Commodity markets trade in raw or unprocessed materials, usually of agricultural origin. London is home to one of the most global and important commodity exchanges in the world, the London Metal Exchange (LME). Therefore commodities jobs arev high in demand the UK capital.With its origins in the 19th century, the London Metal Exchange has grown to be the global centre for trading in major metals like copper, aluminium, zinc and nickel. Recently trading has commenced in plastics, and steel will be introduced in 2008. Precious metals such as gold and silver are not traded here, rather at the London Bullion Exchange. Platinum and Palladium are traded on the London Platinum and Palladium Market. The London Metal Exchange traded over $9,500 million in 2007, and is one of the largest institutions based in The City of London.
Although there is still trading conducted on a trading floor between brokers, an increasing share of the market’s activities are being transacted across modern electronic systems. With an estimated 95% of all business coming from overseas, this truly global market must have extremely efficient software and support system to function. Consequently, the commodity job market remains a prevalent market amongst IT professionals working in the finance industry in London.
The average salary of a commodity-related IT professionals working in the city ranges between £35,000 to over £85,000 per year, depending on experience and job requirements. Quantitative analysts, systems analysts, project managers and software developers are all common jobs in the commodity field.
IT professionals looking to work in the Commodities industry in The City of London predominantly work within banking and finance organisations. Because the LME is only open to its 12 members, most available positions will be with these organisations. There are also 100 or so other companies associated with the exchange. Most investment banks and large financial institutions are also involved in commodities trading across oil, energy, foods, and metals.
Search for commodities jobs on Dice to find the latest IT jobs in the commodity sector. Search for jobs by job title or by company/institution type.