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JPMorgan, one of the top US banks and among the biggest names in the commodities trade on Wall Street, took delivery of bags of stones instead of the nickel that it paid for, US media reported.
An apparent mix-up at a warehouse in Rotterdam led to JPMorgan Chase buying what it thought was $1.3 million worth of nickel but turned out to be bags of stones.
Bags of nickel worth $1.3 million contained nothing but stones—and prompted more scrutiny of the LME
Read Andrea Hotter's latest article on how Glencore’s Gary Nagle might have spoken too soon when he said that his company wouldn’t be hit by a nickel fraud similar to that seen by its rival, Trafigura
The London Metal Exchange has reported "irregularities" with bagged nickel briquettes at one of its warehouses, according to a statement Read Full Article at RT.com