{"id":7645,"date":"2025-09-04T06:03:05","date_gmt":"2025-09-04T06:03:05","guid":{"rendered":"https:\/\/www.alcircle.com\/blog\/?p=7645"},"modified":"2025-09-04T06:03:34","modified_gmt":"2025-09-04T06:03:34","slug":"hedging-with-jorge-episode-67-selling-a-put-option","status":"publish","type":"post","link":"https:\/\/www.alcircle.com\/blog\/hedging-with-jorge-episode-67-selling-a-put-option","title":{"rendered":"Hedging with Jorge #Episode 67: Selling a put option"},"content":{"rendered":"\n<p>When we think about managing aluminium price risks, one of the most effective strategies available to consumers is the <strong>zero-cost collar<\/strong>. This strategy allows buyers to protect themselves from price volatility by combining two option positions: <strong>buying a call<\/strong> and <strong>selling a put<\/strong>. In today\u2019s episode, let\u2019s focus on the first leg of this strategy <strong>selling a put<\/strong> to build the foundation for understanding how a zero-cost collar works.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Hedging with Jorge #Episode 67:  Selling a put option\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/n915GnCi6yQ?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What is a put option?<\/h3>\n\n\n\n<p>A <strong>put option<\/strong> gives the buyer the right but not the obligation to sell a certain amount of aluminium at a pre-agreed price (the <strong>strike price<\/strong>) on or before a specific date (the <strong>expiry<\/strong>).<\/p>\n\n\n\n<p>Think of it as an insurance policy:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>The accident<\/strong> = aluminium prices falling.<\/li>\n\n\n\n<li><strong>The insurance coverage<\/strong> = the strike price.<\/li>\n\n\n\n<li><strong>The premium<\/strong> = the cost of buying the put.<\/li>\n<\/ul>\n\n\n\n<p>When you <strong>buy a put<\/strong>, you are paying for protection against the risk of falling prices. If prices drop below the strike price, you can exercise your right to sell at the higher, pre-agreed value, minimising your losses.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What happens when you sell a put?<\/h3>\n\n\n\n<p>Now, let\u2019s flip the perspective. When you <strong>sell a put<\/strong>, you become the insurance provider.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Your <strong>reward<\/strong>: You collect the premium upfront.<\/li>\n\n\n\n<li>Your <strong>obligation<\/strong>: If the market price falls below the strike price, the buyer of the put can sell aluminium to you at that higher strike price.<\/li>\n<\/ul>\n\n\n\n<p>This means that when you sell a put, you are <strong>potentially long<\/strong> because if exercised, you will have to buy aluminium at the strike price, regardless of how low the market goes.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">A practical example with aluminium<\/h3>\n\n\n\n<p>Let\u2019s say:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Strike price = <strong>$2,700\/tonne<\/strong><\/li>\n\n\n\n<li>Premium collected = <strong>$120<\/strong><\/li>\n\n\n\n<li>Expiry = <strong>First wednesday of december<\/strong><\/li>\n<\/ul>\n\n\n\n<p>As the seller of the put, you pocket the $120 premium immediately. When expiry arrives, if the market price is <strong>below $2,700<\/strong>, the buyer will exercise the option and sell aluminium to you at $2,700. This leaves you long aluminium for the <strong>third wednesday of december<\/strong>.<\/p>\n\n\n\n<p>If the market price is <strong>above $2,700<\/strong>, the buyer will let the option expire worthless, and you simply keep the premium.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Key Mechanics to Remember<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Options have structure<\/strong>: strike price, premium, expiry and underlying tonnage.<\/li>\n\n\n\n<li><strong>Aluminium options<\/strong> typically expire on the first Wednesday of each month (unless they are Asian\/average options).<\/li>\n\n\n\n<li><strong>American options<\/strong> can technically be exercised anytime, but in practice, they are rarely exercised before expiry.<\/li>\n<\/ul>\n\n\n\n<p>Selling a put is the first half of constructing a <strong>zero-cost collar<\/strong>. By collecting the premium, you finance the purchase of a call option, which we will explore in the next episode. Together, these positions create a strategy that limits your downside while also protecting you from the risk of rising aluminium prices.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Final Thoughts<\/h3>\n\n\n\n<p>Understanding the logic of selling a put is essential for building a strong hedging strategy. It\u2019s about accepting a potential obligation today in exchange for collecting a premium that will later finance your upside protection.<\/p>\n\n\n\n<p>Stay tuned for the next episode, where we will explore the second half of the strategy: <strong>buying a call option<\/strong>, which is conceptually simpler and completes the zero-cost collar structure.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When we think about managing aluminium price risks, one of the most effective strategies available to consumers is the zero-cost collar. This strategy allows buyers to protect themselves from price volatility by combining two option positions: buying a call and selling a put. In today\u2019s episode, let\u2019s focus on the first leg of this strategy [&hellip;]<\/p>\n","protected":false},"author":89,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[168],"tags":[10,65,37,306,308,305,304,278],"class_list":{"0":"post-7645","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-primary-aluminium","7":"tag-aluminium","8":"tag-aluminium-industry","9":"tag-aluminium-price","10":"tag-aluminium-trading","11":"tag-hedge","12":"tag-hedging","13":"tag-put-option","14":"tag-trade"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Selling a Put in Aluminium Options<\/title>\n<meta name=\"description\" content=\"Learn how selling a put works in aluminium options trading\u2014first step to building a zero-cost collar strategy for price risk hedging.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.alcircle.com\/blog\/hedging-with-jorge-episode-67-selling-a-put-option\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Selling a Put in Aluminium Options\" \/>\n<meta property=\"og:description\" content=\"Learn how selling a put works in aluminium options trading\u2014first step to building a zero-cost collar strategy for price risk hedging.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.alcircle.com\/blog\/hedging-with-jorge-episode-67-selling-a-put-option\" \/>\n<meta property=\"og:site_name\" content=\"AL Circle Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AlCircle\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-04T06:03:05+00:00\" \/>\n<meta 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