3450 calls and zero puts traded in Qiao Xing Universal Resources (XING), a Chinese metal and minerals company. Shares have added 18 cents to $2.25 and the April 2.5 calls, which are 11.1 percent out-of-the-money and expire in 23 days, are the most actives. 2,400 traded (73 percent ask), Jun 2.5 and Sep 2 calls are seeing interest as well. Looks like speculative activity — perhaps a play on the renewed interest in rare earth names (also see yesterday’s note on MCP). Implied volatility in XING is up 18 percent to 90.