Options trading linked to Glencore Plc surged to a total of 18,640 contracts by 7:50 a.m. New York time on Wednesday, with activity skewed almost entirely toward call positions, according to exchange data compiled by Bloomberg. Calls made up 18,634 contracts while puts amounted to just six contracts.
The most active individual strikes were in July. Two July 17, 2026 call series each recorded 7,287 contracts traded: the GBp520 calls and the GBp540 calls. Open interest differed markedly between those strikes, with the GBp520 July calls showing open interest of 525 contracts and the GBp540 July calls carrying open interest of 10,617 contracts.
In addition to the July flow, a spread tied to August 21, 2026 expirations accounted for 4,000 contracts in total. That package comprised 2,000 August 21, 2026 GBp540 calls with reported open interest of 3,500 contracts and 2,000 August 21, 2026 GBp580 calls with open interest of one contract. Open interest figures cited are as of Tuesday.
On the underlying equity, Glencore shares declined 1.99% to trade at 498.40 pence. Measures of short-term volatility and skew also moved: the company’s three-month volatility increased by 0.66 percentage points to 35.54%, while the three-month 90/110 skew decreased by 0.37 percentage points to 2.94 percentage points.
The data point to concentrated option positioning in near-term call strikes, paired with a modest downward move in the stock and shifts in implied volatility and skew. The heavy July call volumes stand out in the day's activity, as does the structured spread in the August expiries.
Readers should note that all open interest figures referenced in this piece are as of Tuesday.