Moderately bullish activity in Freeport McMoRan (FCX), with shares up 32c, or 0.68%, near $47.87. Options volume roughly in line with average with 32k contracts traded and calls leading puts for a put/call ratio of 0.11, compared to a typical level near 0.49. Implied volatility (IV30) is higher by 0.6 points near 34.3,in the bottom quartile of the past year, suggesting an expected daily move of $1.03. Put-call skew steepened, indicating increased demand for downside protection.
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