Market Risk Manager – Metals, Minerals

Market Risk Manager – Metals, Minerals & Bulk page is loaded Market Risk Manager – Metals, Minerals & Bulk Apply locations Geneva, Switzerland time type Full time posted on Posted Yesterday job requisition id R-016434 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. About Us At the heart of global supply, Trafigura connects vital resources to power and build the world. Through our Metals and Minerals, Oil & Petroleum Products and Gas, Power and Renewables, commercial divisions, we use infrastructure, logistics and financing to connect producers and consumers, using our deep understanding of the markets we serve to make supply more efficient, secure and sustainable. We are accelerating our investments in renewable energy, including hydrogen, ammonia and other low-carbon energy technologies required for the transition to a low carbon future. We are committed to responsible business practices and we work with our stakeholders to improve environmental and social standards, bringing greater trust and transparency to global supply chains. A career at Trafigura offers a gateway to working on some of the most exciting challenges of a rapidly changing world – from helping to optimise supply chains to developing infrastructure and new markets. In a culture that is founded on openness and energy, our people work as part of a multinational, globally connected team and thrive in a fast-paced environment where they can nurture and commercialise bold ideas. Everyone has a voice and is empowered to collaborate across geographies and disciplines to help shape our business and the wider world. We know the importance and value of diversity in our business and we invest in attracting, developing and retaining talent from all backgrounds. Founded in 1993, Trafigura is one of the largest independent employee-owned commodities groups in the world with over 12,000 people working across more than 60 offices. The Trafigura Group owns global multi-metals producer Nyrstar; fuel storage and distribution company Puma Energy; and joint ventures Impala Terminals, a port and logistics provider, and Nalo Renewables, investing in wind, solar and battery storage projects. #J-18808-Ljbffr