NEWSBREAK - Former Red Kite trader Stephen Upot launches metals trading firm

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Perrine Fayeperrine.faye@fastmarkets.comDeputy Editor-in-Chief; Head of Physical+44 (0) 20 7337 2140

London 22/09/2016 - Aluminium trader Stephen Upot has returned to the metals market after leaving Red Kite - he has set up his own trading firm, Converse Commodities Ltd, FastMarkets has learned.

Upot had worked for UK-based metals hedge fund Red Kite for 10 years as its only aluminium trader before leaving in December 2015 for health reasons.

Converse Commodities was set up in April and moved into an office in London's West End in July. Upot has already started trading LME futures and physical metals; two traders will join him before the end of the year before the team grows to six in 2017.

"We intend to establish a solid platform to trade all base metals now and be well positioned to expand once the business cycle turns more positive," Upot said.

While banks are scaling back their presence in physical metals and large trading houses such as Trafigura and Glencore have diversified into asset ownership, Upot believes there is room for a dedicated trading firm.

Prior to Red Kite, Upot worked at HSBC for a short period, Koch Metals for four years and Enron until the latter filed for Chapter 11 in 2001. He previously worked for 10 years at Barclays.

(Editing by Mark Shaw)



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