$FXC $HG Copper Breakout + Freeport McMoran

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.