Alcoa Bearish Option Bet

I just saw a spread trade pass which I think was constructed as follows:

At the time the spread was executed it cost about 0.03

The real ratios were 975 to 2900.

It looks like the trader is bearish well into July and protecting against the volatility likely in the near term.

Alcoa earnings are July 11th. $AA

To quote Gartman today:
Concerning the base metals, all are turning downward,
and some turned downward quite some while ago, and
as they turn downward they are sending overtly bearish
signals to the market about the tenuous and perhaps
bearish nature of the global economy itself. The charts
of zinc, tin and aluminium all look quite bearish to us…

If this plays out, I like the correlation. Thank you Dennis.