The world’s largest private metal trader is now chasing the Indian businessman to get its nickel back

For seven years, things were fine. At least they seemed to be. Trafigura is the world’s largest private metal trader. Prateek Gupta had been in the metal business for over a decade — he was the third-generation owner of the family commodities businesses. The two had been working together since 2015.
But in 2022, the bank financing these deals stepped back. Citigroup said it would not finance them any more. Meanwhile, the nickel cargoes that Trafigura was expecting from Gupta’s companies started arriving late. They were making more stops at ports along the way. And when Trafigura asked for documentation, the companies simply stalled.
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