【五矿期货】金属期权策略早报-251114（45页）.pdf

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1、卢品先投研经理黄柯涵期权研究员李仁君产业服务表1：标的期货市场概况铜CU251287,400700.0810.232.6020.100.02铝AL251222,025850.399.373.3116.72-1.05 锌ZN251222,635-20-0.09 9.772.6310.29-0.30 铅PB251217,585-95-0.54 6.140.564.35-0.71 镍NI2512118,050-790-0.66 8.08-1.74 11.27-0.41 锡SN2512294,500-2,200-0.74 15.182.744.360.28氧化铝AO25122,80660.210.57

2、0.111.24-0.09 黄金AU2512956.961.020.1130.794.7512.42-0.03 白银AG251212,405490.40113.0746.1123.18-0.38 碳酸锂LC260187,8401,2001.39110.60-3.93 53.650.75工业硅SI26019,145-20-0.22 29.253.1926.780.56多晶硅PS260154,1951,9303.6927.79-13.52 14.400.34螺纹钢RB26013,04880.2688.5510.99185.73-1.07 铁矿石I2601776.506.000.7821.58-13

3、.61 49.41-0.71 锰硅SM26015,756-14-0.24 15.142.0036.220.82硅铁SF26015,506120.229.03-1.26 14.92-1.37 玻璃FG26011,047-5-0.48 119.63-6.92 191.31-9.67 数据来源：WIND、五矿期货期权服务部邮箱：从业资格号：F03090207 交易咨询号：Z0016947金属期权策略早报金属期权策略早报邮箱：金属期权2025-11-14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

4、属反弹回暖上升，构建牛市价差组合策略。期权品种期权品种标的合约标的合约最新价最新价从业资格号：F3047321 交易咨询号：Z0015541从业资格号：F03138607电话：0755-23375252邮箱：涨跌涨跌涨跌幅涨跌幅（%）（%）成交量成交量(万手)(万手)量变化量变化持仓量持仓量(万手)(万手)仓变化仓变化表2：期权因子量仓PCR铜196,43283,610154,2108000.40-0.22 0.810.03铝160,71461,928116,8858,3140.470.090.800.13锌38,15011,86939,8241,7930.53-0.03 0.830.00铅2

5、3,145-1,903 19,4201,6070.390.180.720.16镍51,537-9,372 61,6862,2610.62-0.31 0.62-0.05 锡113,828-7,610 26,8133,1140.280.110.790.20氧化铝121,92326,884165,0815,2450.270.020.320.00黄金209,36346,793159,238-4,415 0.48-0.03 0.820.02白银1,060,215583,826400,77726,7500.760.071.610.11碳酸锂452,96262,321301,11612,7830.39-0.

6、06 0.800.06工业硅136,70750,246111,2434,1500.31-0.26 0.48-0.03 多晶硅205,554-88,308 141,8128,3750.79-0.46 1.190.12螺纹钢57,2947,846329,2902,8080.860.110.540.00铁矿石177,860-37,064 422,69113,6731.570.041.240.03锰硅41,350-26,824 107,6233,4501.050.380.66-0.00 硅铁34,407-69,027 54,4702,1390.960.260.92-0.03 玻璃392,872-310