25 August 2023 – Once again, a commodity trader who thought nickel was in his containers has been hit by a scam that commodity major Trafigura has also suffered this year. And after EU natural gas prices shot up due to a strike in Australia, they temporarily fell by up to 21% this Friday.
Next commodity traders hit by nickel fraud
After the well-known commodity trader Trafigura was hit this year by what is believed to be a 600 million US dollar fraud in nickel trading, and after several tonnes of alleged nickel from financial giant JPMorgan Chase & Co. turned out to be bags of stones, another commodity trader in the United States has now been hit. According to media reports, steel scrap in bags was found in the containers instead of the purchased nickel.
Damage of 3.3 Million US dollar
Even if the damage amount of about 3.3 million US dollars seems low at first sight compared to the spectacular Trafigura case, it makes clear once again how important it is to work with trustworthy partners.
European natural gas prices ease again
Despite high stocks of natural gas in the EU (93%+), a strike by Australian LNG workers had caused a short-term increase in European natural gas prices. After more conciliatory tones were already heard between the disputing parties yesterday, an agreement between workers and employers seems to have been reached in the meantime. As a result, the prices for natural gas had dropped significantly again and had even fallen by about 21% in the meantime.
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