Call Volume Grows on Commercial Metals Co. (CNC)
Shares of Commercial Metals Co. (NYSE: CMC) are lower on the session by 0.31%, currently trading at $15.86. The stock has been moving largely sideways for the past six months with the $14 level being support and the $16 level being resistance.
Options traders are favoring the call side today, but action has been mixed with calls both purchased and sold. The June $16 call traded 6,889 times on open interest of 3,457 contracts, the June $17.50 call traded 2,520 times on open interest of 15,680 contracts, and the June $20 call traded 1,403 times on open interest of 7,005 contracts.
Similar trends were detected on the $17, 18, & 20 strikes in July.
Call volume is now running at 8x the daily average with 53% of all calls traded being purchases on the offer.
Commercial Metals Company recycles, manufactures, fabricates and distributes steel and metal products, and related materials and services through a network of locations located throughout the United States and internationally.
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