JPMorgan's Nickel Purchase Filled with Stones: Report
Originally Published 2 years ago — by Fox Business
JPMorgan Chase mistakenly purchased bags of stones that were thought to be nickel due to a mix-up at a Dutch warehouse owned by logistic firm Access World, which is owned by Glencore PLC. The bags were worth around $1.3 million if they had actually contained nickel. The incident highlights the complexities of investing in a scandal-ridden industry subject to extreme price volatility and supply chain disruptions. The low quantity suggests the mix-up will have relatively little impact on metal markets.