LME postpones resumption of nickel trading during Asian hours to Mar 27
The London Metal Exchange (LME) announced last Friday (March 17) to postpone the resumption of nickel trading during Asian hours by a week to March 27 after it found the nickel its warehouse failed to meet contract specifications. The LME found bags of stones instead of nickel in a warehouse in Rotterdam.
The nine contracts in question involved a total of 54 tons of nickel, worth about US$1.3 million at current prices. The LME said the amount of nickel represented only 0.14% of live nickel inventories in its warehouses, which had a limited impact on the metals markets. However, the news was another blow to confidence in the struggling LME.
