金属期权 2025-09-16 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）有色金属偏弱震荡，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）贵金属多头上涨突破上行，构建现货避险策略。 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) | | ...

金属期权 2025-09-11 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 | | 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）有色金属偏弱震荡，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）贵金属多头上涨突破上行，构建现货避险策略。 | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） ...

金属期权 2025-08-08 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）有色金属震荡，构建卖方中性波动率策略策略；（2）黑色系持续上升后大幅度下跌 回落波动剧烈，适合构建做空波动率组合策略；（3）贵金属高位盘整震荡，构建现货避险策略。 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) | | ...

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 state of oscillation; for black metals, build a short - volatility portfolio strategy due to their sharp decline after a continuous rise; for precious metals, create a spot hedging strategy as they are consolidating at a high level [2] 3. Summary by Related Catalogs 3.1 Futures Market Overview - Copper (CU2509): The latest price is 78,170, down 100 (-0.13%), with a trading volume of 8.09 million lots (down 2.81 million) and an open interest of 16.77 million lots (down 0.85 million) [3] - Aluminum (AL2509): The latest price is 20,480, up 5 (0.02%), with a trading volume of 12.76 million lots (down 1.77 million) and an open interest of 23.35 million lots (down 1.52 million) [3] - Other metals follow a similar pattern of price, trading volume, and open - interest changes 3.2 Option Factors - Volume and Open Interest PCR - Copper: Volume PCR is 1.49 (down 0.01), and open - interest PCR is 0.84 (down 0.03) [4] - Aluminum: Volume PCR is 1.06 (down 0.03), and open - interest PCR is 0.79 (down 0.04) [4] - Other metals also have corresponding volume and open - interest PCR values and changes 3.3 Option Factors - Pressure and Support Levels - Copper: The pressure level is 82,000, and the support level is 75,000 [5] - Aluminum: The pressure level is 21,000, and the support level is 20,000 [5] - Other metals have their own pressure and support levels 3.4 Option Factors - Implied Volatility - Copper: The at - the - money implied volatility is 10.98%, the weighted implied volatility is 16.89% (down 1.21%), and the difference between implied and historical volatility is - 4.57% [6] - Aluminum: The at - the - money implied volatility is 9.67%, the weighted implied volatility is 12.06% (down 0.41%), and the difference between implied and historical volatility is - 1.62% [6] - Other metals have different implied volatility characteristics 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: Construct a short - neutral call + put option combination strategy and a spot collar strategy [9] - Other non - ferrous metals also have corresponding strategies 3.5.2 Precious Metals - Gold/Silver: Build a neutral short - volatility option seller portfolio strategy and a spot hedging strategy [12] 3.5.3 Black Metals - Rebar: Construct a short - neutral call + put option combination strategy and a spot long - covered call strategy [13] - Iron ore: Use a bull spread strategy for call options, a short - long call + put option combination strategy, and a spot long - collar strategy [13] - Other black metals have their own strategies

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - For non - ferrous metals, which are experiencing a fluctuating decline, it is recommended to construct a seller neutral volatility strategy [2]. - For the black - series, which are gradually consolidating in a range, a seller option neutral portfolio strategy is suitable [2]. - For precious metals, specifically gold, which is consolidating at a high level and showing a weak decline, a spot hedging strategy is proposed [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Copper (CU2509) is priced at 79,770, up 510 (0.64%) with a trading volume of 8.75 million lots (up 3.27 million) and an open interest of 15.69 million lots (up 1.52 million) [3]. - Aluminum (AL2509) is at 20,860, up 115 (0.55%), volume 22.07 million lots (up 9.16 million), open interest 31.69 million lots (up 3.43 million) [3]. - Zinc (ZN2509) is at 22,875, up 90 (0.39%), volume 25.14 million lots (up 10.03 million), open interest 13.33 million lots (up 1.73 million) [3]. - And so on for other metals including lead, nickel, tin, etc. 3.2 Option Factors - Volume and Open Interest PCR - For copper, the volume PCR is 0.30 (down 0.24), and the open interest PCR is 0.65 (up 0.05) [4]. - For aluminum, the volume PCR is 0.49 (down 0.21), and the open interest PCR is 0.89 (down 0.04) [4]. - Similar data is provided for other metals such as zinc, lead, etc. 3.3 Option Factors - Pressure and Support Levels - For copper, the pressure level is 82,000 and the support level is 78,000 [5]. - For aluminum, the pressure level is 20,600 and the support level is 20,000 [5]. - For other metals like zinc, lead, etc., their respective pressure and support levels are also given. 3.4 Option Factors - Implied Volatility - For copper, the at - the - money implied volatility is 13.25%, the weighted implied volatility is 17.34% (up 2.66%), and the difference between implied and historical volatility is - 1.57% [6]. - For aluminum, the at - the - money implied volatility is 11.32%, the weighted implied volatility is 14.28% (up 2.05%), and the difference between implied and historical volatility is 0.57% [6]. - Similar implied volatility data is presented for other metals. 3.5 Strategy and Recommendations for Different Metals 3.5.1 Non - ferrous Metals - **Copper Option**: Directional strategy: None; Volatility strategy: Construct a short - volatility seller option portfolio; Spot long - hedging strategy: Hold spot long + buy put option + sell out - of - the - money call option [8]. - **Aluminum/Alumina Option**: Directional strategy: Bull spread call option strategy; Volatility strategy: Sell a combination of call and put options with a long - biased position; Spot long - hedging strategy: Construct a spot collar strategy [9]. - **Zinc/Lead Option**: Directional strategy: Bull spread call option strategy; Volatility strategy: Sell a combination of call and put options with a long - biased position; Spot long - hedging strategy: Construct a spot collar strategy [9]. - **Nickel Option**: Directional strategy: None; Volatility strategy: Sell a combination of call and put options with a short - biased position; Spot long - hedging strategy: Hold spot long + buy put option [10]. - **Tin Option**: Directional strategy: None; Volatility strategy: Short - volatility strategy; Spot long - hedging strategy: Construct a spot collar strategy [10]. - **Carbonate Lithium Option**: Directional strategy: None; Volatility strategy: Sell a combination of call and put options with a long - biased position; Spot long - hedging strategy: Hold spot long + buy put option + sell call option [12]. 3.5.2 Precious Metals - **Gold/Silver Option**: Directional strategy: None; Volatility strategy: Construct a neutral short - volatility option seller portfolio; Spot long - hedging strategy: Hold spot long + buy put option + sell out - of - the - money call option [13]. 3.5.3 Black - series - **Rebar Option**: Directional strategy: Construct a bull spread call option strategy; Volatility strategy: Sell a combination of call and put options with a long - biased position; Spot long - hedging strategy: Hold spot long + sell call option [14]. - **Iron Ore Option**: Directional strategy: Bull spread call option strategy; Volatility strategy: Sell a combination of call and put options with a long - biased position; Spot long - hedging strategy: Construct a long collar strategy [14]. - **Ferroalloy Option**: Directional strategy: None; Volatility strategy: Short - volatility strategy; Spot long - hedging strategy: None [15]. - **Industrial Silicon/Polysilicon Option**: Directional strategy: Construct a bull spread call option strategy; Volatility strategy: Sell a combination of call and put options with a long - biased position; Spot long - hedging strategy: Hold spot long + buy put option + sell call option [15]. - **Glass Option**: Directional strategy: Bull spread call option strategy; Volatility strategy: Short - volatility strategy; Spot long - hedging strategy: Construct a long collar strategy [16].

金属期权 2025-07-18 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）有色金属震荡回落，构建卖方中性波动率策略策略；（2）黑色系区间盘整震荡逐 渐，适合构建卖方期权中性组合策略；（3）贵金属黄金高位盘整弱势回落，构建现货避险策略。 | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals, which are in a state of shock and decline, a seller's neutral volatility strategy is recommended; black metals are in a range - bound consolidation state, suitable for constructing a seller's option neutral combination strategy; precious metals, specifically gold, are in a high - level consolidation with a weak decline, suggesting a spot hedging strategy [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market Overview - Different metal futures have different price changes, trading volumes, and open interest changes. For example, copper (CU2508) has a latest price of 78,070, a rise of 140, and a trading volume of 8.17 million lots; aluminum (AL2508) has a latest price of 20,390 with no change, and a trading volume of 10.36 million lots [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different metal options reflect the strength of the option underlying market and the turning point of the market. For instance, the volume PCR of copper options is 0.50 with a change of - 0.01, and the open interest PCR is 0.62 with a change of 0.02 [4]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of option factors, the pressure and support levels of different metal options are different. For example, the pressure level of copper options is 82,000 and the support level is 77,000; the pressure level of aluminum options is 20,600 and the support level is 20,000 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of different metal options varies. For example, the at - the - money implied volatility of copper options is 10.75%, and the weighted implied volatility is 16.31% with a change of - 0.88% [6]. 3.5 Strategies and Recommendations - **Non - ferrous Metals** - **Copper Options**: Based on the analysis of fundamentals, market trends, and option factors, a short - volatility seller's option combination strategy and a spot long - hedging strategy are recommended [7]. - **Aluminum/Alumina Options**: A bull spread strategy for call options, a short - option combination strategy, and a spot collar strategy are recommended [9]. - **Zinc/Lead Options**: A short - neutral call + put option combination strategy and a spot collar strategy are recommended [9]. - **Nickel Options**: A short - bearish call + put option combination strategy and a spot long - hedging strategy are recommended [10]. - **Tin Options**: A short - volatility strategy and a spot collar strategy are recommended [10]. - **Lithium Carbonate Options**: A short - bullish call + put option combination strategy and a spot long - hedging strategy are recommended [11]. - **Precious Metals** - **Gold/Silver Options**: A short - neutral volatility option seller's combination strategy and a spot hedging strategy are recommended [12]. - **Black Metals** - **Rebar Options**: A short - neutral call + put option combination strategy and a spot long - covered call strategy are recommended [13]. - **Iron Ore Options**: A short - bullish call + put option combination strategy and a spot long - collar strategy are recommended [13]. - **Ferroalloy Options**: A short - volatility strategy is recommended for manganese silicon options, and a bull spread strategy for call options, a short - bullish call + put option combination strategy, and a spot hedging strategy are recommended for industrial silicon/polysilicon options [14]. - **Glass Options**: A short - volatility call + put option combination strategy and a spot long - collar strategy are recommended [15].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The report provides strategies for different metal sectors. For non - ferrous metals, it suggests building bull spread combination strategies and short - volatility strategies; for the black series, neutral combination strategies for sellers' options are suitable; for precious metals, spot hedging strategies are recommended [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - 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 (CU2508) is 79,720, down 450 with a decline of 0.56%, and the trading volume is 10.06 million lots [3]. 3.2 Option Factor - Volume and Open Interest PCR - It shows the volume and open interest PCR of different metal options. For instance, the volume PCR of copper is 0.58 with a change of 0.20, and the open interest PCR is 0.69 with a change of 0.03 [4]. 3.3 Option Factor - Pressure and Support Levels - The pressure and support levels of different metal options are given. For example, the pressure point of copper is 82,000 and the support point is 77,000 [5]. 3.4 Option Factor - Implied Volatility - The implied volatility data of different metal options are provided, 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 12.49% [6]. 3.5 Strategy and Recommendations for Different Metals 3.5.1 Non - ferrous Metals - **Copper**: Build a bull spread combination strategy of call options and a short - volatility seller's option combination strategy. Also, construct a spot hedging strategy [7]. - **Aluminum/Alumina**: Use a bull spread combination strategy of call options, a short - option combination strategy of call and put options, and a spot collar strategy [9]. - **Zinc/Lead**: Build a bull spread combination strategy, 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 - side hedging strategy [10]. - **Tin**: Use a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate**: Build a short - neutral call + put option combination strategy and a spot covered call strategy [11]. 3.5.2 Precious Metals - **Gold/Silver**: Construct a short - bullish volatility seller's option combination strategy and a spot hedging strategy [12]. 3.5.3 Black Series - **Rebar**: Build a short - neutral call + put option combination strategy and a spot covered call strategy [13]. - **Iron Ore**: Use a short - bullish call + put option combination strategy and a spot long - side collar strategy [13]. - **Ferroalloys**: Build a short - volatility strategy [14]. - **Industrial Silicon/Polysilicon**: Use a short - neutral call + put option combination strategy and a spot covered call strategy [14]. - **Glass**: Build a short - volatility strategy of call and put options and a spot long - side collar strategy [15].

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - The report provides option strategies and suggestions for different metal sectors, including non - ferrous metals, precious metals, and black metals. It analyzes the fundamentals, market trends, option factors of various metal options, and gives corresponding option strategies such as directional strategies, volatility strategies, and spot hedging strategies [2][7]. 3. Summary by Relevant Catalogs 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 futures (CU2507) is 78,610, with a decrease of 10 and a decline rate of 0.01% [3]. 3.2 Option Factor Analysis 3.2.1 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 0.62 with a change of 0.01, and the open interest PCR is 0.88 with a change of - 0.03 [4]. 3.2.2 Pressure and Support Levels - The pressure and support levels of different metal options are analyzed. For example, the pressure level of copper options is 80,000 and the support level is 77,000 [5]. 3.2.3 Implied Volatility - The implied volatility data of different metal options are given, including at - the - money implied volatility, weighted implied volatility, etc. For example, the at - the - money implied volatility of copper options is 12.43, and the weighted implied volatility is 16.89 with a change of 0.86 [6]. 3.3 Option Strategies and Suggestions 3.3.1 Non - ferrous Metals - **Copper Options**: Directional strategy: Construct a bull spread of call options; Volatility strategy: Construct a short - volatility option seller portfolio; Spot hedging strategy: Construct a spot hedging strategy [8]. - **Aluminum/Alumina Options**: Directional strategy: Construct a bull spread of call options; Volatility strategy: Construct a short - call + short - put option portfolio; Spot hedging strategy: Construct a spot collar strategy [9]. - **Zinc/Lead Options**: Directional strategy: None; Volatility strategy: Construct a short - call + short - put option portfolio; Spot hedging strategy: Construct a spot collar strategy [9]. - **Nickel Options**: Directional strategy: Construct a bear spread of put options; Volatility strategy: Construct a short - call + short - put option portfolio; Spot hedging strategy: Hold spot long + buy put options [10]. - **Tin Options**: Directional strategy: None; Volatility strategy: Construct a short - volatility strategy; Spot hedging strategy: Construct a spot collar strategy [10]. - **Lithium Carbonate Options**: Directional strategy: Construct a bear spread of put options; Volatility strategy: Construct a short - call + short - put option portfolio; Spot hedging strategy: Hold spot long + sell call options [11]. 3.3.2 Precious Metals - **Gold/Silver Options**: Directional strategy: None; Volatility strategy: Construct a short - volatility option seller portfolio; Spot hedging strategy: Hold spot long + buy put options + sell out - of - the - money call options [12]. 3.3.3 Black Metals - **Rebar Options**: Directional strategy: Construct a bear spread of put options; Volatility strategy: Construct a short - call + short - put option portfolio; Spot hedging strategy: Hold spot long + sell at - the - money call options [13]. - **Iron Ore Options**: Directional strategy: None; Volatility strategy: Construct a short - call + short - put option portfolio; Spot hedging strategy: Construct a long collar strategy [13]. - **Ferroalloy Options**: Directional strategy: Construct a bear spread of put options; Volatility strategy: Construct a short - volatility strategy; Spot hedging strategy: None [14]. - **Industrial Silicon/Polysilicon Options**: Directional strategy: None; Volatility strategy: Construct a short - call + short - put option portfolio; Spot hedging strategy: Hold spot long + sell call options [14]. - **Glass Options**: Directional strategy: Construct a bear spread of put options; Volatility strategy: Construct a short - call + short - put option portfolio; Spot hedging strategy: Construct a long collar strategy [15].

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints of the Report - The metal sector is divided into non - ferrous metals, precious metals, and black metals. For each sector, specific options strategies are proposed based on the analysis of the underlying market, option factors, and other aspects [2][7]. - For non - ferrous metals, the overall trend is mostly in a state of oscillation, with different trends for each variety. For precious metals, gold is in a high - level consolidation, and silver has a bullish breakthrough. For black metals, there are signs of a weak rebound [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. For example, the price of copper (CU2507) is 78,570, with a price increase of 450 and a trading volume of 6.41 million lots [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of various metal options are calculated. These indicators are used to describe the strength of the option underlying market and whether the underlying market has a turning point. For example, the volume PCR of copper options is 1.03, and the open interest PCR is 1.26 [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of various metal options are analyzed. For example, the pressure level of copper options is 80,000, and the support level is 70,000 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of various metal options is studied, 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 11.34% [6]. 3.5 Strategy and Recommendations 3.5.1 Non - ferrous Metals - **Copper Options**: Build a bullish call option spread strategy and a short - volatility seller option portfolio strategy. Also, construct a spot hedging strategy [8]. - **Aluminum/Alumina Options**: Build a bullish call option spread strategy, a short - neutral call + put option portfolio strategy, and a spot collar strategy [9]. - **Zinc/Lead Options**: Build a short - neutral call + put option portfolio strategy and a spot collar strategy [9]. - **Nickel Options**: Build a short - bearish call + put option portfolio strategy and a spot long - position hedging strategy [10]. - **Tin Options**: Build a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate Options**: Build a bearish put option spread strategy, a short - bearish call + put option portfolio strategy, and a spot covered call strategy [11]. 3.5.2 Precious Metals - **Gold/Silver Options**: Build a short - bullish volatility option seller portfolio strategy and a spot hedging strategy [12]. 3.5.3 Black Metals - **Rebar Options**: Build a bearish put option spread strategy, a short - bearish call + put option portfolio strategy, and a spot covered call strategy [13]. - **Iron Ore Options**: Build a short - neutral call + put option portfolio strategy and a spot collar strategy [13]. - **Ferroalloy Options**: Build a bearish put option spread strategy and a short - volatility strategy [14]. - **Industrial Silicon/Polysilicon Options**: Build a bearish put option spread strategy, a short - bearish call + put option portfolio strategy, and a spot covered call strategy [14]. - **Glass Options**: Build a bearish put option spread strategy, a short - volatility call + put option portfolio strategy, and a spot collar strategy [15].