Investors with significant funds have taken a bullish position in Freeport-McMoRan FCX, a development that retail traders should be aware of.
This was brought to our attention today through our monitoring of publicly accessible options data at Benzinga. The exact nature of these investors remains a mystery, but such a major move in FCX usually indicates foreknowledge of upcoming events.
Today, Benzinga's options scanner identified 14 options transactions for Freeport-McMoRan. This is an unusual occurrence. The sentiment among these large-scale traders is mixed, with 50% being bullish and 42% bearish. Of all the options we discovered, 13 are puts, valued at $637,798, and there was a single call, worth $1,150,000.
Projected Price Targets
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $33.0 to $50.0 for Freeport-McMoRan during the past quarter.
Analyzing Volume & Open Interest
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 Activity Analysis: 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 | CALL | TRADE | BULLISH | 05/16/25 | $2.3 | $2.26 | $2.3 | $45.00 | $1.1M | 1.5K | 23 |
| FCX | PUT | SWEEP | NEUTRAL | 02/21/25 | $1.85 | $1.82 | $1.84 | $39.00 | $107.5K | 4.9K | 589 |
| FCX | PUT | SWEEP | BEARISH | 01/17/25 | $6.55 | $6.5 | $6.55 | $47.00 | $75.3K | 4.7K | 195 |
| FCX | PUT | SWEEP | BEARISH | 03/21/25 | $5.85 | $5.75 | $5.85 | $45.00 | $67.2K | 10.6K | 116 |
| FCX | PUT | TRADE | BULLISH | 01/16/26 | $5.45 | $5.15 | $5.25 | $40.00 | $63.0K | 6.5K | 120 |
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.
After a thorough review of the options trading surrounding Freeport-McMoRan, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Where Is Freeport-McMoRan Standing Right Now?
- With a volume of 6,522,648, the price of FCX is down -1.45% at $40.15.
- RSI indicators hint that the underlying stock may be approaching oversold.
- Next earnings are expected to be released in 36 days.
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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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