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Aug 31, 2023

Another Metals Trader Says It Has Been Hit by a Nickel Fraud (1)

Another trading house has been stung after buying a cargo supposedly containing nickel that turned out to be full of near-worthless rubble. The latest example, detailed in lawsuits in London and

Another trading house has been stung after buying a cargo supposedly containing nickel that turned out to be full of near-worthless rubble.

The latest example, detailed in lawsuits in London and Singapore, is separate from the $600 million alleged fraud against Trafigura Group that shocked the trading industry earlier this year, but it involves several of the same companies.

The revelation that the problem of non-existent nickel is more widespread will be another blow to confidence in the scandal-prone metals trading industry. The Trafigura case has spawned several lawsuits, while in March the London Metal Exchange discovered that ...

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