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Alternative Market Briefing

'Sometimes no trade is the trade', Vulcan Metals takes the long view

Friday, June 29, 2018

Bailey McCann, Opalesque New York for New Managers:

When James Gallo started in markets, commodities were still traded in the pit. After a short stint as an intern he was hooked. Gallo eventually became the youngest COMEX trader ever at age 21. Since then, he's built an expertise in copper and metals trading that he now uses to run his own fund.

"As a floor trader you learn certain things about how the commodities market works," he tells Opalesque New Managers. "When the market changed and went to all electronic trading, a lot of guys didn't handle it that well. I've been fortunate in that when I wanted to start my own fund I was able to join up with a couple other metals brokers and we're using our knowledge of floor trading and electronic trading to build the Vulcan Metals strategy."

Vulcan Metals is a discretionary metals strategy that trades both base and precious metals. The fund uses a mix of arbitrage and flow trading and has a target size of about $300-400 million.

"We're really focused on market structure, we aren't doing directional trades," he says. "That means sometimes the trade isn't there but we're looking at the market and thinking about the next 10 or 15 years. Sometimes no trade is the trade."

Gallo first developed views on market structure by trading his own money. He owns and operates All American Copper corp a copper broker......................

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