Calls Purchased on North American Palladium

Shares of North American Palladium (AMEX: PAL) are lower on the session by 1.07%, currently trading at $4.63. The stock has been moving largely higher over the past five weeks and is currently trading above the 50-day moving average.

Options traders are buying calls on the name today. A short while ago the August 2011 $5.00 call traded 2,300 times on open interest of 1,228 contracts. Overall call volume is now running at 3.77x the daily average with 84% of all calls traded being purchases on the offer.

North American Palladium Ltd. is a diversified precious metals company that owns two mines and various mineral properties. The company is in the business of exploring and mining palladium, platinum, gold and certain base metals.