金属期权 2025-12-17 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) | | ...

金属期权 2025-12-16 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) | | ...

广发期货APP 微信公众号 期权周报 叶倩宁 Z0016628 联系方式：yeqianning@gf.com.cn 2025年12月13日 策略精选 | 品种 | 上周策略 | 策略复盘 | | --- | --- | --- | | 乙二醇 | 市场整体持货意向较差，市场心态承压，在供应端未有明显收缩 | 12月8日开盘构建组合，组合价格为670，12月12日收盘时组 | | | 的情况下，预计乙二醇仍在下探寻底，可以考虑买入实值看跌期 | 合价格为980，区间涨幅为+46.27%。组合盈利原因主要是本 | | | 权EG2602-P-3800，卖出虚值看跌期权EG2602-P-3650构建熊 | 周乙二醇价格的下探寻底符合预期，2602合约在12月12日价 | | | 市价差组合 | 格跌至3634，delta端带来较大收益。 | | 铜 | 铜本周主力平值IV涨幅达41.89%，考虑到隐波均值回归的特性， | 12月8日开盘构建组合，组合价格为-19490，12月12日收盘 | | | 可以考虑卖出平值看涨期权CU2601C92000，卖出平值看跌期 | 时组合价格为-15030，区间涨幅为+22.88 ...

金属期权 2025-12-15 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） ...

金属期权 2025-12-11 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） ...

金属期权 2025-12-10 金属期权策略早报 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) | | (万手) | | | 铜 | CU2601 | 91,020 | -1,040 | -1.13 | 19.04 | -0.45 | 21.06 | -1.95 | | 铝 | AL2601 | 21,835 | -155 | -0.70 | 25.57 | 0.41 | 19.57 | -3.74 | | 锌 | ZN2601 | 22,985 | -150 | -0.65 | 12.97 | -5.06 | 10.13 | -0.74 | | 铅 | PB2601 | 17, ...

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) | | (万手) | | | 铜 | CU2601 | 92,400 | -40 | -0.04 | 19.49 | 0.69 | 23.00 | -0.64 | | 铝 | AL2601 | 22,120 | -25 | -0.11 | 25.16 | -1.00 | 23.31 | -1.22 | | 锌 | ZN2601 | 23,170 | 60 | 0.26 | 18.03 | 1.71 | 10.87 | 0.11 | | 铅 | PB2601 | 17,320 | -5 | -0.03 | 3.81 | -0.64 | 4.31 | -0.18 | | 镍 | NI2601 | 117,800 | -230 | -0.19 | 12.45 | 1.73 | 11.16 | -0.61 | | 锡 | SN26 ...

1. Report Summary - The report provides a morning strategy for metal options on December 8, 2025, covering有色金属, precious metals, and black metals. It analyzes the fundamentals, market trends, and option factors of various metal options and offers corresponding option strategies and suggestions [2]. 2. Core Views - For non - ferrous metals with a bullish upward trend, construct a neutral volatility seller strategy; for black metals with large - amplitude fluctuations, build a short - volatility combination strategy; for precious metals with a rebound, construct a bull spread combination strategy [2]. 3. Directory Summaries 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 (CU2601) is 92,380, up 820 with a 0.90% increase, and its trading volume is 18.81 million lots [3]. 3.2 Option Factors 3.2.1 Volume - to - Open - Interest PCR - It shows the volume, volume changes, open interest, open interest changes, volume PCR, and open - interest PCR of different metal options. For instance, the volume PCR of copper options is 0.43 with a 0.04 change, and the open - interest PCR is 0.87 with a 0.04 change [4]. 3.2.2 Pressure and Support Levels - From the perspective of option factors, the report lists the pressure points, support points, and the maximum open interest of call and put options for each metal option. For example, the pressure point of copper options is 90,000, and the support point is 84,000 [5]. 3.2.3 Implied Volatility - The report provides the at - the - money implied volatility, weighted implied volatility, its change, annual average, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility for each metal option. For example, the at - the - money implied volatility of copper options is 21.77%, and the weighted implied volatility is 23.22% with a 0.93 change [6]. 3.3 Strategy and Suggestions 3.3.1 Non - Ferrous Metals - **Copper Options**: With a tight supply of copper concentrates and a bullish price trend, construct a bull spread combination strategy for directional trading, a short - volatility seller option combination strategy for volatility trading, and a spot long - hedging strategy [9]. - **Aluminum Options**: Given the support from macro - expectations and supply disruptions, build a bull spread combination strategy, a short - call + short - put option combination strategy, and a spot collar strategy [10]. - **Zinc Options**: For zinc with a fluctuating and bullish - warming trend, use a short - call + short - put option combination strategy and a spot collar strategy [10]. - **Nickel Options**: Considering the current market situation of nickel, construct a short - call + short - put option combination strategy with a short - delta position and a spot covered - call strategy [11]. - **Tin Options**: With limited downside space for tin prices, build a bull spread combination strategy, a short - volatility strategy, and a spot collar strategy [11]. - **Lithium Carbonate Options**: Based on the inventory and market trends, use a short - call + short - put option combination strategy and a spot long - hedging strategy [12]. 3.3.2 Precious Metals - **Silver Options**: Driven by factors such as investors' optimistic attitude towards the Fed's interest - rate cuts, construct a bull spread combination strategy, a short - volatility option seller combination strategy with a long - delta position, and a spot hedging strategy [13]. 3.3.3 Black Metals - **Rebar Options**: Given the current situation of rebar, use a short - call + short - put option combination strategy with a short - delta position and a spot covered - call strategy [14]. - **Iron Ore Options**: Considering the inventory and market trends of iron ore, build a short - call + short - put option combination strategy and a spot long - collar strategy [14]. - **Ferroalloy Options**: For manganese silicon and industrial silicon, use short - volatility strategies, and for industrial silicon, also use a spot long - hedging strategy [15]. - **Glass Options**: Based on the market situation of glass, construct a bear spread combination strategy, a short - volatility strategy, and a spot long - collar strategy [16].

Report Information - Report Title: Metal Options Strategy Morning Report [1] - Date: December 4, 2025 Investment Rating - Not provided in the report Core Views - 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 combination strategy [2]. - For precious metals rebounding and rising, construct a bull spread combination strategy [2]. Summary by Category 1. Futures Market Overview - Various metal futures are presented, including copper, aluminum, zinc, etc., with details on the latest price, change, percentage change, trading volume, volume change, open interest, and open interest change [3]. 2. Option Factors - Volume and Open Interest PCR - PCR indicators (volume PCR and open interest PCR) are used to describe the strength of the option underlying market and the turning point of the underlying market. Data for different metal options are provided [4]. 3. Option Factors - Pressure and Support Levels - Pressure and support levels of option underlyings are determined from the strike prices of the maximum open interest of call and put options. Data for various metal options are given [5]. 4. Option Factors - Implied Volatility - Implied volatility data (including at - the - money implied volatility, weighted implied volatility, etc.) for different metal options are presented, along with the change and the difference between implied and historical volatility [6]. 5. Strategy and Recommendations Non - Ferrous Metals - **Copper**: Construct a bull spread combination strategy for call options, a short - volatility option combination strategy, and a spot long - hedging strategy [8]. - **Aluminum**: Construct a bull spread combination strategy for call options, a short call + put option combination strategy with a bullish bias, and a spot collar strategy [9]. - **Zinc**: Construct a short call + put option combination strategy with a neutral bias and a spot collar strategy [9]. - **Nickel**: Construct a short call + put option combination strategy with a bearish bias and a spot covered - call strategy [10]. - **Tin**: Construct a bull spread combination strategy for call options, a short - volatility strategy, and a spot collar strategy [10]. - **Lithium Carbonate**: Construct a short call + put option combination strategy with a bullish bias and a spot long - hedging strategy [11]. Precious Metals - **Silver**: Construct a bull spread combination strategy for call options, a short - volatility option seller combination strategy with a bullish bias, and a spot hedging strategy [12]. Black Series - **Rebar**: Construct a short call + put option combination strategy with a bearish bias and a spot long - covered - call strategy [13]. - **Iron Ore**: Construct a short call + put option combination strategy with a bearish bias and a spot long - collar strategy [13]. - **Ferroalloys (Manganese Silicon)**: Construct a short - volatility strategy [14]. - **Industrial Silicon**: Construct a short call + put option combination strategy for short - volatility and a spot long - hedging strategy [14]. - **Glass**: Construct a short call + put option combination strategy for short - volatility and a spot long - collar strategy [15].

金属期权 2025-12-03 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) | | ...