By Christopher Johnson
LONDON, July 16 (Reuters) - Swiss energy and commodities trader Mercuria has appointed James Jian Wu, formerly at rival Trafigura, as head of its new Chinese metals trading business based in Shanghai, industry sources close to the appointment process told Reuters on Monday.
Wu, who will be managing director of Mercuria (China) Metal Resources Co. Ltd, has also been made head of global metal physical trading for the company.
Jin Guo, recently recruited from J.P. Morgan, will be Wu’s deputy and chief financial officer of Mercuria in China.
Geneva-based Mercuria, one of the world’s top five energy trading houses with an annual turnover of more than $80 billion, will announce the appointments later on Monday or on Tuesday, said the sources, who declined to be identified.
A spokesman for Mercuria was not available for immediate comment.
Metals trading sources say Mercuria is building a team of at least 15 traders and support staff in Shanghai. The new Shanghai team includes several other staff previously at Trafigura , the sources said, without giving details.
Mercuria’s Shanghai trading team will also include Jianheng Luo, who will trade derivatives, Hongjan Wang, trading zinc, lead & precious metals, and Lizhong Li, who will trade nickel, the sources said.
Mercuria announced a major expansion into metals in May, with plans to trade copper, aluminium, zinc, nickel, tin and lead, with activity in the London Metals Exchange (LME), New York Mercantile Exchange (NYMEX) and in Shanghai.
The Shanghai team will work closely with Mercuria’s metals operations in London, led by Ben Green and Liam Brown, both previously senior metals traders with Goldman Sachs.
The head of Mercuria’s non-oil operations is Roger Jones, who was recruited from Barclays earlier this year to expand the company’s activities from its initial focus on oil and energy.