November 20 calls on the Market Vectors Coal Fund (KOL) are being bought, even as these contracts move deep out of the money two weeks prior to options expiration. The group is under pressure today after steel companies announced production cuts of up to 20 percent, which is likely to reduce demand for coal. KOL, which is an exchange-traded fund holding 41 companies from the industry, is down $2.17 to $15.23 and not far from session lows (15.16). The fund is down 21.4 percent from its Tuesday close of $19.38 per share. Some players seem to be looking for a cheap way to play a rebound, however. 1,400 KOL November 20 calls have traded, with 92 percent of the day’s volume trading offerside. Open interest is 989 and therefore the action looks opening.