{"id":1987,"date":"2023-03-20T08:36:35","date_gmt":"2023-03-20T06:36:35","guid":{"rendered":"https:\/\/scrapad.com\/?p=1987"},"modified":"2025-01-14T12:52:51","modified_gmt":"2025-01-14T10:52:51","slug":"nickel-fraud-london-metal-exchange","status":"publish","type":"post","link":"https:\/\/scrapad.com\/en\/blog\/nickel-fraud-london-metal-exchange","title":{"rendered":"Nickel fraud on the London Metal Exchange"},"content":{"rendered":" \n    <div class=\"c-post--header\" style=\"background-image: url(https:\/\/scrapad.com\/wp-content\/uploads\/2023\/09\/mina.jpg);\">\n        <a href=\"\" class=\"c-back-action\">\n            Go back        <\/a>\n        <h1>Nickel fraud on the London Metal Exchange<\/h1>\n\t\t<p class=\"c-post--author\">\n\t\t\tAuthor:\t\t\t<a href=\"https:\/\/scrapad.com\/en\/author\/scrapad-admin\/\">ScrapAd<\/a>\n\t\t<\/p>\n        <div class=\"c-post--meta\">\n            <p>20\/03\/2023<\/p>\n            <div class=\"c-post--actions\">\n                <a onclick=\"window.print()\" class=\"c-article__action\">\n                    <i class=\"large material-icons icon\">print<\/i>\n                <\/a>\n                <a data-clipboard-text=\"\" class=\"c-article__action\">\n                    <i class=\"large material-icons icon\">content_copy<\/i>\n                <\/a>\n                <span class=\"c-article__action share__trigger\">\n\t\t\t\t\t<i class=\"large material-icons icon\">share<\/i>\n\t\t\t\t\t<ul class=\"share__displays\">\n\t\t\t\t\t\t<li>\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/scrapad.com\/wp-content\/plugins\/scrapad-blocks\/assets\/icons\/share\/facebook.svg\" alt=\"\">\n\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<li>\n\t\t\t\t\t\t\t<a href=\"https:\/\/twitter.com\/share?text=&amp;url=\" target=\"_blank\" rel=\"noopener\">\n                                <img decoding=\"async\" src=\"https:\/\/scrapad.com\/wp-content\/plugins\/scrapad-blocks\/assets\/icons\/share\/twitter.svg\" alt=\"\">\n\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<li>\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&amp;url=&amp;title=&amp;summary=&amp;source=\" target=\"_blank\" rel=\"noopener\">\n                                <img decoding=\"async\" src=\"https:\/\/scrapad.com\/wp-content\/plugins\/scrapad-blocks\/assets\/icons\/share\/linkedin.svg\" alt=\"\">\n\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<li>\n\t\t\t\t\t\t\t<a\n\t\t\t\t\t\t\t\thref=\"mailto:info@scrapad.com?&amp;cc=&amp;bcc=&amp;subject=&amp;body=\"\n\t\t\t\t\t\t\t\ttarget=\"_blank\"\n\t\t\t\t\t\t\t>\n                                <img decoding=\"async\" src=\"https:\/\/scrapad.com\/wp-content\/plugins\/scrapad-blocks\/assets\/icons\/share\/email.svg\" alt=\"\">\n\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t<\/ul>\n\t\t\t    <\/span>\n            <\/div>\n        <\/div>\n    <\/div>\n    \n\n \n    <section class=\"c-container \" style=\" background-color: #FBFBFB; background-size: cover; --xsPadding: 40px 25px 40px 25px; --smPadding: 40px 25px 40px 25px; --mdPadding: 80px 100px 80px 100px; --lgPadding: 80px 100px 80px 100px; --xlPadding: 80px 100px 80px 100px; --xxlPadding: 80px 200px 80px 200px;  \">\n        \n<div class=\"wp-block-scrapad-blocks-container c-post\">\n<div class=\"c-article__desc wp-block-scrapad-blocks-article-desc\">\n<p>The&nbsp;<a href=\"https:\/\/scrapad.com\/en\/blog\/what-is-lme-london-metal-exchange\/\" target=\"_blank\" rel=\"noreferrer noopener\">London Metal Exchange<\/a>&nbsp;or LME, the global hub of&nbsp;<a href=\"https:\/\/scrapad.com\/en\/blog\/industrial-metals\/\" target=\"_blank\" rel=\"noreferrer noopener\">industrial metals<\/a>&nbsp;trading, has detected&nbsp;<strong>irregularities in one of its outsourced warehouses<\/strong>, where the physical commodities that support the day-to-day contracts that take place in its facilities are stored. As a result, last Friday it postponed the resumption of Asian nickel trade for a week, after finding that the material did not meet contract specifications.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">LME nickel irregularities<\/h2>\n\n\n\n<p>Specifically,&nbsp;<strong>it affected nine&nbsp;<a href=\"https:\/\/scrapad.com\/en\/materials\/nickel\/\" target=\"_blank\" rel=\"noreferrer noopener\">nickel<\/a>&nbsp;contracts<\/strong>&nbsp;at the LME&#8217;s Rotterdam-based facility, involving some&nbsp;<strong>54 tonnes of goods valued at $1.3 million<\/strong>. The LME reported that&nbsp;<strong>the setbacks were detected after receiving information about problems with a number of nickel shipments<\/strong>&nbsp;from this facility managed by one of its authorised warehouse operators.&nbsp;<strong>The bags in question contained stones instead of nickel<\/strong>&nbsp;and were therefore not of the correct weight.&nbsp;<strong>All nine orders were invalidated<\/strong>&nbsp;and the owner of the order was notified, according to the London Metal Exchange.<\/p>\n\n\n\n<p>The issue comes a month after&nbsp;<strong>the&nbsp;<a href=\"https:\/\/scrapad.com\/en\/blog\/trafigura-nickel-fraud\/\" target=\"_blank\" rel=\"noreferrer noopener\">Trafigura nickel fraud<\/a>, who alleged that it had uncovered a fraud<\/strong>&nbsp;that it said was &#8220;systematic&#8221;, further undermining confidence in global trading of the material.<\/p>\n\n\n\n<p>In the aftermath, Trafigura stated that&nbsp;<strong>&#8220;we do not own any of the nine warrants that have been invalidated by the LME&#8221;<\/strong>. Nor is there any connection with Trafigura&#8217;s legal action against Gupta.<\/p>\n\n\n\n<p>The London Metal Exchange has stated that&nbsp;<strong>there is no reason to believe that other warehouses have been affected<\/strong>, but has still asked authorised traders to verify the guaranteed nickel. It said the problem was related to nickel briquettes stored in bags, so other metals that do not allow delivery in this form are not susceptible to these irregularities.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Rise in nickel prices in recent weeks<\/h2>\n\n\n\n<p>Nickel, one of the base metals traded on the LME,\u00a0<strong>has been rising steadily due to the war in Ukraine<\/strong>. Russia produces about 10% of nickel, and traders feared that sanctions would reduce supply and increase the price. It was consistent to expect a steady increase in the coming weeks, but due to various reasons (speculation, trader nervousness, etc.) on 4 March,\u00a0<a href=\"https:\/\/scrapad.com\/en\/nickel-price\/\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/scrapad.com\/en\/nickel-price\/\" rel=\"noreferrer noopener\">nickel prices<\/a>\u00a0went from $29,000 to $100,000.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Secure shipments of recyclable material with ScrapAd<\/h2>\n\n\n\n<p>At ScrapAd, an online platform for&nbsp;<a href=\"https:\/\/scrapad.com\/en\/\" target=\"_blank\" rel=\"noreferrer noopener\">scrap metal trading<\/a>, we guarantee the success of transactions with&nbsp;<a href=\"https:\/\/scrapad.com\/en\/materials\/\" target=\"_blank\" rel=\"noreferrer noopener\">scrap materials<\/a>&nbsp;from start to finish. This is because&nbsp;<strong>we verify the material that is traded between both parties at the originating facility before the shipment is made<\/strong>. In addition,&nbsp;<strong>all companies<\/strong>&nbsp;that register on our portal undergo a&nbsp;<strong>rigorous verification process<\/strong>&nbsp;to ensure their authenticity.<\/p>\n\n\n\n<p>With ScrapAd&#8217;s service you will avoid additional worries and&nbsp;<strong>possible fraud<\/strong>. Find out what we can do for your business.<\/p>\n<\/div>\n<\/div>\n\t<\/section>\n    \n\n    <div class=\"c-container c-post--related\" style=\"background-color: #F7F5F2; --xsPadding: 40px 25px 40px 25px; --smPadding: 40px 25px 40px 25px; --mdPadding: 40px 25px 40px 25px; --lgPadding: 72px 100px 72px 100px; --xlPadding: 72px 100px 72px 100px; --xxlPadding: 72px 100px 72px 100px;\">\n        <div class=\"container\">\n            <h3 class=\"c-article__side__heading\">Other posts that may interest you\u2026<\/h3>\n        <\/div>\n        <div class=\"scrapad-blocks-related glide\" data-autoplay=\"4000\" data-views-desktop=\"3\" data-views-tablet=\"2\" data-views-mobile=\"1\" data-mode=\"slider\">  \n            <div class=\"container glide__track\" data-glide-el=\"track\">\n                <div class=\"row slider-mobile glide__slides\">\n                                                                         \n                            <div class=\"col-12 col-lg-6 glide__slide\">\n                                    <div class=\"c-blog__item\">\n        <a href=\"https:\/\/scrapad.com\/en\/blog\/differences-between-brass-and-bronze\/\" class=\"c-blog__item--inner\">\n            <div class=\"c-blog__item__header\">\n                <div\n                    class=\"c-blog__item__image\"\n                    style=\"background-image: url(https:\/\/scrapad.com\/wp-content\/uploads\/2025\/01\/laton-bronce.jpg;\"\n                ><\/div>\n                <\/div>\n                <div class=\"c-blog__item_body\">\n                    <h4 class=\"c-blog__item__title\">Differences between brass and bronze<\/h4>\n                    <div class=\"c-blog__item__meta\">\n                        <span class=\"c-blog__item__date\">29\/01\/2025<\/span>\n                    <\/div>\n                <div class=\"c-blog__item__desc\">\n                    <p>In the manufacturing industry it is common to use metal alloys such as bronze and brass. Together with copper, these two metals are known as red metals because of their characteristic colour.<\/p>\n                <\/div>\n                <div class=\"c-blog__item__footer\">\n                    <span class=\"c-blog__item__link\">Show details<\/span>\n                <\/div>\n            <\/div>\n        <\/a>\n    <\/div>\n                                <\/div>\n                                                     \n                            <div class=\"col-12 col-lg-6 glide__slide\">\n                                    <div class=\"c-blog__item\">\n        <a href=\"https:\/\/scrapad.com\/en\/blog\/high-speed-steel-hss\/\" class=\"c-blog__item--inner\">\n            <div class=\"c-blog__item__header\">\n                <div\n                    class=\"c-blog__item__image\"\n                    style=\"background-image: url(https:\/\/scrapad.com\/wp-content\/uploads\/2025\/01\/acero-rapido-que-es.png;\"\n                ><\/div>\n                <\/div>\n                <div class=\"c-blog__item_body\">\n                    <h4 class=\"c-blog__item__title\">What is High Speed Steel or HSS<\/h4>\n                    <div class=\"c-blog__item__meta\">\n                        <span class=\"c-blog__item__date\">20\/01\/2025<\/span>\n                    <\/div>\n                <div class=\"c-blog__item__desc\">\n                    <p>High Speed Steel (HSS) is the term used to define material for tool steels that can be used at a high machining speed (such as cutting or drilling).<\/p>\n                <\/div>\n                <div class=\"c-blog__item__footer\">\n                    <span class=\"c-blog__item__link\">Show details<\/span>\n                <\/div>\n            <\/div>\n        <\/a>\n    <\/div>\n                                <\/div>\n                                                     \n                            <div class=\"col-12 col-lg-6 glide__slide\">\n                                    <div class=\"c-blog__item\">\n        <a href=\"https:\/\/scrapad.com\/en\/blog\/types-of-bronze\/\" class=\"c-blog__item--inner\">\n            <div class=\"c-blog__item__header\">\n                <div\n                    class=\"c-blog__item__image\"\n                    style=\"background-image: url(https:\/\/scrapad.com\/wp-content\/uploads\/2024\/10\/tipos-de-bronce.jpg;\"\n                ><\/div>\n                <\/div>\n                <div class=\"c-blog__item_body\">\n                    <h4 class=\"c-blog__item__title\">Types of bronze we can find<\/h4>\n                    <div class=\"c-blog__item__meta\">\n                        <span class=\"c-blog__item__date\">29\/10\/2024<\/span>\n                    <\/div>\n                <div class=\"c-blog__item__desc\">\n                    <p>The price of iron ore continues to fall. This decline coincides with warnings from one of the world&#8217;s largest steel producers, China, warning of a crisis in the sector.<\/p>\n                <\/div>\n                <div class=\"c-blog__item__footer\">\n                    <span class=\"c-blog__item__link\">Show details<\/span>\n                <\/div>\n            <\/div>\n        <\/a>\n    <\/div>\n                                <\/div>\n                                                     \n                            <div class=\"col-12 col-lg-6 glide__slide\">\n                                    <div class=\"c-blog__item\">\n        <a href=\"https:\/\/scrapad.com\/en\/blog\/iron-prices-are-falling\/\" class=\"c-blog__item--inner\">\n            <div class=\"c-blog__item__header\">\n                <div\n                    class=\"c-blog__item__image\"\n                    style=\"background-image: url(https:\/\/scrapad.com\/wp-content\/uploads\/2024\/10\/caida-precio-hierro.png;\"\n                ><\/div>\n                <\/div>\n                <div class=\"c-blog__item_body\">\n                    <h4 class=\"c-blog__item__title\">Why iron prices are falling<\/h4>\n                    <div class=\"c-blog__item__meta\">\n                        <span class=\"c-blog__item__date\">21\/10\/2024<\/span>\n                    <\/div>\n                <div class=\"c-blog__item__desc\">\n                    <p>The price of iron ore continues to fall. This decline coincides with warnings from one of the world&#8217;s largest steel producers, China, warning of a crisis in the sector.<\/p>\n                <\/div>\n                <div class=\"c-blog__item__footer\">\n                    <span class=\"c-blog__item__link\">Show details<\/span>\n                <\/div>\n            <\/div>\n        <\/a>\n    <\/div>\n                                <\/div>\n                                                            <\/div>\n            <\/div>\n        <\/div> \n    <\/div>\n    ","protected":false},"excerpt":{"rendered":"<p>The\u00a0London Metal Exchange\u00a0or LME, the global hub of\u00a0industrial metals\u00a0trading, has detected\u00a0irregularities in one of its outsourced warehouses, where the physical commodities that support the day-to-day contracts that take place in its facilities are stored.<\/p>\n","protected":false},"author":2,"featured_media":1992,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[52],"tags":[],"class_list":["post-1987","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metals"],"acf":{"post_country":{"simple_value_formated":"<ul><li><a class=\"post-link\" href=\"https:\/\/scrapad.com\/en\/paises\/spain\/\" rel=\"bookmark\">Spain<\/a><\/li><\/ul>","value_formated":{"postIds":[2676],"postType":"paises"},"value":["2676"],"field":{"ID":0,"key":"field_64ef02d93e348","label":"Pa\u00eds","name":"post_country","aria-label":"","prefix":"acf","type":"relationship","value":null,"menu_order":0,"instructions":"","required":0,"id":"","class":"","conditional_logic":0,"parent":"group_64ef02d9ad6ee","wrapper":{"width":"","class":"","id":""},"post_type":["paises"],"post_status":["publish"],"taxonomy":"","filters":["search","post_type","taxonomy"],"return_format":"id","min":"","max":"","elements":"","_name":"post_country","_valid":1}}},"_links":{"self":[{"href":"https:\/\/scrapad.com\/en\/wp-json\/wp\/v2\/posts\/1987","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/scrapad.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/scrapad.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/scrapad.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/scrapad.com\/en\/wp-json\/wp\/v2\/comments?post=1987"}],"version-history":[{"count":7,"href":"https:\/\/scrapad.com\/en\/wp-json\/wp\/v2\/posts\/1987\/revisions"}],"predecessor-version":[{"id":61011,"href":"https:\/\/scrapad.com\/en\/wp-json\/wp\/v2\/posts\/1987\/revisions\/61011"}],"acf:post":[{"embeddable":true,"href":"https:\/\/scrapad.com\/en\/wp-json\/wp\/v2\/paises\/2676"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/scrapad.com\/en\/wp-json\/wp\/v2\/media\/1992"}],"wp:attachment":[{"href":"https:\/\/scrapad.com\/en\/wp-json\/wp\/v2\/media?parent=1987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/scrapad.com\/en\/wp-json\/wp\/v2\/categories?post=1987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/scrapad.com\/en\/wp-json\/wp\/v2\/tags?post=1987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}