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 investment strategies are recommended for each sub - sector based on their market conditions and option factors [8]. - For non - ferrous metals, a neutral volatility seller strategy is recommended for the weak - oscillating market; for black metals, a short - volatility combination strategy is suitable for the large - amplitude fluctuating market; for precious metals, a spot hedging strategy is suggested for the high - level consolidation and decline market [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, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2510) is 79,640, with a price increase of 350 and a trading volume of 8.79 million lots [3]. 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - The volume PCR 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, with a change of - 0.24 [4]. 3.2.2 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]. 3.2.3 Implied Volatility - The implied volatility of various metal options is 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 options is 10.86% [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 short - volatility seller option combination strategy and a spot long - hedging strategy are recommended [7]. - **Aluminum/Alumina**: 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 recommended [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 recommended [10]. - **Lithium Carbonate**: A short - neutral call + put option combination strategy and a spot long - hedging strategy are recommended [11]. 3.3.2 Precious Metals - **Gold/Silver**: A neutral short - volatility option seller combination strategy and a spot hedging strategy are recommended [12]. 3.3.3 Black Metals - **Rebar**: A short - bearish call + put option combination strategy and a spot long - covered call strategy are recommended [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 no spot hedging strategy is provided [14]. - **Industrial Silicon/Polysilicon**: A short - volatility call + put option combination strategy and a spot hedging strategy are recommended [14]. - **Glass**: A short - volatility call + put option combination strategy and a spot long - collar strategy are recommended [15].

Group 1: Report Summary - The report is a metal options strategy morning report dated August 25, 2025, covering有色金属, precious metals, and black metals [1][2] - The overall strategy suggestions are to construct a seller neutral volatility strategy for non - ferrous metals in a weak shock, a short - volatility combination strategy for black metals with large fluctuations, and a spot hedging strategy for precious metals in a high - level consolidation [2] Group 2: Market Overview Futures Market - The latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts are presented. For example, the latest price of copper (CU2510) is 79,120, up 420 (0.53%); the latest price of aluminum (AL2510) is 20,755, up 85 (0.41%) [3] Option Factors - **Volume and Open Interest PCR**: These indicators 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 is 0.73, down 0.04; the open interest PCR is 0.85, down 0.02 [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 80,000 and the support point is 78,000 [5] - **Implied Volatility**: It includes at - the - money implied volatility, weighted implied volatility, etc. For example, the weighted implied volatility of copper is 15.17%, up 0.50% [6] Group 3: Strategy Suggestions for Different Metals Non - ferrous Metals - **Copper**: The fundamental situation shows that the inventory of the three major exchanges decreased by 0.04 million tons. The option strategy suggests constructing a short - volatility seller option combination strategy and a spot long - position hedging strategy [7] - **Aluminum/Alumina**: The domestic aluminum ingot social inventory increased by 0.8 million tons last week. The option strategy includes constructing a short - neutral call + put option combination strategy and a spot collar strategy [9] - **Zinc/Lead**: Zinc concentrate port and factory inventories are given. The option strategy is to construct a short - neutral call + put option combination strategy and a spot collar strategy [9] - **Nickel**: The spot market shows that traders have a strong willingness to hold prices. The option strategy includes constructing a short - bearish call + put option combination strategy and a spot covered call strategy [10] - **Tin**: The terminal demand increased slightly, and the inventory decreased significantly. The option strategy is to construct a short - volatility strategy and a spot collar strategy [10] - **Lithium Carbonate**: The domestic weekly inventory decreased by 0.5%. The option strategy includes constructing a short - neutral call + put option combination strategy and a spot long - position hedging strategy [11] Precious Metals - **Gold/Silver**: Powell's speech indicates the start of a new interest - rate cut cycle. The option strategy for gold is to construct a neutral short - volatility option seller combination strategy and a spot hedging strategy [12] Black Metals - **Rebar**: The social and factory inventories of rebar increased. The option strategy includes constructing a short - bearish call + put option combination strategy and a spot long - position covered call strategy [13] - **Iron Ore**: The inventory of imported iron ore in 47 ports increased. The option strategy is to construct a short - neutral call + put option combination strategy and a spot long - position collar strategy [13] - **Ferroalloys**: For manganese silicon, the production increased and the inventory decreased. The option strategy is to construct a short - volatility strategy [14] - **Industrial Silicon/Polysilicon**: The industrial silicon inventory remained high. The option strategy includes constructing a short - volatility call + put option combination strategy and a spot hedging strategy [14] - **Glass**: The total inventory of float glass enterprises increased. The option strategy is to construct a short - volatility call + put option combination strategy and a spot long - position collar strategy [15] Group 4: Charts - There are price trend charts, option trading volume and open interest charts, option factor charts (such as PCR, implied volatility) for various metals, including copper, aluminum, zinc, etc. These charts visually present the market conditions and option factors of each metal [18][20][26]

Group 1: Report Overview - The report is a metal options strategy morning report dated August 22, 2025 [1] - The core view is to provide option strategy suggestions for different metal sectors, including non - ferrous metals, precious metals, and black metals [2] Group 2: Market Overview Futures Market - Copper (CU2510) latest price is 78,710, up 140 (0.18%), volume 3.60 million lots, open interest 14.34 million lots [3] - Aluminum (AL2510) latest price is 20,720, up 120 (0.58%), volume 12.45 million lots, open interest 23.39 million lots [3] - And so on for other metals like zinc, lead, nickel, etc. Option Factors Volume and Open Interest PCR - Copper: volume PCR is 0.77, down 0.16; open interest PCR is 0.87, down 0.01 [4] - Aluminum: volume PCR is 0.79, down 0.47; open interest PCR is 0.93, up 0.02 [4] Pressure and Support Levels - Copper: pressure point is 82,000, support point is 78,000 [5] - Aluminum: pressure point is 20,800, support point is 20,000 [5] Implied Volatility - Copper: flat - implied volatility is 8.46%, weighted implied volatility is 14.67%, up 1.67% [6] - Aluminum: flat - implied volatility is 8.86%, weighted implied volatility is 12.10%, up 0.03% [6] Group 3: Strategy and Suggestions Non - Ferrous Metals Copper - Fundamental: three major exchanges' copper inventory increased by 0.7 million tons [7] - Market analysis: since June, it has been in a high - level consolidation [7] - Option strategy: build a short - volatility seller option portfolio and a spot hedging strategy [7] Aluminum/Alumina - Fundamental: domestic aluminum ingot inventory increased, while保税区 inventory decreased [9] - Market analysis: showed a high - level shock and decline [9] - Option strategy: build a neutral short - volatility option combination and a spot collar strategy [9] Other Non - Ferrous Metals - Similar analysis and strategy suggestions are provided for zinc, lead, nickel, tin, and lithium carbonate [9][10][11] Precious Metals Gold/Silver - Fundamental: US CPI data is provided [12] - Market analysis: gold showed a short - term consolidation and decline [12] - Option strategy: build a neutral short - volatility option seller combination and a spot hedging strategy [12] Black Metals Rebar - Fundamental: rebar social inventory and factory inventory increased [13] - Market analysis: showed a downward trend with pressure [13] - Option strategy: build a bearish option spread strategy and a short - volatility option combination [13] Other Black Metals - Similar analysis and strategy suggestions are provided for iron ore, ferroalloys, industrial silicon, polysilicon, and glass [13][14][15]

Report Summary 1. Investment Rating The report does not provide an overall investment rating for the metal options industry. 2. Core Viewpoints - The non - ferrous metals are in a weak and volatile state, and a seller's neutral volatility strategy is recommended. - The black metals show significant fluctuations, and a short - volatility portfolio strategy is suitable. - The precious metals are consolidating at high levels with a slight decline, and a spot hedging strategy is advised [2]. 3. Summary by Relevant Catalogs 3.1. Futures Market Overview - **Copper (CU2510)**: The latest price is 78,700, up 150 (0.19%). The trading volume is 4.84 million lots (up 2.48 million lots), and the open interest is 13.98 million lots (up 0.18 million lots) [3]. - **Aluminum (AL2510)**: The latest price is 20,565, up 75 (0.37%). The trading volume is 12.82 million lots (up 2.30 million lots), and the open interest is 22.80 million lots (down 0.67 million lots) [3]. - Other metals such as zinc, lead, nickel, etc., also have detailed price, trading volume, and open - interest data provided in the report [3]. 3.2. Option Factors - Volume and Open Interest PCR - **Copper**: The volume PCR is 0.93 (up 0.19), and the open - interest PCR is 0.88 (up 0.07) [4]. - **Aluminum**: The volume PCR is 1.26 (up 0.09), and the open - interest PCR is 0.91 (unchanged) [4]. 3.3. Option Factors - Pressure and Support Levels - **Copper**: The pressure point is 80,000, and the support point is 78,000 [5]. - **Aluminum**: The pressure point is 20,800, and the support point is 20,000 [5]. 3.4. Option Factors - Implied Volatility - **Copper**: The at - the - money implied volatility is 8.38%, and the weighted implied volatility is 13.00% (down 0.73%) [6]. - **Aluminum**: The at - the - money implied volatility is 9.10%, and the weighted implied volatility is 12.07% (down 0.58%) [6]. 3.5. Strategy and Recommendations - **Non - ferrous Metals (e.g., Copper)**: - **Fundamentals**: The combined inventory of the three major exchanges increased by 0.7 million tons, with the SHFE inventory increasing by 0.4 million tons to 8.6 million tons [7]. - **Market Analysis**: Since June, it has shown a bullish trend, with a high - level consolidation pattern since August [7]. - **Option Strategy**: Build a short - volatility seller's option portfolio strategy and a spot long - hedging strategy [7]. - **Precious Metals (e.g., Gold)**: - **Fundamentals**: The US CPI and core CPI data in July have different year - on - year and month - on - month changes [12]. - **Market Analysis**: Shanghai gold has been in a high - level consolidation and decline recently [12]. - **Option Strategy**: Construct a neutral short - volatility option seller's portfolio strategy and a spot hedging strategy [12]. - **Black Metals (e.g., Rebar)**: - **Fundamentals**: The social inventory of rebar increased by 6.8% week - on - week, and the factory inventory increased by 2.4% week - on - week [13]. - **Market Analysis**: Since June, it has been in a low - level consolidation and then a rebound, followed by a decline recently [13]. - **Option Strategy**: Build a bear - spread option strategy, a short - volatility strategy, and a spot long - covered call strategy [13].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For non - ferrous metals, construct a seller neutral volatility strategy as they are in a weak and volatile state [2] - For the black series, build a short - volatility combination strategy due to their large - amplitude fluctuations [2] - For precious metals, construct a spot hedging strategy as they are consolidating at high levels and have declined [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of 17 metal futures contracts including copper, aluminum, and zinc are presented [3] 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of various metal options are provided, which are used to describe the strength of options underlying market trends and the turning points of the underlying market trends respectively [4] 3.3 Option Factors - Pressure and Support Levels - From the perspective of the strike prices with the largest open interest of call and put options, the pressure and support levels of various metal options are given [5] 3.4 Option Factors - Implied Volatility - The implied volatility data of various 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 3.5.1 Non - ferrous Metals - **Copper**: Build a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7] - **Aluminum/Alumina**: Construct a short - neutral call + put option combination strategy and a spot collar strategy [9] - **Zinc/Lead**: Build 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**: Build a short - volatility strategy and a spot collar strategy [10] - **Lithium Carbonate**: Construct a short - bullish call + put option combination strategy and a spot long - hedging strategy [11] 3.5.2 Precious Metals - **Gold/Silver**: Build a neutral short - volatility option seller combination strategy and a spot hedging strategy [12] 3.5.3 Black Series - **Rebar**: Construct a bearish call spread strategy, a short - bearish call + put option combination strategy, and a spot covered - call strategy [13] - **Iron Ore**: Build a short - bearish call + put option combination strategy and a spot collar strategy [13] - **Ferroalloys**: Build a short - volatility strategy for manganese silicon [14] - **Industrial Silicon/Polysilicon**: Construct a short - volatility call + put option combination strategy and a spot hedging strategy [14] - **Glass**: Build a bearish call spread strategy, a short - volatility call + put option combination strategy, and a spot collar strategy [15] 3.6 Charts - Price charts, option volume and open interest charts, PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support level charts of various metals such as copper, aluminum, and zinc are provided [18][38][57]

1. Report Industry Investment Rating - No information provided in the document. 2. Core Views of the Report - The non - ferrous metals are in a moderately bullish and volatile trend, and a seller's neutral volatility strategy is recommended; the black metals are experiencing significant fluctuations, suitable for a short - volatility portfolio strategy; the precious metals are consolidating at high levels, and a spot hedging strategy is suggested [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Copper (CU2509) is priced at 78,840, down 180 (-0.23%), with a trading volume of 4.48 million lots (down 0.53 million) and an open interest of 14.74 million lots (down 0.51 million) [3]. - Aluminum (AL2509) is at 20,615, up 5 (0.02%), trading volume of 10.94 million lots (up 1.30 million), and open interest of 17.30 million lots (down 2.08 million) [3]. - Similar data is provided for other metals such as zinc, lead, nickel, etc. 3.2 Option Factors - Volume and Open Interest PCR - For copper, the volume PCR is 0.63 (up 0.01), and the open - interest PCR is 0.78 (unchanged) [4]. - Aluminum has a volume PCR of 1.04 (up 0.37) and an open - interest PCR of 0.87 (down 0.04) [4]. - Similar data is available for other metals. 3.3 Option Factors - Pressure and Support Levels - Copper has a pressure point at 80,000 (offset - 2,000) and a support point at 78,000 (offset 0) [5]. - Aluminum's pressure point is 21,000 (offset 0) and support point is 20,000 (offset 0) [5]. - Similar data for other metals is presented in the report. 3.4 Option Factors - Implied Volatility - Copper's at - the - money implied volatility is 8.89%, weighted implied volatility is 14.24% (up 0.48%), and the difference between implied and historical volatility is - 5.44 [6]. - Aluminum's at - the - money implied volatility is 9.23%, weighted implied volatility is 13.24% (up 0.47%), and the difference between implied and historical volatility is - 2.32 [6]. - Similar data for other metals is provided. 3.5 Strategy and Recommendations 3.5.1 Non - ferrous Metals - **Copper**: Fundamental analysis shows that the inventory of the three major exchanges has increased by 0.7 million tons. The market has been in a high - level consolidation since June. The implied volatility is at the historical average, and the open - interest PCR is below 0.80. Recommended strategies include a short - volatility seller's option portfolio and a spot long - hedging strategy [7]. - **Aluminum**: The domestic inventory has increased. The market shows a bullish trend with high - level consolidation. The implied volatility is below the historical average, and the open - interest PCR is around 0.80. Recommended strategies include a short - neutral call + put option combination and a spot collar strategy [9]. - Similar analyses and strategies are provided for zinc, lead, nickel, tin, and lithium carbonate. 3.5.2 Precious Metals - **Gold**: The US CPI data shows a complex situation. The market is in a short - term strong consolidation. The implied volatility is around the historical average, and the open - interest PCR is below 0.60. Recommended strategies include a short - neutral volatility option seller's combination and a spot hedging strategy [12]. - **Silver**: Similar to gold, with specific market analysis and recommended strategies [12]. 3.5.3 Black Metals - **Rebar**: The social and factory inventories have increased. The market has been in a consolidation with some rebounds. The implied volatility is at a relatively high level, and the open - interest PCR is around 0.60. Recommended strategies include a short - neutral call + put option combination and a spot long - covered call strategy [13]. - **Iron ore**: The port inventory has increased, and the market is in a moderately bullish consolidation. The implied volatility is above the historical average, and the open - interest PCR is above 1.00. Recommended strategies include a short - neutral call + put option combination and a spot long - collar strategy [13]. - Similar analyses and strategies are provided for ferroalloys, industrial silicon, polysilicon, and glass.

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The report provides a comprehensive analysis of the metal options market, covering various metals such as non - ferrous metals, precious metals, and black metals. It analyzes the fundamentals, market trends, and option factors of each metal, and gives corresponding option strategies and suggestions [8] 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest of various metal futures contracts, including copper, aluminum, zinc, etc [3] 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - The volume PCR and open interest PCR of different metal options are presented, 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 - The pressure points, support points, maximum call option open interest, and maximum put option open interest of different metal options are provided, which are used to analyze the pressure and support levels of the underlying assets [5] 3.2.3 Implied Volatility - The implied volatility of different metal options is presented, including at - the - money implied volatility, weighted implied volatility, etc [6] 3.3 Strategy and Suggestions 3.3.1 Non - ferrous Metals - **Copper Options**: Build a short - volatility seller option portfolio strategy for volatility strategies and a spot hedging strategy for spot long - position hedging [7] - **Aluminum/Alumina Options**: Construct a neutral short - call + short - put option portfolio strategy for volatility strategies and a spot collar strategy for spot long - position hedging [9] - **Zinc/Lead Options**: Build a neutral short - call + short - put option portfolio strategy for volatility strategies and a spot collar strategy for spot long - position hedging [9] - **Nickel Options**: Construct a short - bearish call + short - put option portfolio strategy for volatility strategies and a spot long - position hedging strategy [10] - **Tin Options**: Build a short - volatility strategy for volatility strategies and a spot collar strategy for spot long - position hedging [10] - **Lithium Carbonate Options**: Construct a short - bullish call + short - put option portfolio strategy for volatility strategies and a spot long - position hedging strategy [11] 3.3.2 Precious Metals - **Gold/Silver Options**: Build a neutral short - volatility option seller portfolio strategy for volatility strategies and a spot hedging strategy for spot long - position hedging [12] 3.3.3 Black Metals - **Rebar Options**: Build a neutral short - call + short - put option portfolio strategy for volatility strategies and a spot covered - call strategy for spot long - position hedging [13] - **Iron Ore Options**: Build a neutral short - call + short - put option portfolio strategy for volatility strategies and a long - position collar strategy for spot long - position hedging [13] - **Ferroalloy Options**: Build a short - volatility strategy for volatility strategies and no spot hedging strategy [14] - **Industrial Silicon/Polysilicon Options**: Build a short - volatility short - call + short - put option portfolio strategy for volatility strategies and a spot long - position hedging strategy [14] - **Glass Options**: Build a short - volatility short - call + short - put option portfolio strategy for volatility strategies and a long - position collar strategy for spot long - position hedging [15]

Report Overview - Report Date: August 15, 2025 [1] - Report Type: Metal Options Strategy Morning Report - Analysts: Lu Pinxian, Huang Kehan, Li Renjun [2] Industry Investment Rating - Not provided in the document Core Viewpoints - Construct a neutral volatility strategy for the short side in non - ferrous metals as they show a moderately bullish and volatile trend [2] - Build a short - volatility combination strategy for the black series due to their large - amplitude fluctuations [2] - Develop a spot hedging strategy for precious metals which are consolidating at high levels [2] Summary by Directory 1. Futures Market Overview - **Price and Volume**: The latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various metal futures contracts are presented. For example, the latest price of copper (CU2509) is 78,940, down 180 (- 0.23%), with a trading volume of 5.17 million lots (down 0.03 million lots) and an open interest of 15.23 million lots (down 0.65 million lots) [3] 2. Option Factors - PCR - **Volume and Open Interest PCR**: The volume PCR and open interest PCR of different metal options are provided. These indicators are used to describe the strength of the option underlying market and the turning point of the underlying market. For instance, the volume PCR of copper is 0.55 (up 0.17), and the open interest PCR is 0.78 (down 0.01) [4] 3. Option Factors - Pressure and Support Levels - **Pressure and Support Points**: The pressure points, pressure point offsets, support points, support point offsets, maximum call option open interests, and maximum put option open interests of various metal options are listed. For example, the pressure point of copper is 82,000, and the support point is 75,000 [5] 4. Option Factors - Implied Volatility - **Implied Volatility Indicators**: The at - the - money implied volatility, weighted implied volatility, weighted implied volatility changes, annual average implied volatility, call option implied volatility, put option implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility of different metal options are given. For example, the at - the - money implied volatility of copper is 9.65%, and the weighted implied volatility is 13.96% (down 1.48%) [6] 5. Strategy and Recommendations Non - Ferrous Metals - **Copper**: Based on the fundamentals and market analysis, construct a short - volatility option combination strategy for the short side and a spot hedging strategy [7] - **Aluminum/Alumina**: Build a short - neutral call + put option combination strategy and a spot collar strategy [9] - **Zinc/Lead**: Develop 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 - position hedging strategy [10] - **Tin**: Build a short - volatility strategy and a spot collar strategy [10] - **Lithium Carbonate**: Develop a short - bullish call + put option combination strategy and a spot long - position hedging strategy [11] Precious Metals - **Gold/Silver**: Construct a neutral short - volatility option combination strategy for the short side and a spot hedging strategy [12] Black Series - **Rebar**: Build a short - neutral call + put option combination strategy and a spot long - position covered call strategy [13] - **Iron Ore**: Develop a short - neutral call + put option combination strategy and a spot long - position collar strategy [13] - **Ferroalloys**: Construct a short - volatility strategy [14] - **Industrial Silicon/Polysilicon**: Build a short - volatility call + put option combination strategy and a spot hedging strategy [14] - **Glass**: Develop a short - volatility call + put option combination strategy and a spot long - position collar strategy [15]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - For non - ferrous metals, a neutral volatility strategy for sellers is recommended as they tend to move upwards. For the black series, a short - volatility combination strategy is suitable due to large - amplitude fluctuations. For precious metals, a spot hedging strategy is suggested as they are consolidating at high levels [2] 3. Summary by Related Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest of various metal futures contracts are presented. For example, the copper contract CU2509 is priced at 79,110, down 230 (-0.29%), with a trading volume of 5.20 million lots and an open interest of 15.89 million lots [3] 3.2 Option Factors - Volume and Open Interest PCR - The volume and open - interest PCR of different metal options are provided. For instance, the volume PCR of copper options is 0.38, down 0.20, and the open - interest PCR is 0.80, down 0.01 [4] 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of each metal option are analyzed. For example, the pressure point of copper options is 82,000, and the support point is 79,000 [5] 3.4 Option Factors - Implied Volatility - The implied volatility of various metal options is given. For example, the at - the - money implied volatility of copper options is 9.12%, and the weighted implied volatility is 15.44%, up 1.78% [6] 3.5 Strategy and Recommendations 3.5.1 Non - Ferrous Metals - **Copper Options**: The inventory of the three major exchanges has increased. A short - volatility seller option combination strategy and a spot hedging strategy are recommended [7] - **Aluminum/Alumina Options**: The market shows a bullish trend with high - level oscillations. A neutral short - call + short - put option combination strategy and a spot collar strategy are suggested [9] - **Zinc/Lead Options**: The inventory is at a low level. A neutral short - call + short - put option combination strategy and a spot collar strategy are recommended [9] - **Nickel Options**: The market is in a wide - range oscillation with short - selling pressure. A short - call + short - put option combination strategy with a short bias and a spot long - position hedging strategy are proposed [10] - **Tin Options**: The market is in a short - term weak oscillation. A short - volatility strategy and a spot collar strategy are recommended [10] - **Lithium Carbonate Options**: The market shows a short - term bullish trend. A long - biased short - call + short - put option combination strategy and a spot long - position hedging strategy are suggested [11] 3.5.2 Precious Metals - **Gold/Silver Options**: The gold market is expected to rise in the fourth quarter. A neutral short - volatility option seller combination strategy and a spot hedging strategy are recommended [12] 3.5.3 Black Series - **Rebar Options**: The inventory is increasing, and the market is in a small - amplitude consolidation oscillation. A neutral short - call + short - put option combination strategy and a spot long - position covered - call strategy are suggested [13] - **Iron Ore Options**: The inventory is rising, and the market is in a bullish oscillation. A neutral short - call + short - put option combination strategy and a spot long - position collar strategy are recommended [13] - **Ferroalloy Options**: The manganese - silicon market has large fluctuations. A short - volatility strategy is recommended [14] - **Industrial Silicon/Polysilicon Options**: The market has large - amplitude fluctuations. A short - volatility short - call + short - put option combination strategy and a spot hedging strategy are suggested [14] - **Glass Options**: The market is in a weak trend. A short - volatility short - call + short - put option combination strategy and a spot long - position collar strategy are recommended [15]

Group 1: Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core View - On Tuesday (August 12), most domestic commodity futures closed higher, with industrial products mostly rising and agricultural products showing mixed performance [1]. Group 3: Summary by Category Black Series - Most black series commodities rose. After the Tangshan production restriction news was confirmed over the weekend and the coking coal and coke futures prices continued to rise, the futures prices of rebar and hot-rolled coils rebounded by about 1%. The total inventory of the five major steel products increased by 23470 tons to 1.37536 million tons last week, reaching a more than two-month high. The steel market is currently in a tight balance between "policy expectation support" and "off-season demand suppression", and it is expected to remain in a high-level oscillation. Attention should be paid to the inflection point of hot metal production and the implementation of production restriction policies [1]. Basic Metals - Most basic metals rose. For copper, the expectation of a Fed rate cut has increased recently, and the bullish sentiment in the industrial product market is strong. The supply and demand situation in the copper market has not changed significantly, and the Shanghai copper futures are trading strongly. For lithium carbonate, it opened significantly higher, then oscillated lower, and the gain narrowed at the end of the session. The suspension of production at the Xiakeng Mine in Jiangxi has led to a substantial reduction in supply, but the increasing production of spodumene lithium extraction will offset some of the supply reduction. With the increase in downstream production scheduling in August, inventory is expected to decline, and the fundamental situation has improved marginally, driving lithium carbonate prices to oscillate strongly [1]. Energy Products - Energy products rebounded after a decline. International oil prices finally showed signs of stabilization and rebound overnight after several days of decline, which improved the sentiment in the domestic crude oil market. In the short term, OPEC+ plans to increase production in September, and there are concerns about the impact of tariff policies on demand, so oil prices are expected to oscillate weakly. Geopolitical risks may lead to a temporary shortage of supply and support oil prices to rise periodically. In the long term, due to OPEC+'s production increase strategy, the demand for oil will weaken after the peak season, and inventory will accumulate due to poor refinery profits. In addition, the increasing substitution rate of the new energy industry will continue to put pressure on oil prices [1]. Agricultural Products - Most agricultural products rose. The Ministry of Commerce announced the preliminary ruling on the anti-dumping investigation of imported rapeseed from Canada, and decided to impose a 75.8% deposit ratio on all Canadian companies. The far-month contracts of rapeseed products rose significantly, while the main September contract of rapeseed meal closed lower under the pressure of a large increase in warehouse receipts. In the short term, affected by China-Canada trade policies, rapeseed products are expected to continue to oscillate strongly. Palm oil prices continued to be strong due to lower-than-expected production and inventory in Malaysia and the impact of Indonesia's B50 biodiesel policy. The market sentiment is bullish in the short term, and prices are expected to continue to oscillate strongly. Attention should be paid to subsequent biodiesel policy changes and crude oil price trends [1].