Main Purpose: We are seeking an experienced and highly skilled Market Risk Manager for Physical Metals. The ideal candidate will have at least 10 years of relevant experience as a trader or risk manager specializing in the trading of physical base and/or precious metals at a reputable physical commodities trading house. This role requires a deep understanding of the physical metals markets, including pricing mechanisms, logistics and warehousing, contractual terms, regulatory environment, market dynamics, and the global supply chain. The successful candidate will be responsible for aggregating Trafigura’s metals exposure, identifying and escalating concentrated risk positions, and reporting to the Head of Market Risk. The role will also require close collaboration with the front office, senior management, and support the ongoing development of metals-specific risk management systems and tools. Knowledge Skills and Abilities, Key Responsibilities:
Risk Aggregation & Reporting:
* Aggregate and analyze Trafigura’s exposure across physical metals (e.g., copper, aluminum, zinc, lead, nickel, cobalt, precious metals) in a coherent and actionable format.
* Identify and highlight categories of concentrated risk by region, product, or counterparty; escalate to the Head of Market Risk.
* Set and monitor risk limits at the product, trader, and regional level in line with the firm’s overall risk appetite and portfolio strategy.
Market Risk Analysis:
* Develop and implement risk scenarios, including historical stress events, idiosyncratic shocks (e.g., warehouse delays, sanctions, labor strikes), and macro-driven simulations.
* Ensure accuracy of Value at Risk (VaR) methodologies, and deliver detailed daily and monthly P&L breakdowns, including attribution by volume, price, basis, and optionality.
* Monitor and analyze evolving price curves, forward spreads, basis risks, inventory exposures, and embedded optionality across the metals book.
Collaboration & Communication:
* Maintain daily interaction with the front office trading teams to ensure transparency, challenge views where appropriate, and support proactive risk management.
* Work with senior management to communicate emerging risk themes, provide scenario analyses, and support strategic decision-making.
* Partner with IT and quantitative development teams to ensure the risk infrastructure keeps pace with business needs and product complexity.
Risk Management Systems Development:
* Contribute to the design and implementation of metals-specific risk dashboards and analytics, integrating logistics, inventory, and pricing data.
* Leverage SQL, Python, VBA, and similar tools to enhance risk reporting capabilities and automate key processes.
* Ensure systems support real-time exposure monitoring, P&L explanation, sensitivity analysis, and exception-based alerting.
Regulatory Compliance & Risk Governance:
* Remain up-to-date on LME/COMEX regulations, warehousing rules, export controls, sanctions, and environmental restrictions (e.g., carbon footprints in supply chains).
* Ensure full compliance with both external regulations and internal risk governance policies.
* Oversee the documentation and controls around inventory positions, warehouse receipts, repo structures, and off-balance sheet exposure.
Qualifications:
* Minimum of 10 years of experience as a trader in physical metals markets (base and/or precious) at a top-tier commodities trading house.
* In-depth knowledge of physical metals pricing and logistics, including arbitrage, backwardation/contango dynamics, basis risk, and inventory financing structures.
* Solid grasp of contractual terms (Incoterms, laycan, demurrage, MTAs, LSAs), credit risk, and counterparty structures across the supply chain.
* Demonstrated ability to aggregate exposure, detect concentration risks, and engage with senior stakeholders on mitigation strategies.
* High level of proficiency in SQL, Python, VBA, and experience with large-scale data integration across trading and risk systems.
* Strong understanding of financial derivatives linked to metals (e.g., futures, swaps, options, structured tolling agreements).
* Excellent interpersonal and communication skills, with a proven ability to influence and challenge the front office constructively.
* Exceptional analytical skills, with the ability to build and run custom risk models and stress tests relevant to the metals space.
* Energetic, detail-oriented, and proactive with a problem-solving mindset and eagerness to contribute to system development.
Preferred Skills:
* Experience designing or maintaining risk systems tailored to physical metals trading, including inventory management, financing, and logistics modules.
* Familiarity with Trafigura’s trading model, risk controls, and operational structure across metals supply chains.
* Knowledge of environmental risk factors in the metals space (e.g., ESG compliance, emissions-linked pricing, green premiums).
Key Relationships and Department Overview:
* Front Office Trading Teams (Metals)
* Risk Teams (Market, Credit, Operational)
* Risk IT / Systems Developers
* Legal, Contracts & Compliance
* Senior Management
Reporting Structure
Reports directly to the Global Head of Market Risk
Equal Opportunity Employer
We are an Equal Opportunity Employer and take pride in a diverse workforce! We do not discriminate in recruitment, hiring, training, promotion or other employment practices for reasons of race, colour, religion, gender, sexual orientation, national origin, age, marital or veteran status, medical condition or handicap, disability, or any other legally protected status.
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