **Glass Options**: Adopt a short - volatility call + put option combination strategy and a spot long collar strategy [15].

Group 1: Report Summary - The report is a metal options strategy morning report dated August 29, 2025, providing analysis and strategies for various metal options [1][2] - It covers three main sectors: non - ferrous metals, precious metals, and black metals, and offers option strategies for selected varieties in each sector [8] Group 2: Market Overview Futures Market - The report presents the latest prices, price changes, trading volumes, and open interest changes of multiple metal futures contracts, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2510) is 78,990, with a price increase of 170 and a trading volume of 7.34 million lots [3] Option Factors - **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 example, the volume PCR of copper options is 0.79, and the open - interest PCR is 0.83 [4] - **Pressure and Support Levels**: The report identifies the pressure and support levels of each metal option 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 80,000, and the support level is 78,000 [5] - **Implied Volatility**: It provides the implied volatility data of each metal option, including at - the - money implied volatility, weighted implied volatility, and its changes. For example, the at - the - money implied volatility of copper is 8.61%, and the weighted implied volatility is 12.47% with a change of - 0.54% [6] Group 3: Strategy and Recommendations Non - ferrous Metals - **Copper Options**: - Fundamental analysis shows that the inventory of the three major exchanges decreased by 0.04 million tons. The market has been in a high - level consolidation pattern since June. - Option factor research indicates that the implied volatility fluctuates around the historical average, and the open - interest PCR is below 0.80, suggesting some pressure above. - Strategies include building a short - volatility seller option portfolio, such as S_CU2510P77000, S_CU2510P78000, S_CU2510C82000, S_CU2510C84000, and a spot long - hedging strategy [7] - **Aluminum/Alumina Options**: - Aluminum fundamentals show changes in domestic and LME inventories. The market has shown a bullish trend with high - level fluctuations. - Option factors suggest that the implied volatility is below the historical average, and the open - interest PCR is around 0.80, indicating increasing pressure. - Strategies include a bullish call option spread for directional gain, a short - neutral call + put option combination for time value and directional gain, and a spot collar strategy [9] Precious Metals - **Gold/Silver Options**: - Gold fundamentals are affected by the Fed's interest - rate policy. The market is in a high - level consolidation with a short - term weak trend. - Option factors show that the implied volatility is around the historical average, and the open - interest PCR is below 0.60, indicating some pressure above. - Strategies include a short - neutral volatility option seller portfolio and a spot hedging strategy [12] Black Metals - **Rebar Options**: - Rebar fundamentals show changes in social and factory inventories. The market has been in a weak consolidation pattern with pressure above. - Option factors suggest that the implied volatility is at a relatively high level around the historical average, and the open - interest PCR is around 0.60, indicating strong short - side pressure. - Strategies include a short - bearish call + put option combination and a spot long - covered call strategy [13]

Group 1 - The article discusses the importance of narratives in shaping market expectations and collective consciousness, suggesting that contemporary wisdom evolves from questioning to creating narratives [1] - It highlights the need for a bottom-up approach to observe commodity situations, noting that the black series (like rebar and coking coal) is constrained by weak real estate investment and high inventory levels [2] - The article points out a shift in market sentiment due to the Federal Reserve's indications of further interest rate easing, which has improved risk appetite and optimism regarding global economic recovery [3] Group 2 - It identifies potential risks, including rising unemployment and inflation overseas, but suggests that the probability of China entering deflation is low, indicating a solid safety margin for commodity bulls [4] - The article emphasizes the importance of supply-demand dynamics, particularly in lithium carbonate, coking coal, and polysilicon, as these sectors may see tightening supply and recovering demand [4] - It notes a change in coal production attitudes, with a reported decrease in coal output and imports, indicating a strong underlying market [6] Group 3 - The article suggests a shift away from traditional commodity tracking methods, indicating that the Chinese economy's reliance on real estate is decreasing, which may open new consumption windows, particularly in energy-related sectors [9] - It highlights the significance of electricity consumption as a key indicator of manufacturing strength, with July's electricity usage surpassing 1 trillion kilowatt-hours, reflecting an 8.6% year-on-year increase [9] - The oil market is projected to face significant oversupply in the coming quarters, with expectations of a surplus of 1.5 million barrels per day in Q4 and over 2 million barrels per day in the first half of 2026 [11] Group 4 - The article discusses the potential for global liquidity improvement driven by anticipated interest rate cuts by the Federal Reserve, which could benefit commodities like copper and gold [12] - It notes that traditional and new energy metals are supported on the supply side, which may help stabilize commodity prices [12] - The article concludes that commodity volatility may signal changes in market dynamics, emphasizing the need for careful monitoring of these indicators [13]

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].