Option traders moderately bearish in Freeport McMoRan (FCX), with shares down 30c near $40.88. Options volume roughly in line with average with 41k contracts traded and calls leading puts for a put/call ratio of 0.9, compared to a typical level near 0.82. Implied volatility (IV30) is higher by 1.5 points near 39.32,and above the 52wk median, suggesting an expected daily move of $1.01. Put-call skew steepened, indicating increased demand for downside protection.
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