JPMorgan's $1.3 Million Nickel Turned Out to be Fake

JPMorgan is the owner of nine shipments of fake nickel discovered by the London Metal Exchange, which were found to contain bags of rocks instead of the valuable metal. The LME invalidated the shipments and delayed the relaunch of nickel trading during Asia hours. Nickel is used in industrial processes and is a key component in lithium-ion batteries for electric cars. The total amount of nickel involved is small, but this is the second scandal involving fake nickel in as many months. Trading in nickel is still suspended during Asia hours due to the crisis, and several trading firms that had their nickel trades canceled are suing the London Metals Exchange.