LME Rocked by New Nickel Scandal After Finding Bags of Stones
- Problem found at Access World Rotterdam warehouse: sources
- Metal had been registered in the warehouse since early 2022
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The London Metal Exchange has discovered bags of stones instead of the nickel that underpinned a 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, worth about $1.3 million at current prices, so the immediate impact on metals markets is limited.