The Nickel Crisis

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Market for one of the world's most important metals has been seriously tarnished. Trafagura unveiled a $577 million nickel fraud at the beginning of the year. London Metal Exchange said that it had found in one of its licensed warehouses, there were stones inside these bags. The FT's Harry Dempsey joins me to talk more about the scandals and why they're surfacing now.

Goldman Sachs, JPMorgan Chase and Fidelity are the biggest winners from investors pouring cash into US money market funds over the past two weeks, senior EU and UK officials have stepped up discussions on potential plans for closer defence and security co-operation, the London Metal Exchange has found bags full of stones at one of its warehouses instead of the nickel they were supposed to contain in the latest drama to hit the scandal-stricken metals market, and crypto companies are heading to Hong Kong to try and capture demand from Mainland China

Mentioned in this podcast:

Money market funds swell by over $286bn as investors pull deposits from banks

Trafigura: the 10-day unravelling of an alleged $500mn fraud

LME finds bags of stones instead of nickel in metal warehouse

EU and UK ramp up talks on defence cooperation

Crypto groups expand in Hong Kong in bid to tap mainland China demand

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The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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