Bearish flow noted in Rio Tinto (RIO) with 1,045 puts trading, or 1.3x expected. Most active are Mar-25 60 puts and Apr-25 62.5 puts, with total volume in those strikes near 540 contracts. The Put/Call Ratio is 2.61, while ATM IV is up over 1 point on the day. Earnings are expected on July 30th.
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