Trafigura brings derivatives trading under physical book heads as part of reshuffle

Trafigura has moved to integrate its derivatives trading business to function under individual book heads, which will further consolidate the management of its metals business, Fastmarkets understands.

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.

What to read next
Following an initial consultation with the market, Fastmarkets is proposing to:  The new specifications would be as follows, with amendments in italics: MB-CU-0002 Copper grade 1 cathode premium, ddp Midwest US, US cents/lb Quality: Grade A 99.9935% min copper cathode conforming to LME specifications BS EN 1978:2022 – Cu-CATH-1 or Grade 1 Electrolytic Copper Cathode ATSM B1115-10 Quantity: Min […]
Fastmarkets’ 2025 outlook for key raw materials and ingredients used in the production and distribution of fast-moving consumer goods.
Vale Base Metals plans to boost annual copper production to 700,000 tonnes by 2035, aiming to become a top-five global producer of nickel and copper. CEO Shaun Usmar highlights a focus on productivity, cost optimization and sustainable growth. With strong assets in Canada and Brazil, Vale is well-positioned to meet rising global demand.
Fastmarkets has corrected its fob Australia alumina index, which was published incorrectly on Monday June 2 and Tuesday June 3 due to a back-end calculation error. Fastmarkets has also corrected all the related inferred indices. On June 2 the following prices were published incorrectly: Fastmarkets’ MB-ALU-0002 Alumina index, fob Australia, was published in error as $375.59 per […]
Mexico’s strategic role in automotive nearshoring is fueling demand for recycled aluminium, with investment in scrap-intensive sectors boosting its non-ferrous secondary markets. Despite tariff uncertainties, USMCA compliance and EV production growth continue to attract global manufacturers.
Goldcorp founder Rob McEwen is back in the spotlight with a bold bet on copper in Argentina. The $2.5 billion Los Azules project, set to become Argentina’s first major copper mine in over 30 years, is reshaping the country’s mining industry while raising sustainability standards. Positioned as a key player in addressing a global copper shortage, the project highlights innovation, persistence and a commitment to meeting the growing demand from global electrification.