Investors with a lot of money to spend have taken a bullish 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 12 uncommon options trades for Freeport-McMoRan.
This isn't normal.
The overall sentiment of these big-money traders is split between 66% bullish and 33%, bearish.
Out of all of the special options we uncovered, 9 are puts, for a total amount of $633,525, and 3 are calls, for a total amount of $93,750.
Expected Price Movements
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $30.0 to $55.0 for Freeport-McMoRan over the recent three months.
Volume & Open Interest Development
In today's trading context, the average open interest for options of Freeport-McMoRan stands at 9089.67, with a total volume reaching 4,759.00. 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 $30.0 to $55.0, throughout the last 30 days.
Freeport-McMoRan Call and Put Volume: 30-Day Overview
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| FCX | PUT | SWEEP | BULLISH | 01/17/25 | $55.00 | $110.1K | 0 | 5 |
| FCX | PUT | TRADE | BULLISH | 01/17/25 | $30.00 | $109.5K | 8.4K | 500 |
| FCX | PUT | SWEEP | BEARISH | 01/17/25 | $40.00 | $95.2K | 7.7K | 300 |
| FCX | PUT | TRADE | BULLISH | 01/17/25 | $40.00 | $94.5K | 7.7K | 0 |
| FCX | PUT | SWEEP | BULLISH | 02/16/24 | $34.00 | $79.0K | 7.6K | 603 |
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.
Having examined the options trading patterns of Freeport-McMoRan, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Where Is Freeport-McMoRan Standing Right Now?
- Currently trading with a volume of 4,765,052, the FCX's price is up by 1.83%, now at $37.26.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 57 days.
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.
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