The London Metal Exchange has discovered bags of stones instead of the nickel that underpinned a small handful of its contracts at a warehouse in Rotterdam, per Bloomberg.
The amount of metal represents just 0.14% of live nickel inventories on the LME, worth about $1.3 million at current prices, per Bloomberg.
“LME warehouse warrants used to be the gold standard of warehouse warrants around the world, treated as a near-cash equivalent,” John MacNamara, chief executive officer of Carshalton Commodities
