(1) call option: 65438+ 10/,the subject matter is copper futures, and the exercise price of the option is 1 850 USD/ton. A buys this right and pays $5; Sell this right and get 5 dollars. In February 1, copper futures price rose to 1905 USD/ton, and call option price rose to 55 USD. A can adopt two strategies:

Exercise-A has the right to buy copper futures from B at the price of 1.850 USD/ton; After A puts forward the requirement of this exercise option, B must meet it. Even if B doesn't have copper in his hand, he can only buy it in the futures market at the market price of 1.905 USD/ton and sell it to A at the exercise price of 1.850 USD/ton, while A can sell it in the futures money market at the market price of 1.905 USD/ton, making a profit of 50 USD/ton (65435. B will lose $50/ton (1850- 1905+5).

Put right-A can sell a call option at a price of $55, and A earns $50/ton (55-5).

If the copper price falls, that is, the copper futures market price is lower than the final price 1850 USD/ton, A will give up this right and only lose the royalty of 5 USD, while B will gain a net profit of 5 USD.

(2) Put option: In June 1 day, the strike price of copper futures is 1750 USD/ton. A buys this right and pays $5; Sell this right and get 5 dollars. In February 1, copper price fell to 1 695 USD/ton, and put option price rose to 55 USD/ton. At this point, A can adopt two strategies:

Exercise 1 1 1A can buy copper from the market at the middle price of 1.695 USD/ton, and sell it to b at the price of 1.750 USD/ton, and b must accept it. A will gain $50/ton (1.750- 1.695-5), and B will lose $50/ton.

Put option -A can sell the put option for $55. A The profit is USD 50/ton (55-5).

If the copper futures price rises, A will give up this right and lose $5/ton, while B will gain $5/ton.

Through the above examples, we can draw the following conclusions: First, as the buyer of options (whether call options or put options), there are only rights but no obligations. His risk is limited (the biggest loss is royalties), but theoretically his profit is unlimited. Second, as a seller of options (whether call options or put options), he has only obligations and no rights. Theoretically, his risk is infinite, but his income is obviously limited (the biggest income is the premium). Third, the buyer of the option does not need to pay a deposit, while the seller must pay a deposit as a financial guarantee for fulfilling the obligation.