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Downstream Demand Analyst (Metals) at Qube Research & Technologies (Shanghai, China)

Qube Research & Technologies· Shanghai, China·

Job description

Role Summary

Build and maintain data-driven end-use demand models across global metals markets, translating sector-level insights into actionable views for trading and investment.

Core Responsibilities

  • Demand Modelling
  • Develop bottom-up end-use demand models (starting with China, then globally and covering major regional markets) across key sectors (e.g. real estate, transportation, power generation and distribution, infrastructure, data centres / AI, appliances).
  • Conduct intensity analysis and forward demand projections, adjusting for cyclical effects (e.g. demand destruction vs deferral).
  • Track inventories across the value chain using semi-finished and end-use data.
  • Analyse capacity across end-use sectors to consume scrap vs refined metals.
  • Data Integration & Monitoring
  • Build scalable data pipelines integrating national statistics, industry data, company disclosures, and alternative data (e.g. shipping, customs, satellite).
  • Generate model outputs programmatically, incorporating real-time and high-frequency macro data.
  • Develop dashboards to present key high-frequency indicators in a clear, actionable format.
  • Market Analysis & Insights
  • Identify market inefficiencies and relative value opportunities across commodities and regions.
  • Perform scenario analysis incorporating macro, policy, and geopolitical factors.
  • Support trading and portfolio positioning with timely, data-driven insights.

Experience & Knowledge

  • 5+ years’ experience in metals/commodity research, with strong focus on first-use and end-use demand.
  • Deep understanding of downstream sectors and global metals value chains.
  • Familiarity with scrap markets, trade flows, and industry dynamics.

Technical Skills

  • Advanced Python programming (model development, data pipelines).
  • Strong SQL proficiency.
  • Experience working with large, multi-source datasets and real-time data systems.

Other Skills

  • Strong analytical and problem-solving capabilities.
  • Ability to operate in a fast-paced, collaborative environment.
  • Excellent communication skills (written and verbal, English).

Why work at Qube Research & Technologies

  • Compensation & Career Growth: Highly competitive pay. Interns can earn around $12k per month. Over 40% of staff are in a deferred compensation plan with exposure to fund performance. Glassdoor rating of 4.1/5.0, with compensation (4.0) and career opportunities (4.1) as top highlights.
  • Culture & Demographics: Young, high-performance culture (74% of staff aged 40 or under, 38% aged 30 or under). 90% of staff reported good team morale in an internal survey. Described as a "fertile ground for experimental research."
  • Work Environment: Hybrid/office-based depending on role and location. Offices in London (HQ), Paris, Hong Kong, Singapore, New York, Chicago, Dubai, Mumbai, Geneva, and more. New London office in Victoria.
  • Notable Perks: Deferred compensation plan with fund performance exposure. Interns can earn around $12k per month. Strong focus on work-life balance initiatives.
  • Engineering Culture: Heavy emphasis on technology (Python, C++, C#, Snowflake, FPGA, low-latency systems, MLflow, Kubernetes). 22% of staff are in Research roles, 6% in Technical roles. Strong support for coding initiatives and academic projects in maths and science.

Application questions