A fraudulent nickel shipment was discovered from Access World's Rotterdam warehouse. Trafigura, Mercuria Energy Group and Stratton Metals are some companies that have fallen victim to nickel contract fraud.
The London Metal Exchange and its notorious nickel contract are back in the limelight again. This time, the news has to do with reports of potential fraud with a recent LME nickel shipment. The scrutiny comes following the discovery of nine warrants, some 54 tons of Nickel briquettes, that turned out to contain rocks.
The owner of the consignments are Trafigura in the U.S. and Stratton Metals in the U.K. Unfortunately, these traders are not alone in suffering fraud on nickel contracts. A recent post details how Mercuria Energy Group, a Geneva-based multinational trading company, bought 10,000 tons of blister copper from Turkish supplier Bietsan Bakir last summer for $36 million. However, when the cargo arrived in China, workers found the containers to be full of painted rocks.
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