Whales with a lot of money to spend have taken a noticeably bullish stance on Freeport-McMoRan.
Looking at options history for Freeport-McMoRan FCX we detected 16 trades.
If we consider the specifics of each trade, it is accurate to state that 56% of the investors opened trades with bullish expectations and 31% with bearish.
From the overall spotted trades, 8 are puts, for a total amount of $801,900 and 8, calls, for a total amount of $1,305,500.
What's The Price Target?
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $35.0 and $50.0 for Freeport-McMoRan, spanning the last three months.
Volume & Open Interest Development
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Freeport-McMoRan's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Freeport-McMoRan's whale activity within a strike price range from $35.0 to $50.0 in the last 30 days.
Freeport-McMoRan Option Volume And Open Interest Over Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FCX | CALL | TRADE | BULLISH | 05/16/25 | $1.86 | $1.76 | $1.85 | $45.00 | $925.0K | 6.6K | 5.0K |
| FCX | PUT | SWEEP | BULLISH | 01/16/26 | $6.2 | $6.05 | $6.05 | $40.00 | $256.5K | 6.5K | 424 |
| FCX | PUT | SWEEP | BULLISH | 01/16/26 | $6.2 | $6.0 | $6.05 | $40.00 | $198.4K | 6.5K | 752 |
| FCX | PUT | SWEEP | BEARISH | 06/20/25 | $12.25 | $12.15 | $12.25 | $50.00 | $112.7K | 4.6K | 92 |
| FCX | CALL | SWEEP | NEUTRAL | 01/17/25 | $1.13 | $1.09 | $1.11 | $40.00 | $103.1K | 8.0K | 289 |
About Freeport-McMoRan
Freeport-McMoRan owns stakes in 10 copper mines, led by its 49% ownership of the Grasberg copper and gold operations in Indonesia, 55% of the Cerro Verde mine in Peru, and 72% of Morenci in Arizona. It sold around 1.2 million metric tons of copper (its share) in 2023, making it the one of the world's largest copper miners by volume. It also sold about 900,000 ounces of gold, mostly from Grasberg, and 70 million pounds of molybdenum. About 75% of 2023 revenue was from copper, with a further 15% from gold and about 10% from molybdenum. It had about 25 years of copper reserves at end December 2023. we expect it to sell similar amounts of copper midcycle in 2028, though we expect gold volumes to decline to about 700,000 ounces then due to falling production at Grasberg.
Following our analysis of the options activities associated with Freeport-McMoRan, we pivot to a closer look at the company's own performance.
Present Market Standing of Freeport-McMoRan
- Trading volume stands at 6,932,354, with FCX's price up by 2.25%, positioned at $39.1.
- RSI indicators show the stock to be may be approaching oversold.
- Earnings announcement expected in 33 days.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Freeport-McMoRan with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
