Commodities Trader, Non-Ferrous

About the role

PearlRun's base metals desk trades physical copper cathode, aluminium ingot and zinc into mainland consumers, hedged on LME and SHFE. We are small enough that a trader's decision reaches the balance sheet the same week, and capitalised enough that a good position does not get cut for the wrong reasons.

We are adding a senior trader to build out the copper flow. You would arrive with counterparty relationships and take over a starter book, with limits reviewed after six months on performance rather than on tenure. Operations, trade finance and risk all sit on the same floor; you will not be waiting on an offshore middle office to confirm a trade.

This is a physical seat, so a meaningful part of the job is logistics reality: warehouse warrants, quality claims, demurrage and the difference between a contract and a cargo that actually arrives. Traders who have only ever traded screens tend to learn that expensively.

What you'll do

• Originate and execute physical purchase and sale contracts in copper, aluminium and zinc.
• Manage price risk with LME and SHFE futures, monitoring basis, arbitrage windows and freight economics.
• Build and maintain relationships with smelters, traders and industrial consumers across Greater China and South East Asia.
• Negotiate contract terms, premiums, quality specifications and payment structures with credit and trade finance.
• Manage inventory positions across bonded and non-bonded warehouses, including warrant handling.
• Operate strictly within board-approved position, VaR and counterparty limits, and report exposures daily.

What we're looking for

• 7+ years trading physical non-ferrous metals, with a demonstrable P&L record.
• Practical fluency in LME mechanics, premiums, quotational periods and hedging structures.
• Native Mandarin and business English — this book lives between Shanghai and London.
• Bachelor's degree in commerce, engineering, metallurgy or a related discipline.
• Existing counterparty relationships you can bring within a clean and lawful notice period.
• Unimpeachable conduct record; we check.

Nice to have

• Bonded warehouse and Chinese import licensing experience.
• Exposure to concentrate as well as refined metal.
• Working knowledge of freight and vessel chartering economics.

What you get

• Formula-based P&L participation agreed in writing before you start
• Employment visa sponsorship for qualified candidates
• Medical, dental and international travel cover
• 20 days annual leave, and the desk covers your book when you take it
• Direct access to the board on capital allocation for your flow