LME to require warehouses to feel their nickel bags after heist
The London Metal Exchange is tightening rules for handling nickel by its network of warehouses, following the shock discovery earlier this year that some of its nickel contracts were instead backed by bags of stones. The LME will now require warehouse companies to carry out additional checks in an attempt to prevent a repeat of the scandal, according to people familiar with the matter. The tests include using magnets and metal detectors to ensure that the bags do in fact contain metal, and a so-called “touch inspection,” which involves warehouse workers feeling the outside of the b...
Source: miningweekly.com
