1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For non - ferrous metals, a seller neutral volatility strategy can be constructed as they are trending upwards; for black metals, a short - volatility portfolio strategy is suitable due to their large - amplitude fluctuations; for precious metals, a bull spread portfolio strategy can be built as they are rebounding [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest of various metal futures contracts are presented, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2601) is 85,930, with a price increase of 10 and a trading volume of 7.33 million lots [3] 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of different metal options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For instance, the volume PCR of copper options is 0.90, with a change of - 0.06 [4] 3.3 Option Factors - Pressure and Support Levels - The pressure points, support points, and the maximum open interest of call and put options for each metal option are given. For example, the pressure point of copper options is 90,000, and the support point is 84,000 [5] 3.4 Option Factors - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, and other implied volatility indicators of each metal option are presented, along with their changes and the differences between implied and historical volatilities. For example, the at - the - money implied volatility of copper options is 13.36% [6] 3.5 Strategy and Recommendations Non - ferrous Metals - Copper: Build a short - volatility seller option portfolio strategy and a spot long - hedging strategy, and the underlying shows a high - level consolidation and rebound trend [7] - Aluminum: Construct a bull spread portfolio strategy, a sell - biased long call + put option combination strategy, and a spot collar strategy, and the underlying shows a bullish high - level consolidation trend [9] - Zinc: Build a sell - neutral call + put option combination strategy and a spot collar strategy, and the underlying shows a warming - up trend with resistance [9] - Nickel: Construct a sell - bearish call + put option combination strategy and a spot covered strategy, and the underlying shows a bearish consolidation trend [10] - Tin: Build a short - volatility strategy and a spot collar strategy, and the underlying shows a short - term high - level consolidation trend [10] - Lithium Carbonate: Construct a bull spread portfolio strategy, a sell - bullish call + put option combination strategy, and a spot long - hedging strategy, and the underlying shows a recent bullish trend [11] Precious Metals - Gold: Build a neutral short - volatility option seller portfolio strategy and a spot hedging strategy, and the underlying shows a bullish trend with high - level consolidation [12] Black Metals - Rebar: Build a sell - bearish call + put option combination strategy and a spot covered strategy, and the underlying shows a bearish trend with resistance [13] - Iron Ore: Build a sell - bearish call + put option combination strategy and a spot long - collar strategy, and the underlying shows a bearish consolidation trend [13] - Ferroalloys (Manganese Silicon and Industrial Silicon): Build short - volatility strategies and corresponding spot hedging strategies, and the underlying shows a bearish trend with resistance [14] - Glass: Build a bear spread portfolio strategy, a short - volatility sell call + put option combination strategy, and a spot long - collar strategy, and the underlying shows a bearish trend with resistance [15]

成文日期: 20251118 报告周期:日报 研究品种:锅有 研究分析师：安致远（期货从业资格证号：F03143832；投资咨询证书号：Z0022799） 註期货日报 1 期货市场 1.1 合约行情 11 月 17 日期货品种锰硅 SM2601 合约呈现震荡上行态势。日 盘开于 5752 元/ 吨,最高价 5826 元 / 吨,最低价 5742 元 / 吨,收 盘价为 5792 元/吨，结算价为 5790 元/ 吨，较前一交易日上涨 42 元 /吨。全日成交量为 207209 手，持仓量为 359008 手。 图 1：锰硅 SM2601 分时图 史分时 - 2025/11/17 星期一 PageUp/PageDown日期切换 最新5792 均价5789 5807 5788 5769 5750 5731 5712 5693 5674 09:00 10:15 11:30 15:00 数据来源:同花顺期货通 1.2 品种价格 期货 12 个合约,各合约涨跌不一。品种持仓量 595470 手,较 上一交易日减少 9109 手，其中活跃合约锰硅 SM2601，持仓量减少 2748 手 图 2：锰硅期货日行情表 | 合约 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The metal sector is divided into non - ferrous metals, precious metals, and black metals. For non - ferrous metals, a neutral volatility selling strategy can be constructed; for black metals, a short - volatility combination strategy is suitable; for precious metals, a bull spread combination strategy can be built [2]. - For each metal variety, the report provides investment strategies based on fundamental analysis, market trend analysis, and option factor research [7][9][10]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Presents the latest prices, price changes, trading volumes, and open interest of various metal futures contracts, including copper, aluminum, zinc, etc [3]. 3.2 Option Factor - Quantity and Open Interest PCR - The PCR indicators (quantity PCR and open interest PCR) are used to describe the strength of the option underlying market and the turning points of the underlying market [4]. 3.3 Option Factor - Pressure and Support Levels - Shows the pressure and support levels of various metal options based on the strike prices of the maximum open interest of call and put options [5]. 3.4 Option Factor - Implied Volatility - Displays the implied volatility data of various metal options, including at - the - money implied volatility, weighted implied volatility, etc [6]. 3.5 Strategy and Recommendations - **Non - Ferrous Metals** - **Copper**: Due to the expected decline in apparent consumption and the increase in total inventory, a short - volatility seller option combination strategy and a spot long - hedging strategy are recommended [7]. - **Aluminum**: Given the inventory changes and market trends, a bull spread combination strategy and a short - option combination strategy are suggested [9]. - **Zinc**: With inventory and market conditions, a short - neutral option combination strategy and a spot collar strategy are proposed [9]. - **Nickel**: Considering the supply - demand situation and market trends, a short - bearish option combination strategy and a spot covered strategy are recommended [10]. - **Tin**: Due to the slow resumption of production and supply shortages, a short - volatility strategy and a spot collar strategy are suggested [10]. - **Lithium Carbonate**: Based on inventory reduction and market trends, a short - neutral option combination strategy and a spot long - hedging strategy are recommended [11]. - **Precious Metals** - **Gold**: Considering the Fed's interest rate policy and market trends, a short - neutral volatility option seller combination strategy and a spot hedging strategy are proposed [12]. - **Black Metals** - **Rebar**: Given the production and market trends, a short - bearish option combination strategy and a spot long - covered strategy are recommended [13]. - **Iron Ore**: Based on inventory and market trends, a short - bearish option combination strategy and a spot long - collar strategy are suggested [13]. - **Ferroalloy (Manganese Silicon)**: Considering production and market trends, a short - volatility strategy is recommended [14]. - **Industrial Silicon**: Based on production and market trends, a short - volatility option combination strategy and a spot hedging strategy are proposed [14]. - **Glass**: Given the production and inventory situation, a short - volatility option combination strategy and a spot long - collar strategy are recommended [15]. 3.6 Charts - Provide price charts, trading volume, and open interest charts, PCR charts, implied volatility charts, and historical volatility cone charts for various metal options such as copper, aluminum, zinc, etc [16][37][55]

Group 1: Report Overview - The report is a metal option strategy morning report dated November 10, 2025, covering有色金属, precious metals, and black metals [1][2] - It provides option strategies and suggestions for selected metal varieties based on market analysis and option factor research [8] Group 2: Market Conditions Futures Market - The latest prices, changes, trading volumes, and open interests of various metal futures contracts are presented, showing different trends in each metal [3] Option Factors - The volume and open interest PCR, pressure and support levels, implied volatility, and historical volatility of each metal option are analyzed, providing insights into market sentiment and risk [4][5][6] Group 3: Option Strategies Non - ferrous Metals - **Copper**: Build a short - volatility seller option portfolio and a spot hedging strategy [7] - **Aluminum**: Construct a bull spread of call options, a short call + put option portfolio, and a spot collar strategy [9] - **Zinc**: Build a short neutral call + put option portfolio and a spot collar strategy [9] - **Nickel**: Construct a short bearish call + put option portfolio and a spot covered call strategy [10] - **Tin**: Build a short - volatility strategy and a spot collar strategy [10] - **Lithium Carbonate**: Construct a short neutral call + put option portfolio and a spot long + put + call option strategy [11] Precious Metals - **Gold**: Build a short - volatility neutral option seller portfolio and a spot hedging strategy [12] Black Metals - **Rebar**: Build a short bearish call + put option portfolio and a spot covered call strategy [13] - **Iron Ore**: Build a short bearish call + put option portfolio and a spot collar strategy [13] - **Ferro - alloy**: Build a short - volatility strategy for manganese silicon [14] - **Industrial Silicon**: Build a short - volatility call + put option portfolio and a spot hedging strategy [14] - **Glass**: Build a short - volatility call + put option portfolio and a spot collar strategy [15] Group 4: Charts - Charts of price trends, option volume and open interest, PCR, implied volatility, and historical volatility for various metals are provided, visually presenting market changes [19][21][27][38][40][46]

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - In the past week, the trading volume of commodity options increased slightly, with only the trading volume of the precious metals sector decreasing. Most varieties are in a volatility - reduction cycle, and it is advisable to move short - option positions to far - month contracts in advance to avoid end - of - contract risks [4]. - The options of the black sector showed increased volatility and trading volume. Affected by the decline in iron ore futures prices, the implied volatility of black options has risen. The previous policy - driven boost has basically been realized, and the market trading logic has returned to fundamentals. There is a lack of new macro - drivers, and the upward momentum of prices has been weakened. The implied volatility still has room to rise, and it is advisable to buy a bearish put spread portfolio to hedge against the downward market [4]. 3. Summary According to the Directory 3.1 Market Overview - The trading volume of commodity options increased slightly last week, with the precious metals sector being the only one with a decline in trading volume. Energy and chemical products such as short - fiber, PTA, methanol, glass, crude oil, caustic soda, soda ash, and bottle chips are about to expire on Wednesday. Most varieties are in a volatility - reduction cycle [4]. - The options of the black sector showed increased volatility and trading volume. The implied volatility of black options has risen due to the decline in iron ore futures prices. The previous policy - driven boost has basically been realized, and the market trading logic has returned to fundamentals [4]. 3.2 Market Data 3.2.1 Market Overview - The table shows the quantitative data of commodity options, including the flat - value volatility, 60 - day quantile, Skew, and 60 - day quantile of various varieties such as corn, soybean meal, and crude oil [12]. 3.2.2 - 3.2.54 Option Data of Each Variety - For each variety (such as corn, soybean meal, etc.), the data includes the closing price, trading volume, open interest, trading volume PCR, open interest PCR, flat - value volatility, HV - 10 days, HV - 20 days, and Skew of the main contract, secondary - main contract, and all contracts [13][14][15] etc.

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - For non - ferrous metals, construct a seller neutral volatility strategy as they are in a range - bound oscillation; for black metals, build a short - volatility portfolio strategy due to their large - amplitude fluctuations; for precious metals, create a spot hedging strategy following their significant decline from high levels [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The latest prices of various metal futures showed different trends, with most experiencing price drops. For example, copper (CU2512) dropped by 0.86% to 85,690, and aluminum (AL2512) decreased by 0.35% to 21,405. Trading volumes and open interests also varied among different metals [3]. 3.2 Option Factors - Volume and Open Interest PCR - PCR indicators describe the strength of option underlying market trends and potential turning points. For instance, the copper option's volume PCR was 0.61, and the open interest PCR was 0.78 [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 pressure and support levels of each metal option were identified. For example, the pressure level of copper was 90,000, and the support level was 84,000 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of each metal option showed different levels and trends. For example, the implied volatility of copper was 15.56% at the at - the - money strike, and the weighted implied volatility was 19.01%, showing a decrease of 1.39% [6]. 3.5 Strategy and Recommendations for Different Metals 3.5.1 Non - Ferrous Metals - **Copper**: The fundamentals showed inventory changes in major exchanges. The market was in a high - level consolidation with support. Option strategies included a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7]. - **Aluminum**: Inventory data indicated a complex situation. The market showed a long - biased upward high - level oscillation. Strategies included a bullish call option spread strategy, a short - volatility strategy, and a spot collar strategy [9]. - **Zinc**: The fundamentals involved TC prices and inventory data. The market was in a fluctuating recovery with pressure. Strategies included a short - volatility strategy and a spot collar strategy [9]. - **Nickel**: Global inventory increased. The market was in a wide - range oscillation with short - side pressure. Strategies included a short - volatility strategy and a spot covered - call strategy [10]. - **Tin**: The supply side faced challenges. The market showed a short - term high - level oscillation with support. Strategies included a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate**: Inventory was being depleted. The market was in an oscillating recovery followed by a rapid decline. Strategies included a short - volatility strategy and a spot long - hedging strategy [11]. 3.5.2 Precious Metals - **Gold**: The Fed's policy influenced the market. The market showed a long - term upward trend with high - level consolidation. Strategies included a short - volatility neutral option seller portfolio strategy and a spot hedging strategy [12]. 3.5.3 Black Metals - **Rebar**: Inventory decreased. The market was in a weak short - side trend with pressure. Strategies included a short - volatility strategy and a spot long - covered - call strategy [14]. - **Iron Ore**: Port inventory increased. The market was in a weak oscillating downward trend with support and pressure. Strategies included a short - volatility strategy and a spot long - collar strategy [14]. - **Ferroalloy (Manganese Silicon)**: Production was stable with high inventory. The market was in a weak short - side trend. Strategies included a short - volatility strategy [15]. - **Industrial Silicon**: Inventory remained high. The market was in a large - range oscillating weak trend. Strategies included a short - volatility strategy and a spot hedging strategy [15]. - **Glass**: Production was stable, and inventory decreased. The market was in a weak trend with pressure. Strategies included a short - volatility strategy and a spot long - collar strategy [16].

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]

Group 1: Report Summary - Report date: October 30, 2025 [1] - Report type: Metal options strategy morning report - Core view: For non - ferrous metals with range - bound oscillations, construct a neutral volatility strategy for sellers; for the black series with large - amplitude fluctuations, build a short - volatility combination strategy; for precious metals with significant declines after reaching high levels, construct a spot hedging strategy [2] Group 2: Underlying Futures Market Overview - Copper (CU2512): Latest price 89,130, up 1,080 (1.23%), volume 19.77 million lots (down 3.75 million lots), open interest 29.02 million lots (up 0.89 million lots) [3] - Aluminum (AL2512): Latest price 21,315, up 60 (0.28%), volume 15.18 million lots (down 3.57 million lots), open interest 28.33 million lots (down 0.25 million lots) [3] - Other metals follow a similar pattern of presenting price, volume, and open - interest changes [3] Group 3: Option Factors - Volume and Open Interest PCR - Copper: Volume PCR 0.38 (down 0.10), open - interest PCR 0.75 (down 0.01) [4] - Aluminum: Volume PCR 0.37 (up 0.02), open - interest PCR 0.72 (down 0.03) [4] - Other metals also have corresponding PCR values and their changes presented [4] Group 4: Option Factors - Pressure and Support Levels - Copper: Pressure point 90,000, support point 82,000 [5] - Aluminum: Pressure point 21,800, support point 19,900 [5] - Other metals have their respective pressure and support levels indicated [5] Group 5: Option Factors - Implied Volatility - Copper: At - the - money implied volatility 23.24%, weighted implied volatility 25.06% (up 2.16%) [6] - Aluminum: At - the - money implied volatility 12.08%, weighted implied volatility 14.11% (up 1.07%) [6] - Other metals show different implied - volatility data [6] Group 6: Strategy and Recommendations for Non - Ferrous Metals Copper - Fundamental analysis: Total inventory of three major exchanges decreased by 0.4 million tons [7] - Market analysis: Bullish high - level consolidation and oscillation [7] - Option factor research: Implied volatility above historical average, open - interest PCR around 0.80, pressure point 90,000, support point 82,000 [7] - Strategy suggestions: Construct a bull - spread combination strategy for call options and a short - volatility option combination strategy for sellers, and a spot long - hedging strategy [7] Aluminum - Fundamental analysis: Inventory decreased last week [9] - Market analysis: Bullish high - level oscillation [9] - Option factor research: Implied volatility at historical average, open - interest PCR below 0.90, pressure point 21,800, support point 19,900 [9] - Strategy suggestions: Construct a bull - spread combination strategy for call options, a short - volatility option combination strategy, and a spot collar strategy [9] Other non - ferrous metals (zinc, nickel, tin, etc.) follow a similar structure of analysis and strategy recommendations [9][10] Group 7: Strategy and Recommendations for Precious Metals Gold - Fundamental analysis: US CPI data lower than expected [12] - Market analysis: Bullish trend with a sharp decline recently [12] - Option factor research: Implied volatility at a high historical level, open - interest PCR at 1.00, pressure point 1000, support point 856 [12] - Strategy suggestions: Construct a neutral short - volatility option seller combination strategy and a spot hedging strategy [12] Group 8: Strategy and Recommendations for the Black Series Rebar - Fundamental analysis: Inventory decreased last week [13] - Market analysis: Bearish trend with pressure from above [13] - Option factor research: Implied volatility below historical average, open - interest PCR below 0.60, pressure point 3700, support point 3000 [13] - Strategy suggestions: Construct a short - volatility option combination strategy and a spot long - covered call strategy [13] Other black - series metals (iron ore, ferroalloys, etc.) have their own analysis and strategy suggestions [13][14]

Report Industry The report focuses on the metal options market, covering non - ferrous metals, precious metals, and black metals [8]. Core Viewpoints - For non - ferrous metals, which are in a range - bound oscillation, a seller's neutral volatility strategy is recommended. - Black metals maintain a large - amplitude fluctuating market, suitable for constructing a short - volatility portfolio strategy. - Precious metals have fallen sharply from high levels, and a spot hedging strategy is proposed [2]. Summary by Category 1. Futures Market Overview - The report provides 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 (CU2512) is 87,910, with a price increase of 220 and a trading volume of 23.52 million lots [3]. 2. Option Factors 2.1 Volume and Open Interest PCR - It shows the volume and open - interest PCR of different metal options, which are used to describe the strength of the option underlying market and the turning point of the underlying market. For example, the volume PCR of copper options is 0.47, and the open - interest PCR is 0.76 [4]. 2.2 Pressure and Support Levels - The pressure and support levels of various metal options are analyzed. For instance, the pressure level of copper options is 90,000, and the support level is 82,000 [5]. 2.3 Implied Volatility - The implied volatility of different metal options is presented, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of copper options is 18.93% [6]. 3. Strategy and Recommendations 3.1 Non - Ferrous Metals - **Copper**: Based on the analysis of fundamentals, market trends, and option factors, a short - volatility seller's option portfolio strategy is recommended, along with a spot long - hedging strategy [7]. - **Aluminum, Zinc, Nickel, Tin, and Lithium Carbonate**: Similar analysis methods are used, and corresponding volatility and spot hedging strategies are proposed according to their respective characteristics [8][9][10][11]. 3.2 Precious Metals - **Gold**: Considering the fundamentals, market trends, and option factors, a neutral short - volatility option seller's portfolio strategy and a spot hedging strategy are recommended [12]. 3.3 Black Metals - **Rebar, Iron Ore, Ferroalloy, Industrial Silicon, and Glass**: After analyzing the fundamentals, market trends, and option factors, corresponding volatility and spot hedging strategies are put forward [13][14][15].

Group 1: Report Overview - The report is a metal options strategy morning report dated October 24, 2025 [1] - It provides an analysis of various metal options, including their market conditions, option factors, and strategy recommendations [2] Group 2: Market Conditions Futures Market - The report presents the latest prices, price changes, trading volumes, and open interests of various metal futures contracts [3] - For example, the price of copper futures (CU2512) is 86,730, up 1,150 (1.34%) compared to the previous trading day [3] Option Factors - The report analyzes option factors such as volume and open interest PCR, pressure and support levels, and implied volatility for various metal options [4][5][6] - For instance, the volume PCR of copper options is 0.35, and the open interest PCR is 0.79 [4] Group 3: Strategy Recommendations Overall Strategies - For non - ferrous metals, which are in a range - bound oscillation, a seller's neutral volatility strategy is recommended [2] - For black metals, which maintain high - amplitude fluctuations, a short - volatility combination strategy is suitable [2] - For precious metals, which have fallen sharply from high levels, a spot hedging strategy is proposed [2] Specific Metal Strategies - **Copper Options**: A short - volatility seller option combination strategy is recommended to gain time - value income, and a spot hedging strategy is also provided [7] - **Aluminum Options**: A strategy of selling a neutral combination of call and put options is suggested, along with a spot collar strategy [9] - **Other Metals**: Similar option strategies and spot hedging or备兑 strategies are recommended for zinc, nickel, tin, gold, silver, carbonate lithium, and various black metals [10][11][12][13][14][15] Group 4: Charts - The report includes price trend charts, option volume and open interest charts, PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support level charts for various metals [18][20][27][29][34]