$1.3 million of nickel held by JPMorgan turns out to be bags of stones: Report

As much as 54 tonnes of nickel worth $1.3 million held by JPMorgan Chase & Co as nickel contracts have turned out to be bags of stones, Bloomberg reported. Last week, the London Metal Exchange cancelled nine nickel contracts after discovering "irregularities" at a warehouse. It wasn't clear if the bags ever contained nickel or whether it's a fraud case.