Shares of Canadian Solar Inc. (CSIQ) soared over 7% on Tuesday, lifted by news that the US Department of Commerce is considering partially revoking anti-dumping and countervailing duties on crystalline silicon photovoltaic products from China.
The potential move to ease trade restrictions on Chinese solar panel imports boosted investor sentiment toward Canadian Solar and other US-listed Chinese solar companies. Canadian Solar and its industry peers have long contended that the duties imposed by the previous US administration unfairly hampered their ability to compete in the critical American market.
In addition to the positive trade developments, Canadian Solar's stock was also supported by bullish options activity, with implied volatility rising over 2 points to 80.16% amid elevated call buying. The higher-than-normal call volume suggests traders were positioning for further upside in the shares.
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