Mixed options sentiment in Vale (VALE), with shares up 22c, or 1.74%, near $13.14. Options volume relatively light with 4469 contracts traded and calls leading puts for a put/call ratio of 0.2, compared to a typical level near 0.69. Implied volatility (IV30) dropped 4.86 near 28.32,and below the 52wk median, suggesting an expected daily move of $0.23. Put-call skew steepened, indicating increased demand for downside protection.
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