Freeport-McMoRan sees surge in bullish options bets in catch-up play with copper

Shares of Freeport-McMoRan are surging amid huge options bets on a big rally in the coming months.

Around 10:00 a.m. ET, we saw a flurry of buying in calls that expire on May 16 with a strike price of $50.

The trades took place on the ask side, indicating a motivated buyer. On Wednesday, open interest in these contracts had also exploded higher, with activity similarly centered on the ask side.

While copper futures have been approaching fresh record highs, Freeport-McMoRan had largely decoupled from the commodity it produces a lot of for most of this year. With a renewed domestic focus on the output of critical minerals, perhaps it’s Freeport’s time to shine.

As of 11:15 a.m., volumes in this contract are fifth-largest among US single stocks on the day.

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