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By Pete Najarian

XLB ChartThe XLB materials exchange traded fund has risen 50 percent since its March lows, and options traders are betting that it still has some fuel left in the tank.

More than 71,000 calls changed hands at the June 28 strike Wednesday, including a single chunk of 49,900 bought for $0.90, according to optionMONSTER's Heat Seeker program. The average daily volume at that strike is just 38 calls, and open interest was 1,072 contracts.

The XLB, known formally as the Materials Select SPDR, closed the session up 0.45 percent to $27. It reached its 52-week low of $17.83 on March 6.

The ETF, which combines agriculture, chemical, and metals names, has ramped higher along with the rise in commodities.

Disclosure: I own a call spread in XLB.

Source: Heavy Call Buying in Materials ETF