We’ve seen some large call buying in the copper names hit the tape since Monday’s pullback… and one of the highlights was basic materials company Freeport-McMoRan, with options activity jumping ahead of its July 21 earnings event.
The red metal has been hit hard by high inflation and strict COVID-19 lockdowns in China during the second quarter. Copper miners like Freeport have been cut in half since the end of March.
Bullish traders were out in force buying the blood on Tuesday with institutional buyers snatching more than 800 contracts of the Aug. 19 expiration, $28 strike calls for about $130,000 in premium!
Of course, that wasn’t the only name seeing outsized options activity…
In this week’s WealthPress Live Roundtable, the No. 1 topic was of course inflation! Followed closely by some debate on whether or not we’re currently in a recession.
The way I see it, we are, even if it doesn’t fit the Federal Reserve’s definitions.
But that wasn’t the only topic on our minds. We also covered:
Earnings season! What sectors and stocks we’re watching and why.
Plus what you need to know about trading options during earnings season…
What a strong U.S. dollar means for big, multinational companies.
Open interest is the total number of open or outstanding options and/or futures contracts that exist at a given time. Open interest is commonly associated with the futures and options markets, where the number of existing contracts changes from day to day.
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