LME Finds Some Nickel Underlying Its Contracts Is Missing

LME Finds Some Nickel Underlying Its Contracts Is Missing

From bnnbloomberg.ca

The London Metal Exchange has discovered bags of stones instead of the nickel that underpinned a small handful of its contracts at a warehouse in Rotterdam, in a revelation that will deliver another blow to confidence in the embattled exchange. The amount of metal represents just 0.14% of live nickel inventories on the LME, however metals traders generally consider LME contracts to be beyond question, so the news that even a few of them could contain irregularities is hugely problematic. The news comes weeks after trader Trafigura Group revealed that it had been the victim of a vast alleged fraud involving missing ... (full story)

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