Deep-pocketed investors have adopted a bearish approach towards Freeport-McMoRan FCX, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in FCX usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 18 extraordinary options activities for Freeport-McMoRan. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 38% leaning bullish and 44% bearish. Among these notable options, 6 are puts, totaling $761,366, and 12 are calls, amounting to $725,965.
Expected Price Movements
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $33.0 to $50.0 for Freeport-McMoRan over the last 3 months.
Volume & Open Interest Development
Looking at the volume and open interest is a powerful move while trading options. 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 trades within a strike price range from $33.0 to $50.0 in the last 30 days.
Freeport-McMoRan Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FCX | PUT | TRADE | NEUTRAL | 05/16/25 | $3.2 | $3.1 | $3.15 | $39.00 | $378.0K | 152 | 1.2K |
| FCX | CALL | SWEEP | BEARISH | 02/21/25 | $3.5 | $3.05 | $3.12 | $38.00 | $124.8K | 1.7K | 422 |
| FCX | CALL | TRADE | BEARISH | 03/21/25 | $0.3 | $0.27 | $0.27 | $50.00 | $115.9K | 9.9K | 4.4K |
| FCX | PUT | SWEEP | BULLISH | 01/15/27 | $5.2 | $5.0 | $5.0 | $35.00 | $100.0K | 3.8K | 502 |
| FCX | PUT | SWEEP | BEARISH | 01/15/27 | $5.0 | $4.95 | $5.0 | $35.00 | $100.0K | 3.8K | 302 |
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.
Where Is Freeport-McMoRan Standing Right Now?
- Currently trading with a volume of 8,210,911, the FCX's price is up by 3.53%, now at $39.04.
- RSI readings suggest the stock is currently may be approaching oversold.
- Anticipated earnings release is in 16 days.
What Analysts Are Saying About Freeport-McMoRan
Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $48.0.
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. * Maintaining their stance, an analyst from Jefferies continues to hold a Buy rating for Freeport-McMoRan, targeting a price of $48.
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.
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