Copper + FCX 30 day correlation YTD
Bullish breakout structure on D1
Copper breaking out - potentially some profit taking to come in = sideways?
Copper impact to FCX top line
Put broken wing butterfly trade (Put skew - puts trading about 30% richer)
The play here is that after the copper breakout, we might see some sideways chop. Max profit is realized at $40 - where I think FCX will settle in. If it breaks out, might need to get more delta exposure because the risk profile as it stands caps profits at $44. This trade has no upside risk. Downside risk is defined.