Option values depend primarily on time and volatility -- enough time for prices to vary and sufficient price volatility to make time worthwhile. Options on metal futures reflect these valuation principles. To compare relative option valuations, futures and option prices are divided by strike prices. By this method, charts for silver, gold, copper and aluminum options are shown for several expiration dates. Aluminum options on June 27 had option price curves with slopes close to 1.00 for lower strikes. Such a pattern would have an advantage with call options at the upper end of the curve participating in rising futures prices while having downside protection with lower slopes as the futures price declines. However, this strategy depends on option price curves staying high enough so there is still time value when the futures price declines. Aluminum put options share this benefit on the opposite side, with deltas close to 1.00 at the lower futures prices and downside protection when futures prices rise as long as time values stay positive.