Option traders moderately bearish in Freeport McMoRan (FCX), with shares down $3.46 near $62.00. Options volume roughly in line with average with 78k contracts traded and calls leading puts for a put/call ratio of 0.92, compared to a typical level near 0.47. Implied volatility (IV30) is higher by 3.3 points near 51.88, in the highest 10% of observations over the past year, suggesting an expected daily move of $2.03. Put-call skew steepened, indicating increased demand for downside protection.
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