LME requires registered warehouses to check nickel stocks by hand

Foreign media news on May 14: Following the scandal of fake nickel metal warehouse receipts earlier this year, the London Metal Exchange (LME) issued new regulations on Friday that will require storage companies to conduct additional inspections on nickel warehouse receipts. Those additional checks include the use of magnets and metal detectors, as well as "touch checks," in which warehouse workers touch the outside of the bag to verify that the material inside is the right size and shape, the people said. The exchange also requires warehouses to weigh nickel delivered from the LME system. In early March, nickel deliveries by LME-registered warehousing company AccessWorld to commodity traders Trafigura and Stratton Metals turned out to be rocks. In late March, the LME said it had found no more "violations" after inspections of all bagged nickel metal in LME-licensed warehouses.