SCA Options Market Sees Large Bet on Rally to SEK 130 by Late 2026

An unusually large options trade in Svenska Cellulosa SCA AB (SCAb) on Wednesday signaled a significant, long-term bet on the Swedish forestry company's stock. A single transaction accounted for nearly all of the day's activity, targeting a more than 11% rally by late 2026.

Details of the Trade

Options market data revealed a massive concentration of activity on a single contract, pointing to a well-defined institutional position.

• Volume: 5,400 call option contracts were traded.
• Target: The contracts carry a SEK 130 strike price.
• Expiration: The position is dated for December 18, 2026.

This single trade represented the vast majority of the 5,618 total SCA contracts traded during the session. The volume was 3.7 times the existing open interest for that specific contract, a strong signal that this is a new position being established, not an existing one being closed or rolled.

Based on SCA's closing price of SEK 116.50 on September 11, the trade is a bet that the stock will rally at least 11.6% to surpass the strike price before expiration. The target is just above the stock's 52-week high of SEK 129.60.

Interpreting the Signal

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The most direct interpretation is a straightforward bullish wager that SCA shares will break out to new highs. However, falling implied volatility during the session complicates this view. A decline in volatility alongside a surge in call volume can sometimes indicate that the large trade was a sale of call options, not a purchase.

If it was a sale, such as a covered call strategy, it would imply the trader believes SEK 130 will act as a ceiling for the stock's price. This strategy allows a large shareholder to generate premium income while agreeing to sell their shares if the price rises above the strike price.

Market Context

The significant options activity comes as SCA stock shows strong technical momentum, having gained 18.2% over the last three months. Daily technical indicators are largely bullish, with an Average Directional Index (ADX) of 50.9 suggesting a strongly trending market.

However, some weekly indicators, such as a Stochastic RSI reading of 100, suggest the stock is in overbought territory, which could signal a potential for a near-term consolidation or pullback. The 3-month implied volatility for the stock stood at 21.33%, placing the SEK 130 strike price within a plausible one-standard-deviation move over the contract's lifespan.