LME finds 'irregularities' in several nickel bags at a warehouse

The London Metal Exchange on Friday postponed the resumption of nickel trading during Asian hours by a week to March 27 after it found nickel that failed to meet contract specifications at an LME warehouse.

The LME said it had cancelled nine nickel warrants - an ownership document for metals placed in an LME-approved warehouse - at one warehouse facility, without naming it. The announcement further undermines trust in the global nickel trade after trader Trafigura last month alleged that it discovered"systematic fraud" in shipments that did not contain nickel and begun legal proceedings against Indian businessman Prateek Gupta and his companies.

The 146-year-old LME said the issues with nickel related to bagged nickel briquettes, which were found to not have the correct weight.The bags in question were at a warehouse owned by Access World in Rotterdam and contained stones instead of the nickel, Bloomberg reported, citing sources familiar with the matter.

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