Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Freeport-McMoran Copper & Gold (FCX), where a total volume of 57,289 contracts has been traded thus far today, a contract volume which is representative of approximately 5.7 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 56.9% of FCX's average daily trading volume over the past month, of 10.1 million shares..