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Rio Tinto gets a show of support

Mike Yamamoto (mike.yamamoto@optionmonster.com)

Rio Tinto saw positive option activity for the second time in three sessions on Friday.

More than 2,200 December 42.50 puts were sold on Friday, almost off of them for $0.55, according to optionMONSTER's tracking systems. Open interest in the strike was just 90 contracts at the beginning of the day, so these are new positions.

The put sellers are betting that the metals producer will be above the $42.50 strike price at expiration in about month. The trades followed long-term call buying in the name on Wednesday . (See our Education section)

RIO was down 0.21 percent on Friday to close at $47.26. The stock has fallen sharply since trading above $52 early this month, breaking below several key moving averages along the way.

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