Options trading was incredibly heavy on Thursday with roughly 28 million contracts having exchanged hands, nearly 10 million more contracts than normal, trader Jon Najarian said.
"There have been a lot of folks out there short-covering positions where they've faded some of these moves and these people are in a world of hurt obviously today, as the market just surges through a lot of resistance points to the upside," said Najarian, co-founder of optionMONSTER.com.
The options activity was fairly widespread, but Najarian said the metals was one of the big beneficiaries.
Options traders were especially interested in Freeport-McMoRan , for example. The Phoenix-based mining company's November 43 and December 46 calls got a lot of play, Najarian said. Almost all of the calls almost exclusively bought on the offer, he added.
Another metals play, Barrick Gold , saw unusual options activity. The November 49 calls were "very strong," Najarian said.
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CNBC.com with wires.