What are the responsibilities and job description for the Middle Office Analyst – Metals & Concentrates position at Mercuria?
About the Role:
We are seeking a highly skilled and detail-oriented Middle Office Analyst with solid experience in metals (mainly concentrates) trading. This role is integral to supporting trading operations, ensuring control and accuracy across the trade lifecycle, with a particular focus on Latin American markets. Fluency in both Spanish and English is mandatory due to daily interactions with regional teams and documentation in both languages.
The ideal candidate will bring strong analytical capabilities, deep understanding of physical and derivative trading processes, and a proactive mindset to manage risk, reporting, and operational controls.
Key Responsibilities:
End-of-Day (EOD) Controls & Sign-off
- Review changes in the trading book and investigate any unexplained P&L movements.
- Reconcile and sign off daily trading positions.
- Ensure all physical books are fully hedged and benchmark flat.
- Confirm blend positions are square and P&L attribution is logical.
- Allocate physical trades correctly across portfolios.
- Perform final EOD P&L and risk sign-off for the region.
Physical Trade Monitoring & Reporting
- Produce daily physical long/short reports.
- Identify any mismatches between quality specs and delivery schedules.
- Monitor physical trade rolls and assist with position management.
Curves & Risk Oversight
- Review and validate curves (e.g., for Peru and South America): TCs, premiums/discounts, accruals.
- Ensure realization of trades is consistent with marks.
- Support independent price verification (IPV) on relevant curves.
- Report FX risk exposure and liaise with Front Office or Treasury on hedging strategies.
- Escalate valuation or risk discrepancies proactively.
Trade Entry & Contract Oversight
- Book local purchases and sales, including day-1 accruals.
- Ensure ongoing accuracy and ownership of trades in the system.
- Manage any contractual corrections to physical trades.
- Coordinate trade entry practices with relevant internal booking entities.
Key Requirements:
- Fluent in both Spanish and English (spoken and written) – essential.
- Minimum 5 years of experience in a Middle Office or trading support role within metals and concentrates.
- Strong understanding of the physical trading lifecycle and associated financial impacts.
- Solid working knowledge of P&L analysis, curve validation, and FX exposure management.
- Advanced Excel proficiency; experience with ETRM systems
- Strong attention to detail, organizational skills, and ability to manage cross-functional communication.
Why Join Us:
- Be a part of a global commodities trading business with a strong footprint in metals and Latin America.
- Engage in a high-responsibility role with daily exposure to front office, risk, and operations.