| Traders show caution in Freeport | |
| | |
|
Freeport-McMoRan has bounced off seven-year lows, but traders are positioning for another possible pullback.
optionMONSTER's Depth Charge system found heavy buying in the October 10 puts, with more than 20,800 trading mostly for $0.61 to $0.63. This represents new positioning, as volume was well above the strike's previous open interest of 13,845 contracts.
Long puts lock in the price where a stock can be sold no matter how far it might drop, gaining value in a selloff. The contracts can be purchased either as an outright bearish bet or a hedge on a long-stock position . (See our Education section)
FCX is up 3.26 percent to $11.08 in midday trading but is down more than 47 percent in the last three months. The mining and energy company fell to $7.76 on Aug. 26, its lowest price since December 2008.
The company's next quarterly results are expected to come out in late October, after today's puts expire.
More From optionMONSTER
|
|
|
Freeport McMoRan Copper and Gold Inc.
|
|
PRODUCER |
CODE : FCX |
ISIN : US35671D8570 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Freeport McMoran is a gold and copper producing company based in United states of america. Freeport McMoran produces gold, copper, cobalt, molybdenum and silver in Chile, in Congo Dem. Rep. of, in Indonesia and in Peru, develops copper in Peru, and holds various exploration projects in Chile. Its main assets in production are CANDELARIA, EL ABRA, CHINO - MILL, HENDERSON, MIAMI - ROM LEACH, MORENCI - MILL, OJOS DEL SALADO, MORENCI and MORENCI - ROM LEACH in Chile, GRASBERG, SIERRITA and BAGDAD in Indonesia, TENKE FUNGURUME and TYRONE in Congo Dem. Rep. of and CERRO VERDE in Peru, its main asset in development is SAFFORD in Peru and its main exploration properties are BAGDAD - ROM LEACH and CHINO - ROM LEACH in Peru and CERRO VERDE - MILL, CERRO VERDE - CRUSHED LEACH, CERRO VERDE - ROM LEACH, EL ABRA - ROM LEACH and CLIMAX in Chile. Freeport McMoran is listed in Germany and in United States of America. Its market capitalisation is US$ 69.5 billions as of today (€ 65.2 billions). Its stock quote reached its lowest recent point on March 06, 2020 at US$ 10.00, and its highest recent level on April 23, 2024 at US$ 47.99. Freeport McMoran has 1 448 000 000 shares outstanding. |