The news has been met with shock in the metals world, because London Metal Exchange contracts are generally viewed as beyond question.
nickel contracts that turned out to be backed by bags of stones rather than metal, according to people familiar with the matter.
There is no suggestion that JPMorgan did anything wrong. The material was already inside Access World’s Rotterdam warehouse when the bank bought it several years ago, according to one of the people. Access World said it was inspecting the “warranted” bags of nickel briquettes at all its locations, but believed that the issue that led to the nine warrants being suspended was “an isolated case and specific to one warehouse in Rotterdam”.It is not clear whether the bags ever contained nickel, and whether the issue is a result of error, theft or fraud. Under the LME’s rules, warehouses are responsible for inspecting and verifying metal and are required to hold insurance.
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