Freeport-McMoRan Options Trading: A Deep Dive into Market Sentiment

Investors with a lot of money to spend have taken a bearish stance on Freeport-McMoRan FCX.

And retail traders should know.

We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with FCX, it often means somebody knows something is about to happen.

So how do we know what these investors just did?

Today, Benzinga's options scanner spotted 22 uncommon options trades for Freeport-McMoRan.

This isn't normal.

The overall sentiment of these big-money traders is split between 31% bullish and 54%, bearish.

Out of all of the special options we uncovered, 2 are puts, for a total amount of $77,325, and 20 are calls, for a total amount of $1,628,277.

What's The Price Target?

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $20.0 and $55.0 for Freeport-McMoRan, spanning the last three months.

Volume & Open Interest Development

In terms of liquidity and interest, the mean open interest for Freeport-McMoRan options trades today is 11069.31 with a total volume of 19,840.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Freeport-McMoRan's big money trades within a strike price range of $20.0 to $55.0 over the last 30 days.

Freeport-McMoRan 30-Day Option Volume & Interest Snapshot

Significant Options Trades Detected:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Ask Bid Price Strike Price Total Trade Price Open Interest Volume
FCX CALL SWEEP BEARISH 01/17/25 $20.05 $19.8 $19.8 $32.00 $784.0K 3.5K 419
FCX CALL TRADE BEARISH 06/21/24 $1.38 $1.35 $1.36 $51.00 $108.6K 3.9K 803
FCX CALL SWEEP NEUTRAL 06/21/24 $1.44 $1.41 $1.43 $51.00 $94.0K 3.9K 2.9K
FCX CALL TRADE BULLISH 01/17/25 $30.5 $30.1 $30.5 $20.00 $91.5K 302 0
FCX CALL TRADE NEUTRAL 06/21/24 $1.46 $1.44 $1.45 $51.00 $72.5K 3.9K 3.4K

About Freeport-McMoRan

Freeport-McMoRan Inc is an international mining company. It has organized its mining operations into four primary divisions: North America copper mines, South America mining, Indonesia mining and Molybdenum mines. Its reportable segments include the Morenci, Cerro Verde and Grasberg (Indonesia mining) copper mines, the Rod & Refining operations and Atlantic Copper Smelting and Refining. It derives key revenue from the sale of Copper.

After a thorough review of the options trading surrounding Freeport-McMoRan, we move to examine the company in more detail. This includes an assessment of its current market status and performance.

Current Position of Freeport-McMoRan

  • Trading volume stands at 6,061,328, with FCX's price up by 0.23%, positioned at $50.6.
  • RSI indicators show the stock to be is currently neutral between overbought and oversold.
  • Earnings announcement expected in 42 days.

Expert Opinions on Freeport-McMoRan

A total of 2 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $57.0.

  • An analyst from UBS has decided to maintain their Neutral rating on Freeport-McMoRan, which currently sits at a price target of $54.
  • Consistent in their evaluation, an analyst from Scotiabank keeps a Sector Outperform rating on Freeport-McMoRan with a target price of $60.

Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Freeport-McMoRan options trades with real-time alerts from Benzinga Pro.

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Posted In: OptionsMarketsBZI-UOA
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