Freeport-McMoRan’s Options Frenzy: What You Need to Know

Investors with a lot of money to spend have taken a bearish stance on Freeport-McMoRan (NYSE:FCX).

And retail traders should know.

We noticed this today when the positions 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.

Today, Benzinga’s options scanner spotted 8 options trades for Freeport-McMoRan.

This isn’t normal.

The overall sentiment of these big-money traders is split between 12% bullish and 87%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $42,000, and 7, calls, for a total amount of $427,779.

What’s The Price Target?

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $35.0 to $47.0 for Freeport-McMoRan over the recent three months.

Volume & Open Interest Development

Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Freeport-McMoRan’s options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Freeport-McMoRan’s substantial trades, within a strike price spectrum from $35.0 to $47.0 over the preceding 30 days.

Freeport-McMoRan Option Volume And Open Interest Over Last 30 Days

Options Call Chart

Significant Options Trades Detected:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
FCX CALL SWEEP BEARISH 06/21/24 $45.00 $80.2K 89.6K 54
FCX CALL SWEEP BEARISH 06/21/24 $47.00 $76.5K 3.1K 113
FCX CALL SWEEP BEARISH 03/28/24 $45.00 $62.0K 2.4K 532
FCX CALL TRADE BEARISH 06/21/24 $35.00 $59.5K 2.3K 200
FCX CALL SWEEP BEARISH 06/21/24 $35.00 $57.5K 2.3K 0

About Freeport-McMoRan

Freeport-McMoRan Inc is an international mining company. It has organized its mining operations into four primary divisions: North America copper mines, South America mining, Indonesia mining and Molybdenum mines. Its reportable segments include the Morenci, Cerro Verde and Grasberg (Indonesia mining) copper mines, the Rod & Refining operations and Atlantic Copper Smelting and Refining. It derives key revenue from the sale of Copper.

Following our analysis of the options activities associated with Freeport-McMoRan, we pivot to a closer look at the company’s own performance.

Freeport-McMoRan’s Current Market Status

  • Currently trading with a volume of 1,052,336, the FCX’s price is up by 0.71%, now at $45.42.
  • RSI readings suggest the stock is currently may be overbought.
  • Anticipated earnings release is in 25 days.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

If you want to stay updated on the latest options trades for Freeport-McMoRan, Benzinga Pro gives you real-time options trades alerts.

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