1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The non - ferrous metals are showing a bullish upward trend, and a seller's neutral volatility strategy is recommended; the black metals are experiencing significant fluctuations, suitable for a short - volatility combination strategy; the precious metals are rebounding and rising, and a bull spread combination strategy is recommended [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Different metal futures have various price changes, trading volumes, and open interest changes. For example, the latest price of copper (CU2602) is 103,200, up 180 with a 0.17% increase, and its trading volume is 22.54 million lots with a change of 1.57 million lots [3]. 3.2 Option Factors - Volume and Open Interest PCR - PCR indicators 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 is 0.45 with no change, and the open interest PCR is 0.65 with no change [4]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of the maximum open interest of call and put options, the pressure and support levels of each option underlying are determined. For example, the pressure level of copper is 110,000 and the support level is 98,000 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of each option variety 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 30.77%, and the weighted implied volatility is 37.35% with a - 0.33% change [6]. 3.5 Strategy and Recommendations 3.5.1 Non - ferrous Metals - **Copper**: Fundamental aspects show an increase in inventory. The market trend is bullish with high - level fluctuations. Option strategies include a bull spread combination strategy for direction, a short - volatility seller's option combination strategy for volatility, and a spot long - hedging strategy [8]. - **Aluminum**: The inventory has increased. The market is in a bullish upward trend. Option strategies involve a bull spread combination strategy, a short - call and put option combination strategy for volatility, and a spot collar strategy [10]. - **Zinc**: The social inventory has decreased slightly. The market shows a bullish upward trend with pressure. Option strategies include a short - call and put option combination strategy for volatility and a spot collar strategy [10]. - **Nickel**: The supply and demand are gradually balanced. The market is short - term bullish. Option strategies involve a short - call and put option combination strategy for volatility and a spot covered - call strategy [11]. - **Tin**: The inventory has decreased, and the market is in a bullish upward trend. Option strategies include a bull spread combination strategy, a short - volatility strategy, and a spot collar strategy [11]. - **Lithium Carbonate**: The inventory has increased slightly. The market shows a bullish acceleration trend. Option strategies involve a bull spread combination strategy, a short - call and put option combination strategy for volatility, and a spot long - hedging strategy [12]. 3.5.2 Precious Metals - **Silver**: The BCOM index rebalancing may lead to a reduction in long positions. The market shows significant fluctuations in the bullish trend. Option strategies include a bull spread combination strategy, a short - volatility option seller's combination strategy, and a spot hedging strategy [13]. 3.5.3 Black Metals - **Rebar**: The supply - demand pattern has weakened, and the inventory has increased. The market shows a weak rebound with pressure. Option strategies involve a short - call and put option combination strategy for volatility and a spot long - covered - call strategy [14]. - **Iron Ore**: The inventory has increased, and the market shows a bullish oscillation. Option strategies include a short - call and put option combination strategy for volatility and a spot long - collar strategy [14]. - **Ferroalloys (Manganese Silicon and Ferrosilicon)**: The production of manganese silicon has decreased slightly, and the inventory is high. The market shows a weak bearish and then rebound trend. Option strategies involve a short - volatility strategy for manganese silicon and a short - call and put option combination strategy for ferrosilicon, along with corresponding spot hedging strategies [15]. - **Industrial Silicon**: The inventory has increased. The market shows a weak bearish and then rebound trend. Option strategies involve a short - call and put option combination strategy for volatility and a spot long - hedging strategy [15]. - **Glass**: The inventory has decreased. The market shows an oversold rebound and then a weak consolidation trend. Option strategies involve a short - call and put option combination strategy for volatility and a spot long - collar strategy [16].

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 are trending upward [2]. - For the black series, which show large - amplitude fluctuations, a short - volatility combination strategy is suitable [2]. - For precious metals, which are rebounding, a bull spread combination strategy can be built [2]. 3. Summaries Based on 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. For example, the latest price of copper (CU2602) is 103,320, with a change of 560 and a percentage change of 0.54% [3]. 3.2 Option Factors - **Volume and Open Interest PCR**: The report shows the volume and open - interest PCR of different metal options. For instance, the volume PCR of copper options is 0.45 with a change of - 0.13, and the open - interest PCR is 0.65 with no change [4]. - **Pressure and Support Levels**: It provides 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 110,000 and the support level is 98,000 [5]. - **Implied Volatility**: The report lists the at - the - money implied volatility, weighted implied volatility, and other related data of different metal options. For example, the at - the - money implied volatility of copper is 35.36%, and the weighted implied volatility is 37.69% with a change of 2.62% [6]. 3.3 Strategy and Recommendations - **Non - ferrous Metals (e.g., Copper, Aluminum, Zinc, etc.)** - **Copper**: Based on the analysis of fundamentals and market trends, directional, volatility, and spot - hedging strategies are proposed. For example, a bull spread combination strategy of call options can be constructed for directional trading [8]. - **Aluminum**: Similar to copper, strategies are provided according to its fundamentals and market trends, including a bull spread combination strategy for direction and a short - option combination strategy for volatility [10]. - **Zinc**: Strategies involve volatility and spot - hedging, such as a short - option combination strategy to obtain time value [10]. - **Precious Metals (e.g., Silver)** - For silver, considering its fundamentals and market trends, directional, volatility, and spot - hedging strategies are recommended. For example, a bull spread combination strategy of call options can be used for direction [13]. - **Black Series (e.g., Rebar, Iron Ore, etc.)** - **Rebar**: Given its supply - demand situation and market trends, volatility and spot - hedging strategies are suggested, such as a short - option combination strategy to obtain time value [14]. - **Iron Ore**: Strategies include volatility and spot - hedging, like a short - option combination strategy to gain time value and directional returns [14].

金属期权 2026-01-08 金属期权策略早报 | 李立勤 | 高级投研经 理 | 从业资格号：F3074095 | 交易咨询号：Z0017896 | 邮箱：lilq@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 金属期权策略早报概要：（1）有色金属偏多上行，构建卖方中性波动率策略策略；（2）黑色系维持大幅度波动的 行情走势，适合构建做空波动率组合策略；（3）贵金属反弹回暖上升，构建牛市价差组合策略。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万手) | ...

Report Summary 1. Investment Rating The report does not mention the industry investment rating. 2. Core Viewpoints - For non - ferrous metals with a bullish upward trend, construct a neutral volatility strategy for sellers; for the black series with large - amplitude fluctuations, construct a short - volatility combination strategy; for precious metals with a rebound, construct a bull spread combination strategy [2]. 3. Summary by Category 3.1 Futures Market Overview - The report provides the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various metal futures contracts, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2602) is 98,240, with a price increase of 820 and a price change rate of 0.84% [3]. 3.2 Option Factors - **Volume - to - Open - Interest PCR**: The report presents the volume - to - open - interest PCR of various metal options, which is used to describe the strength of the option underlying market and whether the underlying market has a turning point. For instance, the volume PCR of copper options is 0.42, with a change of - 0.13, and the open - interest PCR is 0.67, with a change of - 0.02 [4]. - **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 interests of call and put options. For example, the pressure level of copper options is 110,000, and the support level is 94,000 [5]. - **Implied Volatility**: The report shows the at - the - money implied volatility, weighted implied volatility, change in weighted implied volatility, annual average implied volatility, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatilities of various metal options. For example, the at - the - money implied volatility of copper options is 27.36%, and the weighted implied volatility is 33.51%, with a change of - 0.18% [6]. 3.3 Strategy and Recommendations - **Non - ferrous Metals**: - **Copper**: The copper market shows a bullish upward trend with support below. It is recommended to construct a short - volatility seller option combination strategy for volatility strategies and a spot hedging strategy for spot positions [7]. - **Aluminum**: The aluminum market is in a short - term retracement after a bullish rise. It is recommended to construct a call option bull spread combination strategy for directional strategies and a short - call + short - put option combination strategy for volatility strategies [9]. - **Other non - ferrous metals**: Similar analyses and strategy recommendations are provided for zinc, nickel, tin, and lithium carbonate options, including fundamental analysis, market trend analysis, option factor research, and corresponding option strategies [9][10][11]. - **Precious Metals (Silver)**: The silver market shows large - amplitude fluctuations in a bullish trend. It is recommended to construct a neutral short - volatility option seller combination strategy for volatility strategies and a spot hedging strategy for spot positions [12]. - **Black Series**: - **Rebar**: The rebar market shows a weak oscillatory retracement with pressure above. It is recommended to construct a short - bearish call + short - put option combination strategy for volatility strategies and a spot covered - call strategy for spot positions [13]. - **Iron Ore**: The iron ore market shows a bullish oscillatory trend with support below and pressure above. It is recommended to construct a neutral short - call + short - put option combination strategy for volatility strategies and a long - collar strategy for spot positions [13]. - **Other black series**: Similar analyses and strategy recommendations are provided for ferroalloys, industrial silicon, and glass options [14][15].

金属期权 2025-12-31 金属期权策略早报 | 李立勤 | 高级投研经 理 | 从业资格号：F3074095 | 交易咨询号：Z0017896 | 邮箱：lilq@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 金属期权策略早报概要：（1）有色金属偏多上行，构建卖方中性波动率策略策略；（2）黑色系维持大幅度波动的 行情走势，适合构建做空波动率组合策略；（3）贵金属反弹回暖上升，构建牛市价差组合策略。 | 表1：标的期货市场概况 | | --- | | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - For non - ferrous metals, a seller's neutral volatility strategy can be constructed as they tend to move upwards. For the black series, a short - volatility combination strategy is suitable due to large - scale fluctuations. For precious metals, a bull spread combination strategy can be built as they are rebounding [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various metal futures contracts such as copper, aluminum, zinc, etc. For example, the latest price of copper (CU2602) is 95,020, with a decrease of 240 and a decline rate of 0.25% [3]. 3.2 Option Factors - Volume and Open Interest PCR - It shows the trading volume, volume change, open interest, open interest change, trading volume PCR, volume PCR change, open interest PCR, and open interest PCR change of different option varieties. The volume PCR is used to describe whether the underlying asset's market has a turning point, and the open interest PCR is used to describe the strength of the underlying asset's market [4]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of the strike prices with the largest open interest in call and put options, the report determines the pressure and support levels of option underlying assets. For example, the pressure level of copper is 96,000 and the support level is 84,000 [5]. 3.4 Option Factors - Implied Volatility - It provides information on the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility of each option variety [6]. 3.5 Strategy and Recommendations Non - ferrous Metals - **Copper**: Based on the supply surplus in the refined copper market and the upward - trending market, strategies include constructing a call option bull spread combination for directional gains, a short - volatility seller's option combination for time - value gains, and a spot long - hedging strategy [7]. - **Aluminum**: Due to factors like production capacity constraints and strong demand, strategies include a short - volatility option combination strategy and a spot collar strategy [9]. - **Zinc**: Considering the strong resistance in the spot market and the opening of the import window, strategies include a short - volatility option combination strategy and a spot collar strategy [9]. - **Nickel**: Given factors such as supply disturbances and market trends, strategies include a call option bull spread combination strategy, a short - volatility option combination strategy, and a spot covered - call strategy [10]. - **Tin**: Due to slow复产 in mines and low production levels, strategies include a call option bull spread combination strategy, a short - volatility strategy, and a spot collar strategy [10]. - **Lithium Carbonate**: Based on inventory and market trends, strategies include a call option bull spread combination strategy, a short - volatility option combination strategy, and a spot long - hedging strategy [11]. Precious Metals - **Silver**: With factors like increased ETF holdings and a rising market, strategies include a call option bull spread combination strategy, a short - volatility option seller's combination strategy, and a spot hedging strategy [12]. Black Series - **Rebar**: Considering the production capacity utilization rate and market trends, strategies include a short - volatility option combination strategy and a spot long - covered - call strategy [13]. - **Iron Ore**: Based on inventory and market trends, strategies include a short - volatility option combination strategy and a spot long - collar strategy [13]. - **Ferroalloys**: For manganese silicon, strategies include a short - volatility strategy. For industrial silicon, strategies include a put option bear spread combination strategy, a short - volatility option combination strategy, and a spot hedging strategy. For glass, strategies include a put option bear spread combination strategy, a short - volatility option combination strategy, and a spot long - collar strategy [14][15].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - For non - ferrous metals, a seller's neutral volatility strategy is recommended as they are trending upwards. - For the black series, a short - volatility combination strategy is suitable due to their large - scale fluctuations. - For precious metals, a bull spread combination strategy is suggested as they are rebounding and rising [2]. 3. Summary by Category 3.1 Futures Market Overview | Option Variety | Latest Price | Change | Change Rate (%) | Volume (10,000 lots) | Volume Change | Open Interest (10,000 lots) | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | | Copper | 94,890 | 980 | 1.04 | 13.88 | - 7.12 | 24.11 | - 0.57 | | Aluminum | 22,160 | 35 | 0.16 | 20.94 | - 4.45 | 30.18 | - 1.25 | | Zinc | 23,105 | 90 | 0.39 | 13.38 | - 0.06 | 9.31 | 0.25 | | Lead | 17,050 | 85 | 0.50 | 4.46 | - 0.46 | 5.81 | - 0.15 | | Nickel | 125,360 | 3,080 | 2.52 | 38.70 | 17.24 | 13.45 | 2.18 | | Tin | 336,110 | - 5,570 | - 1.63 | 22.86 | - 1.65 | 6.12 | 0.47 | | Alumina | 2,553 | 22 | 0.87 | 14.66 | 2.42 | 21.74 | - 0.38 | | Gold | 1,012.58 | 4.22 | 0.42 | 27.64 | - 0.24 | 19.99 | - 0.24 | | Silver | 16,961 | 674 | 4.14 | 123.02 | - 47.46 | 34.05 | - 0.09 | | Lithium Carbonate | 118,600 | 6,260 | 5.57 | 1.79 | - 0.89 | 3.49 | 0.09 | | Industrial Silicon | 8,735 | 115 | 1.33 | 3.86 | 2.10 | 8.93 | - 0.19 | | Polysilicon | 59,125 | - 655 | - 1.10 | 2.52 | - 0.82 | 2.89 | - 0.30 | | Rebar | 3,115 | - 19 | - 0.61 | 84.93 | 0.69 | 158.00 | - 1.19 | | Iron Ore | 787.50 | - 5.00 | - 0.63 | 0.64 | - 0.38 | 7.37 | - 0.04 | | Manganese Silicon | 5,804 | - 14 | - 0.24 | 1.73 | - 0.35 | 3.09 | - 0.27 | | Ferrosilicon | 5,520 | 20 | 0.36 | 4.38 | - 4.06 | 3.24 | - 0.28 | | Glass | 979 | 3 | 0.31 | 2.75 | - 0.88 | 4.25 | - 0.05 | [3] 3.2 Option Factors - Volume and Open Interest PCR - Volume PCR and open interest PCR for different option varieties are presented, which can be used to describe the strength of the option underlying market and the turning point of the underlying market respectively [4]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels for different option varieties are provided, which are derived from the strike prices with the largest open interest in call and put options [5]. 3.4 Option Factors - Implied Volatility - Implied volatility data, including at - the - money implied volatility, weighted implied volatility, and its change, are given for various option varieties [6]. 3.5 Strategy and Recommendations - **Non - ferrous Metals**: - **Copper**: Build a bull spread combination of call options, a short - volatility seller option combination, and a spot long - hedging strategy [7]. - **Aluminum**: Build a combination of selling slightly bullish call and put options and a spot collar strategy [9]. - **Zinc**: Build a combination of selling slightly bullish call and put options and a spot collar strategy [9]. - **Nickel**: Build a bull spread combination of call options, a combination of selling slightly bullish call and put options, and a spot covered - call strategy [10]. - **Tin**: Build a bull spread combination of call options, a short - volatility strategy, and a spot collar strategy [10]. - **Lithium Carbonate**: Build a bull spread combination of call options, a combination of selling slightly bullish call and put options, and a spot long - hedging strategy [11]. - **Precious Metals**: - **Silver**: Build a bull spread combination of call options, a slightly bullish short - volatility option seller combination, and a spot hedging strategy [12]. - **Black Series**: - **Rebar**: Build a combination of selling slightly bearish call and put options and a spot long - covered call strategy [13]. - **Iron Ore**: Build a combination of selling slightly bearish call and put options and a spot long - collar strategy [13]. - **Ferroalloys**: - **Manganese Silicon**: Build a short - volatility strategy [14]. - **Industrial Silicon**: Build a bear spread combination of put options, a combination of selling short - volatility call and put options, and a spot hedging strategy [14]. - **Glass**: Build a bear spread combination of put options, a combination of selling short - volatility call and put options, and a spot long - collar strategy [15].

Report Summary - **Report Date**: December 5, 2025 [1] - **Report Title**: Metal Options Strategy Morning Report 1. Industry Investment Rating - No industry investment rating is provided in the report 2. Core Viewpoints - For non - ferrous metals showing a bullish upward trend, construct a neutral volatility strategy for sellers [2]. - For the black series with large - amplitude fluctuations, construct a short - volatility portfolio strategy [2]. - For precious metals rebounding and rising, construct a bull spread portfolio strategy [2] 3. Summary by Related Catalogs 3.1 Futures Market Overview | Option Variety | Latest Price | Change | Change Rate (%) | Volume (10,000 lots) | Volume Change | Open Interest (10,000 lots) | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | | Copper | 90,960 | 170 | 0.19 | 22.53 | 9.93 | 23.46 | 1.06 | | Aluminum | 22,235 | 175 | 0.79 | 24.64 | 8.48 | 24.45 | - 0.48 | | Zinc | 23,010 | 170 | 0.74 | 16.43 | 5.79 | 10.57 | 0.11 | | Lead | 17,305 | 120 | 0.70 | 3.73 | 1.03 | 4.66 | 0 | | Nickel | 117,700 | - 30 | - 0.03 | 10.33 | - 0.91 | 11.80 | - 0.06 | | Tin | 320,070 | 1,690 | 0.53 | 34.50 | 13.90 | 5.21 | - 0.10 | | Alumina | 2,590 | - 30 | - 1.15 | 18.44 | - 2.01 | 32.93 | - 1.51 | | Gold | 958.46 | 0.82 | 0.09 | 31.05 | 1.04 | 19.76 | - 0.02 | | Silver | 13,366 | - 260 | - 1.91 | 228.09 | - 38.35 | 45.24 | - 0.61 | | Lithium Carbonate | 92,400 | - 1,140 | - 1.22 | 1.20 | 0.03 | 2.62 | 0.04 | | Industrial Silicon | 8,925 | - 35 | - 0.39 | 1.65 | 0.13 | 6.76 | 0.46 | | Polysilicon | 55,520 | 300 | 0.54 | 1.76 | 0.41 | 3.20 | 0.22 | | Rebar | 3,148 | 11 | 0.35 | 32.20 | - 5.18 | 62.75 | - 5.02 | | Iron Ore | 791.50 | - 2.00 | - 0.25 | 18.67 | 1.72 | 29.37 | - 4.11 | | Manganese Silicon | 5,778 | 38 | 0.66 | 13.60 | 3.36 | 16.11 | - 3.89 | | Ferrosilicon | 5,468 | 60 | 1.11 | 4.00 | 1.88 | 5.58 | - 1.40 | | Glass | 1,008 | 0 | 0.00 | 116.38 | - 5.97 | 125.61 | - 3.22 | [3] 3.2 Option Factors - Volume and Open Interest PCR - The PCR indicators are mainly used to describe the strength of the option underlying market and the turning point of the underlying market [4] 3.2.1 Volume PCR | Option Variety | Volume PCR | Volume PCR Change | | --- | --- | --- | | Copper | 0.39 | 0.03 | | Aluminum | 0.26 | - 0.02 | | Zinc | 0.32 | - 0.29 | | Lead | 0.37 | - 0.04 | | Nickel | 0.34 | - 0.10 | | Tin | 0.42 | 0.12 | | Alumina | 0.44 | 0.14 | | Gold | 0.36 | - 0.12 | | Silver | 0.79 | 0.21 | | Lithium Carbonate | 0.85 | 0.05 | | Industrial Silicon | 0.75 | 0.21 | | Polysilicon | 0.95 | 0.02 | | Rebar | 0.54 | - 0.07 | | Iron Ore | 1.27 | - 0.42 | | Manganese Silicon | 0.41 | - 0.13 | | Ferrosilicon | 0.34 | - 0.33 | | Glass | 0.89 | 0.26 | [4] 3.2.2 Open Interest PCR | Option Variety | Open Interest PCR | Open Interest PCR Change | | --- | --- | --- | | Copper | 0.83 | 0.06 | | Aluminum | 0.57 | - 0.02 | | Zinc | 0.94 | - 0.05 | | Lead | 0.77 | - 0.02 | | Nickel | 0.57 | 0 | | Tin | 0.85 | 0.19 | | Alumina | 0.23 | 0 | | Gold | 0.56 | - 0.01 | | Silver | 1.34 | 0.03 | | Lithium Carbonate | 0.82 | - 0.02 | | Industrial Silicon | 0.45 | - 0.01 | | Polysilicon | 1.30 | - 0.17 | | Rebar | 0.59 | 0.01 | | Iron Ore | 1.68 | 0.01 | | Manganese Silicon | 0.67 | - 0.01 | | Ferrosilicon | 0.79 | - 0.02 | | Glass | 0.35 | - 0.02 | [4] 3.3 Option Factors - Pressure and Support Levels | Option Variety | Pressure Point | Support Point | | --- | --- | --- | | Copper | 90,000 | 84,000 | | Aluminum | 22,000 | 21,000 | | Zinc | 23,000 | 22,000 | | Lead | 18,000 | 16,800 | | Nickel | 120,000 | 110,000 | | Tin | 335,000 | 290,000 | | Alumina | 3,000 | 2,700 | | Gold | 1,000 | 904 | | Silver | 14,000 | 12,000 | | Lithium Carbonate | 100,000 | 80,000 | | Industrial Silicon | 10,000 | 8,600 | | Polysilicon | 60,000 | 50,000 | | Rebar | 3,200 | 3,000 | | Iron Ore | 900 | 700 | | Manganese Silicon | 6,000 | 5,700 | | Ferrosilicon | 5,700 | 5,400 | | Glass | 1,620 | 1,000 | [5] 3.4 Option Factors - Implied Volatility | Option Variety | At - the - Money Implied Volatility (%) | Weighted Implied Volatility (%) | Weighted Implied Volatility Change | Annual Average | Call Implied Volatility (%) | Put Implied Volatility (%) | HISV20 | Implied - Historical Volatility Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Copper | 19.25 | 22.29 | 1.88 | 17.99 | 23.58 | 18.96 | 15.73 | 3.52 | | Aluminum | 11.89 | 13.42 | 0.44 | 12.40 | 13.63 | 12.61 | 11.10 | 0.79 | | Zinc | 11.19 | 12.59 | 1.44 | 14.21 | 12.80 | 11.92 | 10.89 | 0.30 | | Lead | 10.65 | 13.33 | - 0.22 | 14.69 | 13.80 | 12.09 | 12.51 | - 1.87 | | Nickel | 12.81 | 16.06 | 0.55 | 23.31 | 16.47 | 14.87 | 15.81 | - 3.00 | | Tin | 28.28 | 30.46 | 0.86 | 26.69 | 31.53 | 27.93 | 22.76 | 5.51 | | Alumina | 19.41 | 23.99 | - 0.24 | 29.19 | 26.09 | 19.19 | 22.57 | - 3.16 | | Gold | 20.78 | 24.39 | 0.68 | 22.13 | 25.89 | 20.22 | 22.50 | - 1.72 | | Silver | 38.38 | 40.10 | - 3.26 | 29.82 | 39.95 | 40.28 | 30.87 | 7.51 | | Lithium Carbonate | 34.80 | 34.24 | - 2.89 | 39.79 | 36.20 | 31.95 | 34.89 | - 0.09 | | Industrial Silicon | 20.04 | 23.73 | - 0.32 | 33.57 | 26.65 | 19.84 | 23.29 | - 3.25 | | Polysilicon | 32.67 | 41.71 | 0.84 | 44.01 | 41.23 | 42.22 | 35.36 | - 2.69 | | Rebar | 11.38 | 13.62 | - 0.08 | 16.55 | 13.67 | 13.52 | 13.76 | - 2.38 | | Iron Ore | 16.90 | 18.52 | - 0.47 | 21.46 | 17.28 | 19.49 | 18.84 | - 1.94 | | Manganese Silicon | 12.86 | 14.67 | 0.16 | 21.90 | 14.94 | 14.01 | 13.95 | - 1.09 | | Ferrosilicon | 14.86 | 15.63 | 1.86 | 23.13 | 16.01 | 14.49 | 15.00 | - 0.14 | | Glass | 25.78 | 29.36 | - 1.29 | 36.84 | 31.97 | 26.41 | 30.56 | - 4.79 | [6] 3.5 Strategy and Recommendations 3.5.1 Non - Ferrous Metals - **Copper Options**: Construct a call option bull spread strategy, a short - volatility seller option portfolio strategy, and a spot long - hedging strategy [8] - **Aluminum Options**: Construct a call option bull spread strategy, a short call + put option portfolio strategy with a bullish bias, and a spot collar strategy [9] - **Zinc Options**: Construct a short call + put option portfolio strategy with a neutral bias and a spot collar strategy [9] - **Nickel Options**: Construct a short call + put option portfolio strategy with a bearish bias and a spot covered - call strategy [10] - **Tin Options**: Construct a call option bull spread strategy, a short - volatility strategy, and a spot collar strategy [10] - **Lithium Carbonate Options**: Construct a short call + put option portfolio strategy with a bullish bias and a spot long - hedging strategy [11] 3.5.2 Precious Metals (Silver) - Construct a short - volatility option seller portfolio strategy with a bullish bias and a spot hedging strategy [12] 3.5.3 Black Series - **Rebar Options**: Construct a short call + put option portfolio strategy with a bearish bias and a spot covered - call strategy [13] - **Iron Ore Options**: Construct a short call + put option portfolio strategy with a bearish bias and a spot long - collar strategy [13] - **Ferroalloy Options (Manganese Silicon)**: Construct a short - volatility strategy [14] - **Industrial Silicon Options**: Construct a short call + put option portfolio strategy to short volatility and a spot long - hedging strategy [14] - **Glass Options**: Construct a short call + put option portfolio strategy to short volatility 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, a neutral volatility strategy for sellers is recommended as they are trending upwards; for the black series, a short - volatility combination strategy is suitable due to large - amplitude fluctuations; for precious metals, a bull spread combination strategy is suggested as they are rebounding and rising [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report provides the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various metal futures, including copper (CU2601), aluminum (AL2601), zinc (ZN2601), etc. For example, the latest price of copper (CU2601) is 89,380, with a price increase of 550 and a price change percentage of 0.62% [3]. 3.2 Option Factors 3.2.1 Volume - to - Open - Interest PCR - The report presents the volume - to - open - interest PCR (Put - Call Ratio) of various metal options, which is 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 options is 0.38 with a change of - 0.05, and the open - interest PCR is 0.83 with no change [4]. 3.2.2 Pressure and Support Levels - From the perspective of the strike prices with the maximum open interests of call and put options, the report shows the pressure and support levels of various metal option - underlying assets. For example, the pressure level of copper is 90,000 and the support level is 84,000 [5]. 3.2.3 Implied Volatility - The report provides the at - the - money implied volatility, weighted implied volatility, change in weighted implied volatility, annual average implied volatility, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatilities of various metal options. For example, the at - the - money implied volatility of copper is 19.36% [6]. 3.3 Strategy and Recommendations 3.3.1 Non - ferrous Metals - **Copper**: Based on the analysis of fundamentals and market trends, it is recommended to construct a short - volatility seller option combination strategy and a spot long - hedging strategy [8]. - **Aluminum**: A call option bull spread combination strategy, a short - volatility combination strategy of slightly bullish call and put options, and a spot collar strategy are recommended [9]. - **Zinc**: A short - volatility combination strategy of neutral call and put options and a spot collar strategy are suggested [9]. - **Nickel**: A short - volatility combination strategy of slightly bearish call and put options and a spot covered - call strategy are recommended [10]. - **Tin**: A short - volatility strategy and a spot collar strategy are suggested [10]. - **Lithium Carbonate**: A short - volatility combination strategy of slightly bullish call and put options and a spot long - hedging strategy are recommended [11]. 3.3.2 Precious Metals - **Silver**: A call option bull spread combination strategy, a short - volatility option seller combination strategy for slightly bullish, and a spot hedging strategy are recommended [12]. 3.3.3 Black Series - **Rebar**: A short - volatility combination strategy of slightly bearish call and put options and a spot long covered - call strategy are recommended [13]. - **Iron Ore**: A short - volatility combination strategy of slightly bearish call and put options and a spot long collar strategy are suggested [13]. - **Ferro - alloy**: A short - volatility strategy is recommended for manganese - silicon, and a short - volatility combination strategy of call and put options and a spot hedging strategy are recommended for industrial silicon [14]. - **Glass**: A short - volatility combination strategy of call and put options and a spot long collar strategy are recommended [15].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals, which are showing a bullish upward trend, a seller neutral volatility strategy is recommended [2]. - For the black metals sector, which maintains a large - amplitude fluctuating market, a short - volatility combination strategy is suitable [2]. - For precious metals, which are rebounding and rising, a bull spread combination strategy is recommended [2]. 3. Summary According to Related Catalogs 3.1 Futures Market Overview - Copper (CU2601): The latest price is 86,180, up 180 with a 0.21% increase. The trading volume is 9.89 million lots, up 1.45 million lots, and the open interest is 19.02 million lots, up 0.24 million lots [3]. - Aluminum (AL2601): The latest price is 21,390, down 75 with a 0.35% decrease. The trading volume is 26.77 million lots, up 9.79 million lots, and the open interest is 30.20 million lots, down 3.66 million lots [3]. - Zinc (ZN2601): The latest price is 22,350, down 135 with a 0.60% decrease. The trading volume is 9.08 million lots, up 4.20 million lots, and the open interest is 9.19 million lots, up 0.30 million lots [3]. - And so on for other metals including lead, nickel, tin, etc. [3] 3.2 Option Factors - Volume and Open Interest PCR - Copper: The volume PCR is 0.87, up 0.22, and the open - interest PCR is 0.83, up 0.05 [4]. - Aluminum: The volume PCR is 0.70, up 0.20, and the open - interest PCR is 0.70, up 0.01 [4]. - Zinc: The volume PCR is 0.84, down 0.43, and the open - interest PCR is 1.04, up 0.04 [4]. - And so on for other metals [4] 3.3 Option Factors - Pressure and Support Levels - Copper: The pressure point is 90,000, and the support point is 82,000 [5]. - Aluminum: The pressure point is 22,000, and the support point is 21,000 [5]. - Zinc: The pressure point is 23,000, and the support point is 21,600 [5]. - And so on for other metals [5] 3.4 Option Factors - Implied Volatility - Copper: The at - the - money implied volatility is 12.63%, the weighted implied volatility is 20.12%, up 2.56% [6]. - Aluminum: The at - the - money implied volatility is 10.38%, the weighted implied volatility is 14.84%, up 1.67% [6]. - Zinc: The at - the - money implied volatility is 10.03%, the weighted implied volatility is 15.80%, up 2.99% [6]. - And so on for other metals [6] 3.5 Strategy and Recommendations 3.5.1 Non - ferrous Metals - **Copper**: Fundamentally, the inventories of the three major exchanges increased by 38,000 tons. The market has been in a bullish high - level oscillating pattern. Option - wise, the implied volatility is above the historical average, and the open - interest PCR is around 0.80. Strategies include a short - volatility seller option combination and a spot long - hedging strategy [7]. - **Aluminum**: Fundamentally, inventories showed a mixed trend. The market has a bullish high - level oscillating pattern. Option - wise, the implied volatility is at the historical average, and the open - interest PCR is around 0.70. Strategies include a bull spread combination, a short - call and short - put option combination, and a spot collar strategy [9]. - **Zinc**: Fundamentally, domestic social inventories decreased slightly. The market has an oscillating recovery pattern with upper pressure. Option - wise, the implied volatility decreased to the historical average, and the open - interest PCR is around 1.00. Strategies include a short - neutral call and put option combination and a spot collar strategy [9]. - **Nickel**: Fundamentally, global visible inventories increased slightly, and terminal consumption was weak. The market has a bearish oscillating pattern. Option - wise, the implied volatility is below the average, and the open - interest PCR is around 0.70. Strategies include a short - bearish call and put option combination and a spot covered - call strategy [10]. - **Tin**: Fundamentally, the resumption of tin mines in Myanmar was slow, and production in some areas was limited. The market has a short - term high - level oscillating pattern with lower support. Option - wise, the implied volatility is below the historical average, and the open - interest PCR is around 0.60. Strategies include a short - volatility strategy and a spot collar strategy [10]. - **Carbonate Lithium**: Fundamentally, inventory depletion narrowed. The market has a recent bullish pattern with lower support. Option - wise, the implied volatility rose rapidly and remained at a high level, and the open - interest PCR is around 0.90. Strategies include a short - bullish call and put option combination and a spot long - hedging strategy [11]. 3.5.2 Precious Metals - **Silver**: Fundamentally, inventories in SHFE and COMEX decreased, and domestic demand was resilient. The market has a pattern of rapid decline after a bullish trend followed by an oscillating recovery. Option - wise, the implied volatility is at a historical high, and the open - interest PCR is above 1.00. Strategies include a bull spread combination, a short - bullish volatility option seller combination, and a spot hedging strategy [12]. 3.5.3 Black Metals - **Rebar**: Fundamentally, social and factory inventories decreased. The market has a bearish pattern with upper pressure. Option - wise, the implied volatility is below the historical average, and the open - interest PCR is below 0.60. Strategies include a short - bearish call and put option combination and a spot covered - call strategy [13]. - **Iron Ore**: Fundamentally, port inventories decreased, and daily dispatch volume increased. The market has a bearish oscillating downward pattern with upper and lower support. Option - wise, the implied volatility is around the historical average, and the open - interest PCR is 1.40. Strategies include a short - bearish call and put option combination and a spot long - collar strategy [13]. - **Ferroalloys (Manganese Silicon and Ferrosilicon)**: For manganese silicon, production decreased, and inventories were at a high level. The market has a bearish pattern with upper pressure. Option - wise, the implied volatility is at the historical average, and the open - interest PCR is around 0.80. Strategies include a short - volatility strategy. For ferrosilicon, similar analysis and corresponding strategies are provided [14]. - **Industrial Silicon**: Fundamentally, inventories decreased. The market has a large - amplitude oscillating bearish pattern with upper pressure. Option - wise, the implied volatility remained at a high level, and the open - interest PCR is below 0.60. Strategies include a short - volatility call and put option combination and a spot hedging strategy [14]. - **Glass**: Fundamentally, factory inventories increased. The market has a bearish pattern with upper pressure. Option - wise, the implied volatility remained at a high level, and the open - interest PCR is below 0.60. Strategies include a bear spread combination, a short - volatility call and put option combination, and a spot long - collar strategy [15].