Traders Take Profits in Rio Tinto Puts

Shares of Rio Tinto PLC RTP are off 4.41% on the session, currently trading $41.63. The stock has been falling sharply for the past two weeks, from a recent high of $62.50. Options traders are betting that the slide may be over in the name as they are selling out of their long put holdings in the name. The June $50 put was just purchased over 12,00 times; open interest on the strike is 12,217 contracts, which suggests that a long put holder is selling out. Rio Tinto is a mining and exploration company. The Company is engaged in the production of aluminium, copper, diamonds, coal, iron ore, uranium, gold and industrial minerals (borates, titanium dioxide, salt, talc, zircon).