Size call spread in VALE SA follows yesterday’s bull collar

Size call spread in VALE SA follows yesterday’s bull collar. Shares up 9c today near $14.34 with a buyer on the Amex floor paying 12.5c for 50k July 16/17 call spreads to open a new position with the long leg 11.5% above spot, expiring in 36 days. Directionally similar to ratio collar noted yesterday which opened 20k long July 15 calls and 10k short July 13 puts.