Investors with a lot of money to spend have taken a bearish stance on Freeport-McMoRan FCX.
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with FCX, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 13 uncommon options trades for Freeport-McMoRan.
This isn't normal.
The overall sentiment of these big-money traders is split between 23% bullish and 76%, bearish.
Out of all of the special options we uncovered, 8 are puts, for a total amount of $758,157, and 5 are calls, for a total amount of $304,249.
What's The Price Target?
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $38.0 to $42.0 for Freeport-McMoRan during the past quarter.
Analyzing Volume & Open Interest
In today's trading context, the average open interest for options of Freeport-McMoRan stands at 8842.43, with a total volume reaching 5,896.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Freeport-McMoRan, situated within the strike price corridor from $38.0 to $42.0, throughout 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 | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| FCX | PUT | SWEEP | BEARISH | 01/17/25 | $42.00 | $234.1K | 3.1K | 329 |
| FCX | PUT | SWEEP | NEUTRAL | 01/19/24 | $40.00 | $154.2K | 33.2K | 401 |
| FCX | PUT | SWEEP | BEARISH | 01/17/25 | $42.00 | $150.4K | 3.1K | 0 |
| FCX | PUT | SWEEP | BEARISH | 01/17/25 | $42.00 | $85.8K | 3.1K | 637 |
| FCX | CALL | SWEEP | BEARISH | 02/16/24 | $39.00 | $76.3K | 2.0K | 24 |
About Freeport-McMoRan
Freeport-McMoRan Inc is an international mining company. It operates geographically diverse assets with proven and probable mineral reserves of copper, gold, and molybdenum. The company's portfolio of assets includes the Grasberg minerals district in Indonesia; and mining operations in North America and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru. It derives key revenue from the sale of Copper.
In light of the recent options history for Freeport-McMoRan, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Present Market Standing of Freeport-McMoRan
- Currently trading with a volume of 4,512,055, the FCX's price is up by 2.31%, now at $36.83.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 65 days.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Freeport-McMoRan options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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