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JPMorgan Took Delivery of Stones Instead of Purchased Nickel - Report

CC0 / _Alicja_ / Stones
Stones - Sputnik International, 1920, 21.03.2023
WASHINGTON (Sputnik) - JPMorgan, one of the top US banks and among the biggest names in the commodities trade on Wall Street, took delivery of bags of stones instead of the nickel that it paid for, US media reported.
JPMorgan made the transaction several years ago and the commodity it thought it had purchased had been stored in a Dutch warehouse since, the report said on Monday.
The London Metal Exchange said last week that sacks thought to hold 54 metric tons of nickel in an unnamed warehouse had failed to comply with its standards as inspections of the merchandise showed stones instead of a silvery nickel used in steel and electric-vehicle batteries.
The exchange did not disclose the name of the buyer of the nickel briquettes valued at $1.3 million at current prices but people with knowledge of the matter said it was JPMorgan, the report said.
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Access World, a former subsidiary of miner and trader Glencore PLC which executed the order for JPMorgan, is likely to face pressure to foot the bill because it is responsible for checking metal on entry into the warehouse and keeping it safe while in storage, the report added.
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