Fastmarkets reported in May that the merchant, which is the world's second largest for metals, would be shaking up its non-ferrous trading team and new heads have been appointed for each global metal to lead both the refined and raw materials businesses.

The shakeup will see Basil Leu, who headed up the derivatives trading team and is a member of the LME Futures and Options Committee, reporting to copper book manager Kostas Bintas.

Anthony Pears, who was in charge of zinc and lead LME trading, has left the company and is replaced by Ben Wright who will work under Gonzalo De Olazaval. Other derivatives experts will report to Philippe Mueller on aluminium and Socrates Economou on nickel and cobalt.

Trafigura declined to comment when contacted by Fastmarkets. Bloomberg reported on July 2 that the restructuring of Trafigura's derivatives desk had taken place.