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LONDON (Reuters) - The London Metal Exchange (LME) launched two consultations on Wednesday on possible reforms in the wake of last year's crisis in nickel trading, saying it was following up on an action plan set out in March. | 11:45am
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...
(Reuters) - The London Metal Exchange (LME) will require warehouse companies to carry out additional checks on stocks of warranted nickel following irregularities earlier this year, Bloomberg News reported on Friday. | 02:24pm
Reports of potential fraud in a recent LME nickel shipment by Access World's Rotterdam warehouse have put nickel buyers on high alert.
A shocking case of fraud continues to rock LME Nickel. Meanwhile, insiders debate the use of blockchain technology to prevent such scams.