Commercial Metals (CMC)
CMC Daily Delta Exposure
CMC's current Delta Exposure (DEX) is 260.13K shares, which is 153% larger than the 3M average of 102.89K shares. During this period, DEX ranged from 41.02K on May 23, 2025 to 260.13K on Aug 13, 2025, with dealers maintaining net short exposure requiring continuous hedging. Delta exposure has been increasing recently, forcing increased dealer shorting that could cap rallies. The current put-call delta ratio of 0.09 shows bullish call positioning but leaves the market vulnerable to pullbacks. Near extreme DEX levels suggest potential for mean reversion as positions unwind.
DEX History
| Date | Call Delta | Put Delta | Net Delta | P/C Delta |
|---|---|---|---|---|
| Aug 13, 2025 | 284,534.88 | -24,404.16 | 260,130.72 | 0.09 |
| Aug 12, 2025 | 220,939.51 | -26,711.13 | 194,228.38 | 0.12 |
| Aug 11, 2025 | 169,418.91 | -37,533.19 | 131,885.72 | 0.22 |
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