Jp Morgan, the colossus that bought nickel and found stones in its warehouses – Corriere.it

The story of the American financial giant which he spent millions of dollars to buy nickel begins at least a decade ago.

jp morgan one of the big player in the metal market: trade copper, aluminum, zinc and precious metals such as gold. And nickel, in fact, very precious and highly sought after for batteries, for example for electric cars.

According to Washington Post, Jp Morgan had bags of nickel stored in a Dutch warehouse. Or at least, she thought she bought nickel. Instead it turned out that those were sacks full of stones.

Not a story by the master John le Carr but it looks resoundingly like it. Spies are missing for now even if there is a mystery to be solved: how the authorities managed to let stones into the port of Rotterdam instead of metals bought with millions.

From the London Metal Exchange – the world’s leading non-ferrous metal exchange – they say the bags used to hold the 54 tonnes of nickel did not meet standards. Perhaps a clumsy attempt to save face.

The bags were discovered in a shed in the Dutch port city, according to reports from the Wall Street Journal and other media outlets. The question remains whether they arrived already with the stones or if the nickel was stolen afterwards.

The company that controls the warehouse, called Access World Group, believes that this is an isolated case. The same Access World responsible for the control of metals at port customs.

An unfashionable business: le Wall Street banksthey are no longer as active in the physical commodity market as they were a decade ago when Morgan Stanley and Goldman Sachs they traded oil, filled warehouses with metal, and transported sugar between continents.