Moderately bullish activity in Freeport McMoRan (FCX), with shares up $1.92, or 3.46%, near $57.49. Options volume running well above average with 42k contracts traded and calls leading puts for a put/call ratio of 0.14, compared to a typical level near 0.73. Implied volatility (IV30) is higher by 0.6 points near 46.89,and above the 52wk median, suggesting an expected daily move of $1.70. Put-call skew steepened, indicating increased demand for downside protection.
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