Fraud Findings Force Trafigura To Fire Head Of Nickel And Cobalt Trading

 

Fraud Findings Force Trafigura To Fire Head Of Nickel And Cobalt Trading

By ZeroHedge - Feb 10, 2023, 11:00 AM CST
  • Trafigura has been forced to fire its head of nickel and cobalt trading.
  • The giant commodity trader found that metal cargoes it brought in were missing nickel.
  • Trafigura has recorded a $577 million impairment as a result of the fraud.

    • The global nickel trading market is once again in the spotlight.

    Having been at the epicenter of a massive short-squeeze that almost shuttered the London Metal Exchange (and remains mired in litigation), Bloomberg reports that the nickel market has been rocked

     once again as one of the world's largest commodity traders, Trafigura Group, is facing more than half a billion dollars in losses after discovering metal cargoes it bought didn’t contain the metal they were supposed to.

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