Mixed options sentiment in Freeport McMoRan (FCX), with shares up 54c, or 0.93%, near $58.47. Options volume relatively light with 4180 contracts traded and calls leading puts for a put/call ratio of 0.27, compared to a typical level near 0.61. Implied volatility (IV30) dropped 1.8 near 53.2, in the highest 10% of observations over the past year, suggesting an expected daily move of $1.96. Put-call skew steepened, indicating increased demand for downside protection.
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