Group 1: Report Overview - The report is a metal options strategy morning report dated November 3, 2025 [1] - It covers various metal options including non - ferrous metals, precious metals, and black metals [8] - Different strategies are proposed for each metal based on market conditions, option factors, etc. [7][9][10] Group 2: Market Conditions of Underlying Futures - Copper (CU2512) is priced at 87,130, down 80 (-0.09%), with a trading volume of 24.44 million lots and an open interest of 25.83 million lots [3] - Aluminum (AL2512) is at 21,415, up 130 (0.61%), with a trading volume of 20.09 million lots and an open interest of 26.69 million lots [3] - Other metals such as zinc, lead, nickel, etc., also have their respective price, trading volume, and open - interest data [3] Group 3: Option Factors Volume and Open Interest PCR - For copper, the volume PCR is 0.55 with a change of 0.14, and the open - interest PCR is 0.75 with no change [4] - Aluminum has a volume PCR of 0.40 with no change and an open - interest PCR of 0.70 with a - 0.07 change [4] Pressure and Support Levels - Copper's pressure point is 90,000 and support point is 82,000 [5] - Aluminum's pressure point is 21,800 and support point is 19,900 [5] Implied Volatility - Copper's average implied volatility of at - the - money options is 21.02%, and the weighted implied volatility is 22.69% with a - 1.95 change [6] - Aluminum's average implied volatility of at - the - money options is 12.77%, and the weighted implied volatility is 13.86% with a - 0.26 change [6] Group 4: Strategies and Recommendations Non - ferrous Metals - **Copper**: Build a bull spread strategy for call options and a short - volatility seller option combination strategy, and also a spot long - hedging strategy [7] - **Aluminum**: Construct a bull spread strategy for call options, a short call + put option combination strategy, and a spot collar strategy [9] Precious Metals - **Gold**: Build a neutral short - volatility option seller combination strategy and a spot hedging strategy [12] Black Metals - **Rebar**: Construct a short call + put option combination strategy and a spot long - covered call strategy [14] - **Iron Ore**: Build a short call + put option combination strategy and a spot long - collar strategy [14]

上期所10月16日发布通知，经研究决定，自2025年11月10日交易（即11月7日夜盘）起，天然橡胶期 权、螺纹钢期权和铅期权的交易手续费、行权（履约）手续费、行权（履约）前期权自对冲手续费均调 整为1.5元/手，日内平今仓免收交易手续费保持不变，行权（履约）后期货自对冲、做市商期权自对冲 免收手续费保持不变。 （文章来源：期货日报网） 同日，上期所决定，自2025年11月10日交易（即11月7日夜盘）起，锌期权、铅期权、锡期权和丁二烯 橡胶期权合约文本中合约月份涉及的标的期货合约持仓量阈值均调整为单边5000手。上期能源决定，自 2025年11月10日交易（即11月7日夜盘）起，原油期权合约文本中合约月份涉及的标的期货合约持仓量 阈值调整为单边5000手。 ...

每经AI快讯，上海期货交易所发布通知，自2025年11月10日交易(即11月7日晚夜盘)起，天然橡胶期 权、螺纹钢期权和铅期权的交易手续费、行权(履约)手续费、行权(履约)前期权自对冲手续费均调整为 1.5元/手，日内平今仓免收交易手续费保持不变，行权(履约)后期货自对冲、做市商期权自对冲免收手 续费保持不变。 ...

Group 1: Report Summary - The report provides a morning strategy for metal options on October 16, 2025, covering various metal options including non-ferrous metals, precious metals, and black metals [1][2]. - Overall strategies include constructing a neutral volatility - selling strategy for non - ferrous metals in range - bound markets, a short - volatility portfolio strategy for black metals with high volatility, and a spot hedging strategy for precious metals with upward trends [2]. Group 2: Underlying Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of various metal futures are presented. For example, the latest price of copper (CU2511) is 85,160, with a price increase of 200 and a trading volume of 12.58 million lots [3]. Group 3: Option Factor - Volume and Open Interest PCR - Volume and open interest PCR data for different metal options are provided. PCR indicators are used to describe the strength of the option underlying market and the turning points of the market. For instance, the open interest PCR of copper options is 0.80, indicating strong support for Shanghai copper [4]. Group 4: Option Factor - Pressure and Support Levels - Pressure and support levels for different metal options are analyzed based on the strike prices of the maximum open interest of call and put options. For example, the pressure level of copper is 92,000 and the support level is 80,000 [5]. Group 5: Option Factor - Implied Volatility - Implied volatility data for different metal options are presented, including at - the - money implied volatility, weighted implied volatility, and historical volatility differences. For example, the weighted implied volatility of copper options is 24.96%, with a change of - 0.32% [6]. Group 6: Option Strategies for Different Metals Non - Ferrous Metals - **Copper**: Based on fundamental and market analysis, a short - volatility seller option portfolio strategy is recommended, along with a spot hedging strategy [7]. - **Aluminum/Alumina**: A neutral call + put option selling strategy is suggested, and a spot collar strategy is recommended for spot hedging [9]. - **Zinc/Lead**: A neutral call + put option selling strategy is proposed, and a spot collar strategy is provided for spot hedging [9]. - **Nickel**: A short - biased call + put option selling strategy is recommended, and a spot covered call strategy is suggested [10]. - **Tin**: A short - volatility strategy is recommended, and a spot collar strategy is provided for spot hedging [10]. - **Lithium Carbonate**: A short - biased call + put option selling strategy is proposed, and a spot hedging strategy is recommended [11]. Precious Metals - **Gold/Silver**: A bull spread strategy for call options is recommended for gold, along with a short - volatility option seller portfolio strategy and a spot hedging strategy [12]. Black Metals - **Rebar**: A short - biased call + put option selling strategy is recommended, and a spot covered call strategy is suggested [13]. - **Iron Ore**: A neutral call + put option selling strategy is proposed, and a spot collar strategy is provided for spot hedging [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 selling strategy is recommended, and a spot hedging strategy is provided [14]. - **Glass**: A short - volatility call + put option selling strategy is recommended, and a spot collar strategy is provided for spot hedging [15]. Group 7: Metal Option Charts - Price charts, option volume and open interest charts, PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support level charts are provided for different metals such as copper, aluminum, and gold [17][36][146].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The metals sector is divided into non - ferrous metals, precious metals, and black metals. Different trading strategies are recommended for each type of metal based on their market conditions and option factors [2]. - For non - ferrous metals in a range - bound situation, a seller's neutral volatility strategy can be constructed; for black metals with large - amplitude fluctuations, a short - volatility portfolio strategy is suitable; for precious metals with upward trends, a spot hedging strategy can be built [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interests of various metal futures contracts. For example, the latest price of copper (CU2511) is 84,890, down 820 or 0.96% [3]. 3.2 Option Factors - **Volume and Open Interest PCR**: These indicators are used to describe the strength of the option underlying market and the turning points. For instance, the open interest PCR of copper is 0.78, with a change of 0.07 [4]. - **Pressure and Support Levels**: Determined from the strike prices with the largest open interests of call and put options. The pressure point of copper is 92,000, and the support point is 80,000 [5]. - **Implied Volatility**: It includes at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. The weighted implied volatility of copper is 25.28%, with a change of 0.34% [6]. 3.3 Option Strategies for Different Metals - **Non - Ferrous Metals** - **Copper**: A short - volatility seller's option portfolio strategy is recommended to gain time - value income. The pressure level is 92,000, and the support level is 80,000 [7]. - **Aluminum/Alumina**: A short - neutral call + put option combination strategy is suggested to obtain option time - value and directional income. Aluminum's pressure level is 21,400, and the support level is 20,400 [9]. - **Zinc/Lead**: Similar to aluminum, a short - neutral option combination strategy is recommended. Zinc's pressure level is 22,600, and the support level is 21,800 [9]. - **Nickel**: A short - bearish call + put option combination strategy is proposed. The pressure level is 130,000, and the support level is 120,000 [10]. - **Tin**: A short - volatility strategy is recommended. The pressure level is 320,000, and the support level is 270,000 [10]. - **Lithium Carbonate**: A short - bearish option combination strategy is suggested. The pressure level is 100,000, and the support level is 64,000 [11]. - **Precious Metals** - **Gold/Silver**: For gold, a bull - spread call option combination strategy and a short - volatility option seller's combination strategy are recommended. The pressure level of gold is 968, and the support level is 800 [12]. - **Black Metals** - **Rebar**: A short - bearish option combination strategy is recommended. The pressure level is 3,500, and the support level is 3,000 [13]. - **Iron Ore**: A short - neutral option combination strategy is suggested. The pressure level is 850, and the support level is 750 [13]. - **Ferroalloys**: For manganese silicon, a short - volatility strategy is recommended. The pressure level is 5,900, and the support level is 5,600 [14]. - **Industrial Silicon/Polysilicon**: A short - volatility call + put option combination strategy is proposed. The pressure level of industrial silicon is 13,800, and the support level is 9,000 [14]. - **Glass**: A short - volatility option combination strategy is recommended. The pressure level is 1,380, and the support level is 1,100 [15].

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. For non - ferrous metals, a neutral volatility seller strategy can be constructed as they are in a range - bound state; for black metals with large - amplitude fluctuations, a short - volatility portfolio strategy is suitable; for precious metals with an upward - breaking trend, a spot hedging strategy is recommended [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Copper (CU2511) closed at 86,520, up 1,710 (2.02%), with a trading volume of 29.14 million lots and an open interest of 20.18 million lots [3]. - Aluminum (AL2511) closed at 20,975, up 115 (0.55%), with a trading volume of 19.17 million lots and an open interest of 17.09 million lots [3]. - Other metals such as zinc, lead, nickel, etc., also have detailed price, trading volume, and open - interest data presented [3]. 3.2 Option Factors - Volume and Open Interest PCR - For copper options, the volume PCR is 0.74 (up 0.40), and the open - interest PCR is 0.71 (down 0.03) [4]. - Aluminum options have a volume PCR of 1.03 (up 0.63) and an open - interest PCR of 0.84 (up 0.11) [4]. - Different metals' option volume and open - interest PCR data reflect market sentiment and potential trend reversals [4]. 3.3 Option Factors - Pressure and Support Levels - Copper's pressure point is 92,000 and support point is 80,000 [5]. - Aluminum's pressure point is 21,400 and support point is 20,400 [5]. - These levels are derived from the strike prices of the maximum open - interest call and put options [5]. 3.4 Option Factors - Implied Volatility - Copper's at - the - money implied volatility is 22.38%, and the weighted implied volatility is 24.94% (down 0.46%) [6]. - Aluminum's at - the - money implied volatility is 9.91%, and the weighted implied volatility is 12.62% (up 0.09%) [6]. - The implied volatility data helps in formulating volatility - based option strategies [6]. 3.5 Option Strategies and Recommendations 3.5.1 Non - Ferrous Metals - **Copper Options**: Construct a short - volatility seller option portfolio strategy and a spot hedging strategy [7]. - **Aluminum/Alumina Options**: Build a neutral short - call and short - put option combination strategy and a spot collar strategy [9]. - **Zinc/Lead Options**: Adopt a neutral short - call and short - put option combination strategy and a spot collar strategy [9]. - **Nickel Options**: Implement a short - bearish call and put option combination strategy and a spot covered - call strategy [10]. - **Tin Options**: Use a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate Options**: Apply a short - bearish call and put option combination strategy and a spot long - put and short - call strategy [11]. 3.5.2 Precious Metals - **Gold/Silver Options**: Build a bullish call spread strategy, a long - biased short - volatility option seller portfolio strategy, and a spot hedging strategy [12]. 3.5.3 Black Metals - **Rebar Options**: Use a short - bearish call and put option combination strategy and a spot covered - call strategy [13]. - **Iron Ore Options**: Adopt a neutral short - call and short - put option combination strategy and a spot collar strategy [13]. - **Ferroalloy Options**: Implement a short - volatility strategy for manganese - silicon options [14]. - **Industrial Silicon/Polysilicon Options**: Build a short - volatility short - call and short - put option combination strategy and a spot long - put and short - call strategy [14]. - **Glass Options**: Use a short - volatility short - call and short - put option combination strategy and a spot collar strategy [15].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals, build a seller's neutral volatility strategy as they are in a range - bound oscillation [2]. - For black metals, construct a short - volatility portfolio strategy due to their large - amplitude fluctuations [2]. - For precious metals, build a spot hedging strategy as they break upward [2]. 3. Summaries by Related Catalogs 3.1 Futures Market Overview - The latest prices of various metal futures have different changes. For example, copper (CU2511) dropped 4.46% to 83,030, while gold (AU2512) rose 0.42% to 913.26. The trading volumes and open interests also vary among different metals [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different metal options have different trends. For instance, the volume PCR of copper decreased by 0.14 to 0.33, and the open interest PCR decreased by 0.02 to 0.74 [4]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of option factors, different metal options have their own pressure and support levels. For example, the pressure level of copper is 92,000 and the support level is 80,000 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of different metal options shows different characteristics. For example, the weighted implied volatility of copper increased by 1.37 to 25.40%, while that of aluminum decreased by 0.35 to 12.53% [6]. 3.5 Strategies and Recommendations 3.5.1 Non - ferrous Metals - **Copper**: Build a short - volatility seller's option portfolio strategy and a spot hedging strategy. The pressure level is 92,000 and the support level is 80,000 [7]. - **Aluminum/Alumina**: Construct a short - neutral call + put option combination strategy and a spot collar strategy. The pressure level of aluminum is 21,400 and the support level is 20,000; for alumina, the pressure level is 3,000 and the support level is 2,800 [9]. - **Zinc/Lead**: Build a short - neutral call + put option combination strategy and a spot collar strategy. The pressure level of zinc is 22,000 and the support level is 21,800 [9]. - **Nickel**: Construct a short - bearish call + put option combination strategy and a spot covered - call strategy. The pressure level is 130,000 and the support level is 120,000 [10]. - **Tin**: Build a short - volatility strategy and a spot collar strategy. The pressure level is 320,000 and the support level is 270,000 [10]. - **Lithium Carbonate**: Construct a short - bearish call + put option combination strategy and a spot long - hedging strategy. The pressure level is 99,000 and the support level is 65,000 [11]. 3.5.2 Precious Metals - **Gold/Silver**: For gold, construct a bull - spread call option strategy, a short - volatility option seller's combination strategy, and a spot hedging strategy. The pressure level is 888 and the support level is 800 [12]. 3.5.3 Black Metals - **Rebar**: Build a short - bearish call + put option combination strategy and a spot covered - call strategy. The pressure level is 3,500 and the support level is 3,000 [13]. - **Iron Ore**: Construct a short - neutral call + put option combination strategy and a spot long - collar strategy. The pressure level is 850 and the support level is 750 [13]. - **Ferroalloys**: For manganese silicon, build a short - volatility strategy. The pressure level is 6,000 and the support level is 5,800 [14]. - **Industrial Silicon/Polysilicon**: Construct a short - volatility call + put option combination strategy and a spot hedging strategy. The pressure level of industrial silicon is 14,200 and the support level is 8,000 [14]. - **Glass**: Build a short - volatility call + put option combination strategy and a spot long - collar strategy. The pressure level is 1,200 and the support level is 1,000 [15].

Group 1: Report Overview - Report title: Metal Options Strategy Morning Report [1] - Date: September 30, 2025 [1] Group 2: Core Views - For non - ferrous metals in range - bound oscillations, construct a neutral volatility strategy for option sellers [2] - For the black metals sector with large - amplitude fluctuations, build a short - volatility portfolio strategy [2] - For precious metals with upward breakouts, construct a spot hedging strategy [2] Group 3: Futures Market Overview - For copper (CU2511), the latest price is 83,680, up 1,610 or 1.96%, with a trading volume of 13.85 million lots (down 3.62 million) and open interest of 21.38 million lots (down 1.53 million) [3] - For aluminum (AL2511), the latest price is 20,770, up 65 or 0.31%, trading volume 13.29 million lots (up 1.77 million), and open interest 20.39 million lots (down 0.89 million) [3] - Similar data are provided for other metals including zinc, lead, nickel, etc. [3] Group 4: Option Factor - Volume and Open Interest PCR - For copper options, the volume PCR is 0.27 (up 0.01), and the open - interest PCR is 0.73 (up 0.02) [4] - For aluminum options, the volume PCR is 0.63 (up 0.01), and the open - interest PCR is 0.90 (up 0.05) [4] - Other metals' PCR data are also presented [4] Group 5: Option Factor - Pressure and Support Levels - For copper options, the pressure point is 92,000, and the support point is 82,000 [5] - For aluminum options, the pressure point is 20,800, and the support point is 19,900 [5] - Pressure and support levels for other metals are also given [5] Group 6: Option Factor - Implied Volatility - For copper options, the at - the - money implied volatility is 20.75%, the weighted implied volatility is 27.04% (down 0.59%), and the difference between implied and historical volatility is 6.29% [6] - For aluminum options, the at - the - money implied volatility is 12.19%, the weighted implied volatility is 14.40% (up 0.16%), and the difference is 1.63% [6] - Implied volatility data for other metals are also provided [6] Group 7: Option Strategies for Non - Ferrous Metals Copper Options - Fundamental analysis: Total inventories in three major exchanges decreased by 0.6 million tons. SHFE inventories decreased by 0.7 to 9.9 million tons, LME inventories decreased by 0.3 to 14.4 million tons, and COMEX inventories increased by 0.4 to 29.1 million tons [7] - Market analysis: Shanghai copper showed a bullish high - level consolidation trend [7] - Option factor analysis: Implied volatility is above the historical average, open - interest PCR is around 0.70, pressure point is 92,000, and support point is 80,000 [7] - Strategy suggestions: Construct a bull - spread strategy for call options and a short - volatility option seller portfolio strategy, and a spot long - hedging strategy [7] Other Non - Ferrous Metals - Strategies for aluminum, zinc, lead, nickel, tin, and lithium carbonate options are also provided, including fundamental analysis, market analysis, option factor analysis, and strategy suggestions [9][10][11] Group 8: Option Strategies for Precious Metals Gold Options - Fundamental analysis: Holdings of major gold ETFs increased by 3.79% this month, and total open interest of Shanghai gold and COMEX gold increased [12] - Market analysis: Shanghai gold continued its bullish trend, reaching a new high [12] - Option factor analysis: Implied volatility is around the historical average, open - interest PCR is below 0.80, pressure point is 888, and support point is 800 [12] - Strategy suggestions: Construct a bull - spread strategy for call options, a short - volatility option seller portfolio strategy, and a spot hedging strategy [12] Silver Options - Strategies for silver options are also provided, including fundamental analysis, market analysis, option factor analysis, and strategy suggestions [12] Group 9: Option Strategies for Black Metals Steel and Iron Ore Options - Strategies for rebar, iron ore, ferroalloys, industrial silicon, polysilicon, and glass options are provided, including fundamental analysis, market analysis, option factor analysis, and strategy suggestions [13][14][15]

Group 1: General Information - The report is a metal options strategy morning report dated September 29, 2025 [1] - The research team includes Lu Pinxian, Huang Kehan, and Li Renjun [2] - The metal - related sectors are divided into non - ferrous metals, precious metals, and black metals. Options strategies and suggestions are provided for selected varieties in each sector [8] Group 2: Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest of various metal futures contracts, such as copper (CU2511 closed at 81,890 with a - 0.79% change), aluminum (AL2511 at 20,660 with a - 0.55% change), etc. [3] Group 3: Option Factors 3.1 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 underlying asset's market and potential turning points. For example, the volume PCR of copper is 0.26 with a - 0.02 change, and the open interest PCR is 0.70 with a 0.01 change [4] 3.2 Pressure and Support Levels - The pressure points, support points, and the corresponding offsets of various metal options are given. For instance, the pressure point of copper is 92,000 with an 8,000 offset, and the support point is 80,000 with a 2,000 offset [5] 3.3 Implied Volatility - The report shows the at - the - money implied volatility, weighted implied volatility, changes in weighted implied volatility, annual average implied volatility, call and put implied volatilities, and the difference between implied and historical volatilities for each metal option. For example, the at - the - money implied volatility of copper is 20.97%, and the weighted implied volatility is 27.63% with a 1.87 change [6] Group 4: Strategy Recommendations 4.1 Non - Ferrous Metals - **Copper**: Build a bull spread strategy for directional gain, a short - volatility option seller strategy for time - value gain, and a spot hedging strategy [7] - **Aluminum/Alumina**: For aluminum, build a short - neutral call + put option combination strategy and a spot collar strategy; for alumina, similar strategies are recommended [9] - **Zinc/Lead**: Build a short - neutral call + put option combination strategy and a spot collar strategy for zinc; similar strategies for lead [9] - **Nickel**: Build 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**: Build a short - bearish call + put option combination strategy and a spot hedging strategy [11] 4.2 Precious Metals - **Gold/Silver**: For gold, build a bull spread strategy for directional gain, a short - volatility option seller strategy with a positive delta, and a spot hedging strategy; for silver, similar strategies are recommended [12] 4.3 Black Metals - **Rebar**: Build a short - bearish call + put option combination strategy and a spot covered - call strategy [13] - **Iron Ore**: Build a short - neutral call + put option combination strategy and a spot collar strategy [13] - **Ferroalloys**: For manganese silicon, build a short - volatility strategy; for industrial silicon/polysilicon, build a short - volatility option seller strategy and a spot hedging strategy; for glass, build a short - volatility strategy and a spot collar strategy [13][14][15]

1. Report Industry Investment Rating - No information provided in the document 2. Core Viewpoints of the Report - For non - ferrous metals, construct a seller neutral volatility strategy as they are in a range - bound oscillation [2] - For black metals, build a short - volatility portfolio strategy due to their large - amplitude fluctuations [2] - For precious metals, create a spot hedging strategy as they are rising and breaking through [2] 3. Summary by Related Catalogs 3.1 Market Overview of Underlying Futures - Copper (CU2511): Latest price 80,100, down 20 (-0.02%), volume 6.34 million lots, open interest 17.70 million lots [3] - Aluminum (AL2511): Latest price 20,715, down 55 (-0.26%), volume 11.87 million lots, open interest 23.61 million lots [3] - Zinc (ZN2511): Latest price 22,035, up 40 (0.18%), volume 14.05 million lots, open interest 13.04 million lots [3] - And other metal futures with their respective prices, changes, volumes, and open interests [3] 3.2 Option Factors - Volume and Open Interest PCR - Different metal options have their own volume PCR, volume change, open interest PCR, and open interest change, which are used to describe the strength of the option underlying market and the turning point of the market [4] 3.3 Option Factors - Pressure and Support Levels - Each metal option has its pressure point, pressure point offset, support point, support point offset, maximum call open interest, and maximum put open interest, indicating the pressure and support levels of the underlying [5] 3.4 Option Factors - Implied Volatility - The implied volatility of different metal options includes at - the - money implied volatility, weighted implied volatility, its change, annual average, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility [6] 3.5 Strategies and Recommendations for Different Metals 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: Create a short - bearish call + put option combination strategy and a spot covered call strategy [10] - Tin: Implement a short - volatility strategy and a spot collar strategy [10] - Lithium Carbonate: Build a short - bearish call + put option combination strategy and a spot long - hedging strategy [11] 3.5.2 Precious Metals - Gold/Silver: Construct a bullish call spread strategy, a short - volatility option seller portfolio strategy, and a spot hedging strategy [12] 3.5.3 Black Metals - Rebar: Build a short - bearish call + put option combination strategy and a spot covered call strategy [13] - Iron Ore: Construct a short - neutral call + put option combination strategy and a long - collar strategy [13] - Ferroalloys: Implement a short - volatility strategy [14] - Industrial Silicon/Polysilicon: Build a short - volatility call + put option combination strategy and a spot hedging strategy [14] - Glass: Implement a short - volatility call + put option combination strategy [15]