Puts Purchased on China Valves Technology (CVVT)

Shares of China Valves Technology (NASDAQ: CVVT) are higher on the session by 0.29%, currently trading at $10.31. The stock has been moving largely higher over the past three months and is currently trading above the 50-day and 200-day moving averages.Options traders are buying puts on the name today. A short while ago the January 2011 $10.00 put was purchased 870 times, on the offer, on open interest of 1,409 contracts and the Jan 2011 $7.50 put was purchased 500 times on open interest of 1,373 contracts. Overall put volume is now running at 3.30x the daily average with 85% of all puts traded being purchases on the offer. China Valves Technology, Inc., through its subsidiaries, engages in developing, manufacturing, and selling low, medium, and high-pressure metal valves for customers in the electricity, petroleum, chemical, water, gas, nuclear power station, and metal industries in China.