Commodities
Trafigura’s Non-Existent Nickel Was Bought by a US Firm
- Buyers named as Xiamen C&D, Mind ID, Argentem and Axiom
- Filings show some of the buyers have uncovered problems
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Trafigura Group sold cargoes of nickel it now believes may not have contained any of the metal to buyers including a US trade finance firm and a state-owned Indonesian mining company, according to court documents.
The question of how far through the market containers of non-existent nickel had spread has been one of the top concerns for traders ever since Trafigura revealed earlier this month that it had been the victim of what it described as a “systematic fraud.”