Freeport McMoran (FCX, news, chart) is seeing double its normal options trading volume. The stock is up $7.95 to $86.95 after it was added to Citigroup’s Top Picks Live. In addition, Bloomberg was out with a report this morning noting that RIO is looking for acquisitions in the copper and coal industry amid slowing profit growth due to falling nickel prices. RIO raised $12.06 billion last month in a stock sale for takeovers and expansion, according to CEO Roger Agnelli. In June, JP Morgan said FCX is the most likely acquisition target for RIO. In the options market, traders are leaning on the bullish side as FCX climbs higher. 84,000 calls have traded, compared to 28,000 puts.