Option traders bet big On Freeport McMoRanEntry level $11.54 = target price $ 13.35 = Stop loss $ 10.83
Our previous trade setup call is now up 20% and we think the upside run continues.
Option traders betting big on upside move.
From 9:48 a.m. to 9:50 a.m. a trader bought 2,682 Freeport-McMoRan call options with a $13 strike price expiring on May 15, 2020 near ask prices ranging from 59 cents to 60 cents. The series of three trades represented a more than $158,000 bullish bet.
From 9:52 a.m. to 9:54 a.m. likely the same trader bought 3,453 Freeport-McMoRan call options with a $12 strike price expiring on Feb. 21, 2020 near ask prices ranging from 54.2 cents to 56.1 cents. This series of three trades represented a more than $180,000 bullish bet.
Less than a minute later, potentially the same trader sold 2,301 Freeport-McMoRan call options with a $12 strike price expiring on Feb. 21, 2020 near the bid price at 56.1 cents. The trade represented a $129,086 bearish bet.
At 9:57 a.m., a trader bought 1,572 Freeport-McMoRan call options with a $13 strike price expiring on May 15, 2020 the ask price at 63.4 cents. The trade represented a $99,664 bullish bet.
Of the 13 large Freeport-McMoRan option trades on Thursday, 11 were either calls purchased at or near the ask or puts sold at or near the bid, trades typically considered to be bullish. The other two were calls sold at or near the bid, trades typically considered bearish.
Source Benzinga
Our previous trade setup call is now up 20% and we think the upside run continues.
Company profile
Freeport-McMoRan, Inc. engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations. The North America Copper Mines segment operates open-pit copper mines in Morenci, Bagdad, Safford, Sierrita and Miami in Arizona; and Chino and Tyrone in New Mexico. The South America Mining segment includes Cerro Verde in Peru and El Abra in Chile. The Indonesia Mining segment handles the operations of Grasberg minerals district that produces copper concentrate that contains significant quantities of gold and silver. The Molybdenum Mines segment includes the Henderson underground mine and Climax open-pit mine, both in Colorado. The Rod and Refining segment consists of copper conversion facilities located in North America, and includes a refinery, rod mills, and a specialty copper products facility. The Atlantic Copper Smelting and Refining segment smelts and refines copper concentrate and markets refined copper and precious metals in slimes. The Corporate, Other, and Eliminations segment consists of other mining and eliminations, oil and gas operations, and other corporate and elimination items. The company was founded by James R. Moffett on November 10, 1987 and is headquartered in Phoenix, AZ.
