Mixed options sentiment in Freeport McMoRan (FCX), with shares down $1.74 near $61.10. Options volume relatively light with 49k contracts traded and calls leading puts for a put/call ratio of 0.4, compared to a typical level near 0.51. Implied volatility (IV30) is higher by 1.4 points near 51.83, in the highest 10% of observations over the past year, suggesting an expected daily move of $2.00. Put-call skew flattened, suggesting a modestly bullish tone, following an upgrade to Buy at Argus.
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