Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) opened at $62.27. So far today the stock has hit a low of $61.80 and a high of $63.29. As of 10:35 this morning, FCX is trading at $62.98, up $0.54 (0.9%).

The stock hit its 52 week high of $72.20 in April and set its 52 week low of $43.10 in June. Jim Cramer loves FCX and says that he believes it is time to buy shares of the company "hand over fist." He believes that the demand coming from China and its fast growing industries is going to push copper prices up dramatically. He believes that the acquisition of Phelps Dodge (NYSE: PD) was a good move that could help lift shares of their stock well above the $80 target some analysts are expecting. The technical indicators for the stock are bullish and steady while S&P gives FCX a positive 4 STARS (out of 5) buy rating.

For a bullish hedged play on this stock, I would consider a May bull-put credit spread below the $50 range. FCX hasn't been below $50 for more than a few days since June and has shown support around $53. This trade could be risky if copper prices nosedive in the next few months, but there might be some positive feelings surrounding the PD acquisition that could protect this position.

Brent Archer is an analyst on the move at Investors Observer (Free Subscription). DISCLOSURE: Mr. Archer owns and/or controls diversified portfolios of long and short stock and option positions that may include holdings in companies he writes about.