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Stillwater Mining has surged its highest level in more than three months, and traders are looking for more gains in the next week.
More than 4,500 October 12 calls were purchased for $0.25 to $0.37 yesterday, according to optionMONSTER's Heat Seeker tracking program. This represents fresh buying, as open interest in the strike was only 458 contracts before the session began.
These long calls lock in the price where the stock can be purchased, gaining with a rally and providing leverage to the underlying shares. But the contracts will quickly lose value if the stock stalls or pulls back by expiration a week from today. (See our Education section)
SWC rose 4.69 percent to $11.82 yesterday, its best close since June 26. The platinum producer is still down some 23 percent on the year but has been ripping higher for nearly three weeks since holding support near the $8 level.
The stock is the largest holding in the SPDR S&P Metals & Mining Fund, which also saw heavy call buying earlier in the session.
Yesterday's overall call volume in SWC was more than 7 times its daily average for the last month. Calls made up a bullish 97 percent of that total.
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PRODUCER |
CODE : SWC |
ISIN : US86074Q1022 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Stillwater Mining is a copper and nickel producing company based in United states of america. Stillwater Mining produces copper, nickel, palladium, pgm and platinum in USA, and holds various exploration projects in Canada. Its main assets in production are EAST BOULDER MINE, STILLWATER MINE and EAST BOULDER in USA and its main exploration property is SIM LAKE in Canada. Stillwater Mining is listed in Germany and in United States of America. Its market capitalisation is 854.0 millions as of today (€ 784.0 millions). Its stock quote reached its lowest recent point on November 21, 2008 at 1.76, and its highest recent level on May 03, 2017 at 18.00. Stillwater Mining has 47 442 200 shares outstanding. |