Put Volume Grows on SinoCoking Coal and Coke (SCOK)

Shares of SinoCoking Coal and Coke Chemical Industries, Inc. (NASDAQ: SCOK) are lower on the session by 11.14%, currently trading at $13.40. The stock has been moving largely lower over the past six months, off from recent highs near $39.00. Stock volume has been picking up as of late, but shares have failed to move higher.

Options traders are buying puts on SCOK; though action has been primarily in small lots, but volume is now running at over 3x the daily average. Traders are buying nearly every single put strike in September.

The heaviest action is on the $10.00 puts, where 999 contracts have traded on 3,799 open contracts.

SinoCoking Coal and Coke Chemical Industries, Inc., formerly Ableauctions.com, Inc., is a coal and coke producer based in Henan Province, People's Republic of China. The company uses coal from both its own mines and that of third-party mines to produce coal products, such as thermal coal, washed metallurgical coal, and chemical and metallurgical coke for steel manufacturers, power generators, and various industrial users.

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