Calls Purchased as Mechel OAO Pops To New High (MTL)

Shares of Mechel OAO

are higher on the session by 4.54%, currently trading at $32.24. The stock has been moving largely higher over the past six months and is currently trading above the 50-day and 200-day moving averages. Shares are trading at a fresh 52-week high. Options traders are buying calls on the name today. A short while ago the January 2011 $32.50 call was purchased 2,500 times, on the offer, on open interest of only 894 contracts. This signals new positioning on the strike. Overall call volume is now running at 3.16x the daily average with 82% of all calls traded being purchases on the offer. Mechel OAO is an integrated mining, steel, ferroalloys and power company. The company operates in four segments: mining, steel, ferroalloys and power. Its mining segment produces coking and steam coal, as well as iron ore and iron ore concentrate.