| Traders bet on Freeport comeback | |
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Freeport McMoRan is down big from last summer, but traders are looking for a rebound.
optionMONSTER's Heat Seeker monitoring program detected the purchase of more than 11,000 November 22 calls, with the largest block fetching $1.24. This represents fresh buying, as volume was more than 10 times the open interest in the strike.
Long calls lock in the price where an investor can buy a stock, which lets them profit from a rally without the risk of owning shares directly. Their cheap cost can also generate significant leverage on a percentage basis if the stock moves higher. (See our Education section)
FCX rose 3.2 percent to $20.02 yesterday and has been trying to stabilize after losing half its value between July and late January. The copper producer has struggled along with other metal companies against a strong U.S. dollar and weak growth in top commodity consumer China. Beijing reports industrial production tomorrow morning, which could deliver a potential catalyst.
Overall option volume in Freeport was almost triple its daily average in the session, with calls accounting for a bullish 60 percent of the total.
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PRODUCER |
CODE : FCX |
ISIN : US35671D8570 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Freeport McMoran is a copper and gold producing company based in United states of america. Freeport McMoran produces copper, gold, cobalt, molybdenum and silver in Chile, in Congo Dem. Rep. of, in Indonesia and in Peru, develops copper in Peru, and holds various exploration projects in Chile. Its main assets in production are CANDELARIA, EL ABRA, CHINO - MILL, HENDERSON, MIAMI - ROM LEACH, MORENCI - MILL, OJOS DEL SALADO, MORENCI and MORENCI - ROM LEACH in Chile, GRASBERG, SIERRITA and BAGDAD in Indonesia, TENKE FUNGURUME and TYRONE in Congo Dem. Rep. of and CERRO VERDE in Peru, its main asset in development is SAFFORD in Peru and its main exploration properties are BAGDAD - ROM LEACH and CHINO - ROM LEACH in Peru and CERRO VERDE - MILL, CERRO VERDE - CRUSHED LEACH, CERRO VERDE - ROM LEACH, EL ABRA - ROM LEACH and CLIMAX in Chile. Freeport McMoran is listed in Germany and in United States of America. Its market capitalisation is 2.1 billions as of today (€ 1.9 billions). Its stock quote reached its lowest recent point on March 06, 2020 at 10.00, and its highest recent level on September 19, 2024 at 45.14. Freeport McMoran has 47 442 200 shares outstanding. |