LME confirms that, following a 100% inspection of all bagged nickel warrants in LME-licensed warehouses, no further irregularities have been found in LME-warranted nickel stocks, and that Asian hours nickel trading will resume on Monday 27 March.

Last week, LME requested that all licensed warehouse operators undertake additional inspections on LME-warranted nickel, after nine nickel warrants were found to be non-conformant with the contract specifications. In particular, the LME has provided information to warehouse operators as to the irregularities discovered in the incident, and the steps needed to check that such irregularities are not present in any other bags.

The LME has now received confirmation from all its licensed warehouses that they have completed a full inspection of all bagged nickel warrants. The LME confirms that no further irregularities have been found in LME-warranted nickel in any of its licensed warehouses globally, and all warehouse operators have confirmed to the LME that they are satisfied with the integrity of the nickel underlying all warrants.

The LME’s own warehouse inspectors have additionally been undertaking on-site sample-testing alongside warehouse operators’ own checks. No concerns have been identified in this regard. Circumstances surrounding the Incident

In parallel, the LME has been working with the affected warehouse company and other relevant parties to fully establish the circumstances of the Incident. Shipment details give the LME additional confidence that this was an isolated incident, affecting an identifiable parcel of metal.

The LME continues to gather information, and has powers under the Warehouse Agreement to undertake an investigation and take enforcement action in respect of suspected act(s) of misconduct and will exercise such powers as it considers appropriate.

The LME confirms that Asian hours nickel trading will resume on Monday 27 March at 01.00 London time (please note that the UK moves to British Summer Time on Sunday 26 March).