Southern Copper (PCU, news, chart, volatility) options volume ran double the usual Tuesday and open interest increased by more than 2,000 contracts in the January 15 and January 10 puts. It appears to be related to bearish spread trades after 2,000 of the 15s traded offerside for $2.45 and 2,000 of the 10s mid-market for 60 cents. If so, the strategist paid $1.85 to enter the spread. The potential payoff is $3.15 if PCU falls to $10 or less. The bearish positioning came a day before an analyst downgrade. Deutsche Securiities downgrades PCU today from Hold to Sell.