Option traders moderately bearish in Freeport McMoRan (FCX), with shares down 22c near $44.78. Options volume relatively light with 35k contracts traded and puts leading calls for a put/call ratio of 1.01, compared to a typical level near 0.52. Implied volatility (IV30) is higher by 0.7 points near 35.03,in the bottom quartile of the past year, suggesting an expected daily move of $0.99. Put-call skew flattened, suggesting a modestly bullish tone.
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