JPMorgan Chase thought it had $1.3 million worth of nickel stored in a warehouse. A closer examination revealed bags of stones.
A spokesperson for Access World told Insider that"Access World confirms it is currently undertaking inspections of warranted bags of nickel briquettes at all locations and will engage external surveyors to assist. In the meantime based on internal stock checks all information indicates that the underlying issue which led to the suspension of the 9 warrants referenced in LME notice 23/044 is an isolated case and specific to one warehouse in Rotterdam.
It's likely that Access World is going to bear the burden — ie, the bill — for the mix-up rather than JPMorgan Chase, the Journal, because it was the company's responsibility to protect the stores of metal in its facilities. JPMorgan Chase reportedly bought the bags years ago and remains an active player in big metals, the Journal
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