Mike Khouw Sees Unusual Options Activity In Freeport-McMoRan

On CNBC's "Options Action," Mike Khouw spoke about unusually high options activity in Freeport-McMoRan Inc FCX. It traded about three times its average daily call volume on Monday and the most active were the August and November expiry calls.

He noticed during the session that traders were selling to close the August $12 calls and buying to open the November $15 calls. They managed to take a credit of 40 cents with the trading structure, explained Khouw.