Moderately bullish activity in Freeport McMoRan (FCX), with shares up 6c, or 0.1%, near $60.95. Options volume roughly in line with average with 56k contracts traded and calls leading puts for a put/call ratio of 0.23, compared to a typical level near 0.65. Implied volatility (IV30) is higher by 0.6 points near 48.79,and above the 52wk median, suggesting an expected daily move of $1.87. Put-call skew steepened, indicating increased demand for downside protection.
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