Bearish options flow identified in Freeport McMoRan with shares down 4.69%

Bearish options flow identified in Freeport McMoRan (FCX), with shares down $2.60 near $52.85. Options volume running well above average with 86k contracts traded and puts leading calls for a put/call ratio of 1.05, compared to a typical level near 0.61. Implied volatility (IV30) is higher by 2.0 points near 56.3, in the highest 10% of observations over the past year, suggesting an expected daily move of $1.87. Put-call skew steepened, indicating increased demand for downside protection.