Bearish options flow identified in Freeport McMoRan (FCX), with shares down $1.58 near $54.66. Options volume roughly in line with average with 50k contracts traded and puts leading calls for a put/call ratio of 1.49, compared to a typical level near 0.73. Implied volatility (IV30) is higher by 2.6 points near 62.07, in the highest 10% of observations over the past year, suggesting an expected daily move of $2.14. Put-call skew steepened, indicating increased demand for downside protection.
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