Bearish flow noted in Vale (VALE) with 7,038 puts trading, or 1.4x expected. Most active are 7/11 weekly 9 puts and Dec-25 11 calls, with total volume in those strikes near 3,700 contracts. The Put/Call Ratio is 2.27, while ATM IV is up nearly 2 points on the day. Earnings are expected on July 31st.
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