Mixed options sentiment in Vale (VALE), with shares up 24c, or 1.47%, near $16.20. Options volume relatively light with 26k contracts traded and calls leading puts for a put/call ratio of 0.21, compared to a typical level near 0.92. Implied volatility (IV30) dropped 1.25 near 36.57,in the top quartile of the past year, suggesting an expected daily move of $0.37. Put-call skew steepened, indicating increased demand for downside protection, following a downgrade to Neutral at BofA.
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