Mixed options sentiment in Freeport McMoRan (FCX), with shares up $1.53, or 2.5%, near $62.62. Options volume relatively light with 7842 contracts traded and calls leading puts for a put/call ratio of 0.95, compared to a typical level near 0.51. Implied volatility (IV30) dropped 0.35 near 51.49, in the highest 10% of observations over the past year, suggesting an expected daily move of $2.03. Put-call skew flattened, suggesting a modestly bullish tone, following an upgrade to Buy at Argus.
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