Role: Head Commodity & FX Risk

Location: Indore

Industry: Manufacturing

About the role

You will hold Company's metal and currency book neutral. The group prices 2,000 tonnes of copper,

zinc, nickel, tin and aluminium a month against the LME, rising to 3,000, and carries payables and

receivables in USD, GBP and EUR. Policy is that every priced exposure is hedged. The position is kept in a

spreadsheet, and exposure can remain open between pricing and receipt. You will recommend each trade

to the Group CFO until the hedging policy is approved, and will then trade on your own authority within the

limits it delegates.

Job Requirements

1. Relevant Industry Experience: 6–10 years of experience in commodity hedging, preferably with a large metals manufacturing company, cable and wire manufacturer, metals producer, or international metals trading house. Candidates from established LME hedging desks are strongly preferred.

2. Hands-on LME Trade Execution: Proven experience personally placing and executing LME trades through brokers, with practical exposure to LME cash and 3-month contracts, prompt dates, contract rolls, and hedge adjustments. Candidates with only hedge reporting, monitoring, or analytical experience will not qualify.

3. Physical-against-Paper Hedge Book Management: Demonstrated ownership of a daily physical-against-paper hedging book, including managing physical purchases and sales against corresponding LME positions, calculating net exposures, monitoring open positions, and ensuring timely hedging of price-fixed exposures.

4. Base Metal Hedging Expertise: Solid working knowledge of base-metal hedging, particularly copper, zinc, and aluminium, with additional exposure to nickel and tin preferred. Experience managing substantial commodity volumes and LME-linked pricing exposures in a manufacturing or metals trading environment is essential.

5. MTM, Reconciliation and Risk Monitoring: Hands-on experience in daily position monitoring, mark-to-market (MTM) calculations, broker statement reconciliation, trade confirmations, exposure tracking, and identification and resolution of reconciliation discrepancies.

6. Foreign Exchange Risk Management: Practical understanding of managing foreign currency exposures, particularly USD, GBP, and EUR payables and receivables, through forward contracts and options.



Knowledge of FEMA and RBI regulations governing commodity and currency hedging is required.

7. Hedging Systems, Policy and Controls: Proficiency in maintaining commodity and currency positions through spreadsheets, trading platforms, or hedging dashboards. Ability to interpret SAP purchase orders, sales orders, and pricing data, preferably across MM, SD, and FI modules. Experience in developing hedging policies, defining exposure limits, approval matrices, permitted instruments, and risk controls is preferred.

8. Leadership, Communication and Location Flexibility: Strong analytical, financial, negotiation, decision-making, and stakeholder management skills, with the ability to independently manage a hedging desk and report directly to the Group CFO. CA, MBA in Finance, or CFA qualification is preferred. Must be willing to relocate to Indore, Madhya Pradesh, and work on-site six days a week. Candidates from Mumbai, Delhi NCR, Ahmedabad, Udaipur, and Pune are encouraged to apply.

Job Responsibilities

1. Daily Commodity Position Management: Independently manage the daily commodity hedging desk and maintain net open positions across copper, zinc, aluminium, nickel, and tin. Track physical purchases, sales, priced and unpriced exposures, and outstanding commitments, maintaining accurate position records by metal and prompt date.

2. LME Trade Execution and Hedging: Personally execute LME hedging transactions through approved brokers against physical metal exposures. Ensure every price-fixed exposure is hedged on the day of pricing, using appropriate LME cash or 3-month contracts. Manage prompt dates, contract rolls, hedge adjustments, and execution timing in line with approved hedging requirements.

3. Physical-against-Paper Hedge Book Management: Maintain and monitor the daily physical-against-paper hedge book by matching physical metal purchases and sales with corresponding exchange-traded hedge positions. Identify net exposures, track open positions between pricing and physical receipt, minimise unhedged exposure,



and ensure the commodity book remains within approved risk limits.

4. Foreign Exchange Hedging and Currency Risk Management: Identify, monitor, and hedge foreign currency exposures arising from USD, GBP, and EUR payables and receivables. Execute appropriate forward contracts and options through banking partners, monitor exchange-rate movements, and manage currency exposure in alignment with budgeted exchange rates and approved hedging strategies.

5. Hedging Policy Development and Implementation: Develop and implement a comprehensive commodity and foreign exchange hedging policy covering permitted instruments, hedge tenors, exposure limits, approval authorities, escalation procedures, and risk parameters. Initially present trade recommendations to the Group CFO for approval and subsequently execute transactions independently within delegated authority.

6. MTM, Reconciliation and Risk Controls: Prepare daily commodity and currency position reports and monthly mark-to-market statements. Reconcile open positions, executed trades, and outstanding exposures against broker and bank statements. Investigate and resolve discrepancies promptly, maintain complete hedge documentation, and ensure compliance with internal controls, FEMA, RBI regulations, and approved hedging limits.

7. Systems Integration, Reporting and Cross-functional Coordination: Operate and maintain the hedging dashboard integrated with SAP purchase and sales order data. Coordinate with procurement, sales, finance, accounts, and operations teams to ensure accurate exposure identification, timely pricing updates, transaction recording, and alignment between physical commodity requirements and financial hedge positions. Report daily exposures and monthly MTM performance to the Group CFO.

8. Desk Development, Performance Monitoring and Strategic Risk Management: Strengthen and scale the commodity and FX hedging desk to support an increase in monthly metal pricing volumes from approximately 2,000 to 3,000 tonnes. Monitor realised metal costs against LME cash or 3-month benchmarks, track FX booked rates against budget rates, evaluate broker performance, lead broker panel reviews and re-tendering, and participate in daily position calls, metal pricing reviews, and monthly MTM discussions with the Group CFO.

📌 Head Commodity & FX Risk (Indore)
🏢 Greenhill Consulting
📍 Indore