CCJ – Cameco Corp. – Buying interest in call options on Canadian uranium producer, Cameco Corp., suggests some investors are positioning for a rally in the price of the underlying shares ahead of June expiration. Cameco’s shares are currently trading 0.60% higher on the day at $22.72 just before 10:55 am (ET). Bullish traders purchased roughly 2,475 calls at the June $24 strike for an average premium of $0.33 apiece. Investors long the calls make money if, by expiration, the firm’s shares rally 7% over the current price of $22.72 to exceed the average breakeven point to the upside at $24.33. Cameco’s shares traded above $24.33 as recently as June 3, 2010, when the stock touched an intraday high of $24.34. The uranium producer’s current 52-week high is $33.74. The demand for call options on the stock lifted CCJ’s overall reading of options implied volatility 4.5% to 42.11% just before 11:00 am (ET).