The world's top metals trader is stuck in another nickel-shipment snafu after getting bags of stones from a Dutch warehouse
at the warehouse. Had they contained nickel, the bags would have been worth $1.3 million at current prices. Stratton Metals, a metal trader in Europe, also reportedly got bags of stones instead of nickel.
The LME first announced the mix-up last Friday but didn't disclose the owner of the bags or the warehouse where they were kept. LME inspected all of its metal holdings at the warehouse and found that nine contracts contained material other than nickel. Meanwhile, Trafigura has said there's no connection between the bags of stones and a separate snafu related to nickel cargoes.
Last month, the commodity giant acknowledged that some of its nickel cargoes had been substituted for carbon steel, a cheaper metal, leaving Trafigura potentially facing a"Since late December 2022, a small proportion of the containers purchased from these companies have been inspected as they reached their destination, and were found not to contain nickel," Trafigura said in a statement last month, according toThe incident led Trafigura to sue the Indian businessman Prateek Gupta in...
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