LME Has Checked Its Nickel Bags and Didn’t Find Any More Stones

The London Metal Exchange hasn’t found any more problems with bagged nickel in its warehouse network following the discovery last week that the “nickel” underlying nine contracts was in fact bags of stones.

Warehouse operators registered in the LME network have inspected all their inventories of bagged nickel without discovering any more issues, the exchange said in a statement. The LME said it’s continuing to investigate what happened at the Rotterdam warehouse where the problematic bags were stored, but that it’s confident that the current procedures for checking metal when it enters a warehouse are “robust in identifying potential ...