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Former Trafigura top nickel trader denies collusion in $600 million fraud
In a London court on Monday, Trafigura’s former chief nickel trader denied accusations by Indian businessman Prateek gupta that he was involved in a $600-million fraud to exchange expensive metals with cheap or worthless ones. Trafigura, a Geneva-based company, sued Gupta more than two years ago. It claimed that he was responsible for a fraud where he and his firms agreed to deliver high-quality nickel 99.8% pure but instead delivered scrap or steel. Gupta based in Dubai has denied that Trafigura employees devised the plan, creating a complex merry go round of transactions which would appear to boost its status in nickel trading. In a written statement, Sokratis ikonomou, the Trafigura nickel trader who was appointed head in 2017 told a London high court trial that he had not devised, known of or participated in such an arrangement. "I find it insulting that you suggest I would compromise my integrity and risk my career in order to come up with and propose such an idea." Trafigura terminated the employment of Trafigura's employee in January 2023, after approximately 16 years. Evidence and Internal Probe Gupta, his lawyers and Trafigura employees produced emails and chats in December 2023. He claims that these are proof that Gupta was not the only one involved in this operation. Trafigura previously stated that it investigated whether its staff had colluded with Gupta but was satisfied with their denials. Gupta stated that Oikonomou had proposed to increase nickel trading between Trafigura, Gupta’s firms and Trafigura to 50,000 tons per year in May 2019. Gupta replied by saying there wasn’t enough high-grade Nickel and suggested to include scrap and alloys. Gupta claimed that Oikonomou refused to trade low-grade Nickel in the open because Trafigura’s bank Citi would finance only high-grade Nickel. Citi declined to comment about the fraud case. Gupta claimed that Oikonomou had proposed a "transit-financing" operation in which Gupta owned or affiliated companies would sell nickels to Trafigura, and other Gupta associated firms would purchase them when they arrived at the ports to ensure that others would not discover the substitute. Trafigura acknowledges that both parties ran a transit finance operation but denies the scheme was designed to trade in secret low-grade metals or nickel. Trafigura also admitted that it had paid for nickel it believed to be pure without verifying the authenticity. However, it said it was an oversight because it did not have valid documents or commodity codes. Gupta is still subject to an asset freeze order, which he unsuccessfully tried to lift in December of 2023. (Reporting and editing by Louise Heavens, Eric Onstad)
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US copper exchange inventories hit all-time high
The U.S. Comex exchange has approved warehouses that have copper inventories exceeding 400,000 short tonnes for the first. A favorable price arbitrage is continuing to attract metal into the United States. The London Metal Exchange's (LME) copper prices are around $10,760 for a metric ton. Comex copper prices, however, are 5 cents a pound, or about $11,023 metric tons. This means arbitrage shipments into the United States can be profitable. Comex copper stocks As of November 21, data from the exchange showed that there were 402,876 short tonnes (365,483 tons metric) - a record breaking number. The previous record was 399,458 in January 2003, after quadrupling. Inventory levels soared in March, as traders raced to send metal to the United States in advance of President Donald Trump's proposed import tariffs. The 50% tariffs on imported copper were eventually lifted for refined copper. Inventory levels have not decreased, but instead risen because of the ongoing review of U.S. imports of copper. By the end of 2026, Commerce Secretary Howard Lutnick will provide Trump an update on the domestic copper market. Traders are stockpiling copper in the United States to prepare for a possible U.S. duty on refined imports. According to the U.S. Geological Survey's estimates, the U.S. refined consumption of copper was 1,58 million metric tonnes in 2024. This means that Comex stocks are equivalent to nearly one quarter the annual demand for the U.S. The number of people on the LME is also higher than the total. The Shanghai Futures Exchange, in the top copper consumer China, is the main metals market, with 155,750 tons. At 110,603 tons.
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US copper exchange inventories hit all-time high
The U.S. Comex exchange has approved warehouses that have copper inventories exceeding 400,000 short tonnes for the first. A favorable price arbitrage is continuing to attract metal into the United States. The London Metal Exchange's (LME) copper prices are around $10,760 for a metric tonne, while Comex prices are 5 cents per lb or about $11,023 metric tons. This means arbitrage shipments into the United States can be profitable. Comex copper stocks As of November 21, data from the exchange showed that short tons were 402,876 (365,483 tons) compared to 399,458 in January 2003. This is a record-breaking increase after this year's more than tripled. Inventory levels soared in March, as traders raced to send metal to the United States in advance of President Donald Trump's proposed import tariffs. The 50% tariffs on imported copper were eventually lifted for refined copper. Inventory levels have not decreased, but instead risen because of the ongoing review of U.S. imports of copper. By the end of 2026, Commerce Secretary Howard Lutnick will provide Trump an update on domestic markets for copper. Traders are stockpiling copper in the United States to prepare for a possible U.S. duty on refined imports. According to the U.S. Geological Survey's estimates, the U.S. refined consumption of copper was 1,58 million metric tonnes in 2024. This means that Comex stocks are equivalent to nearly one quarter the annual demand for the U.S. The number of people on the LME is also higher than the total. The Shanghai Futures Exchange, in the top copper consumer China, is the main metals market, with 155,750 tons. At 110,603 tons. Reporting by Tom Daly, Editing by Kirby Donovan
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Spain's Chief Prosecutor Resigns After Leaked Verdict
Spain's Chief Prosecutor announced on Monday that he is resigning, after the Supreme Court found him guilty last week of leaking confidential data in a case concerning a partner of a prominent opposition figure. The case is a major blow to the coalition leftist government of Pedro Sanchez who nominated Alvaro Garcia Ortiz as Prime Minister in 2022, and has repeatedly defended Garcia Ortiz's innocence. Garcia Ortiz wrote in a letter that his decision to resign, prior to the sentence barring him from his position for two years, was based on his "profound respect" of judicial rulings. The letter was addressed to Felix Bolanos, the Justice Minister. Garcia Ortiz could still appeal the ruling to the Spanish Constitutional Court, and then the European Court of Human Rights at Strasbourg. After Garcia Ortiz resigned, government spokesperson Pilar Alegria said to state broadcaster TVE that "we respect the court's ruling but we do not agree with" it. She added the lack of consensus and the notifying the verdict before a complete ruling had set an alarming precedent and generated "stupefaction” among the public. (Reporting and editing by Andrew Cawthorne; David Latona)
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Mozambique grants 30 year concessions to state-owned firms for LNG installations and pipeline
The government announced on Monday that Mozambique had granted a 30-year license to its largest state-owned firms, including the national oil company ENH, for the construction and operation of natural gas facilities in the Port of Beira as well as the smaller Inhassoro location. The efforts of Southern Africa to develop its oil reserves and gas have been hindered by an ongoing insurgency linked to Islamists in the northern part of the country. This has caused TotalEnergies LNG plant delays, despite improvements in security. The concession will managed by a special purpose vehicle consisting of ENH, the ports and rails company CFM and Cahora Bassa Hydroelectric, as well as technical and financial partners chosen by government. The deal includes a terminal for liquefied gas, storage facilities and a pipeline of 865 kilometres (537.5 miles) that connects Mozambique’s gas fields with South Africa. Rompco is an 80/20 public-private partnership consisting of the Mozambican, South African and Sasol governments. Each government holds 40%. The National Petroleum Regulator's website stated that the project was based on a floating-storage and regasification-unit (FSRU), which is anchored at Beira and Inhambane, and connected to a pipeline. TotalEnergies, Exxon Mobil and Exxon Mobil are pushing ahead with their LNG projects. INP stated that the new infrastructure will support the transportation and distribution of LNG from the Rovuma basin, where TotalEnergies, Exxon Mobil, are all active. It will also boost industrialisation, by ensuring a portion of the gas is sold on the domestic market. A Sasol spokesperson said: "This was the logistical support that was lacking to turn the potential of Rovuma into real value for our country." (Reporting and editing by Louise Heavens, Wendell Roelf)
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Tanzania will begin construction of new port in December according to official
A senior government official announced that Tanzania would begin construction on a new port located in the eastern part of the country by December. This will end a decade-long delay caused by government objections over the contract terms initially agreed upon with foreign developers. Bagamoyo Port, a large-scale initiative of a special economic zone, involving industrial parks, rail and road connections, is located approximately 75 km north of Dar es Salaam, the commercial capital. Gerson Msigwa told reporters that on Sunday, the port would have 28 berths, but initially, construction will begin on 14. He said that construction machinery would be arriving soon, without providing any further details. The port will have up to a 20-meter depth and can receive ships larger than those in other ports of eastern Africa. He did not give details about the cost of the project or the contractor. In 2013, the East African nation signed an agreement framework with two developers: China Merchants Holdings International (CMHI) and Oman’s State General Reserve Fund. However, the implementation of the agreement was delayed as the government claimed that the terms were unfavorable for the country. Samia Suluhu hassan, the president of Samia in 2021 said that they have begun negotiations to revive this $10 billion project. (Written by George Obulutsa, edited by Kirby Donovan).
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Singapore ports issues licenses for methanol supply as marine fuel
The Maritime and Port Authority of Singapore said that licences for the supply of methanol to be used as a marine oil in Singapore, the largest bunker port in the world, will begin on January 1, 2026. The MPA stated that this is a major step in establishing methanol bunkering at a large scale, and driving Singapore’s ambition to become a sustainable multifuel bunkering center. This move comes after a call for application launched in March of 2025. Three bunker suppliers will receive the licenses: Global Energy Trading Golden Island and PetroChina International Singapore. After assessing the reliability of their supply chains, operational readiness, security systems, and sustainability certifications for the methanol they were to supply, the companies selected out of 13 applicants. MPA said that the licences would be valid from January 1, 2020 to December 31, 2030. MPA said that this period will support the early development of bunkering methanol by giving licensees the opportunity to strengthen supply chains and anchor initial investment as the market develops. The port authority will review its licensing framework in order to take into account operational experience, new technologies and changing international standards. (Reporting and editing by Ronojojo Mazumdar; Jeslyn Lerh)
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Lithuania's Vilnius Airport closes again because of balloons
Lithuania's Vilnius Airport said on Sunday that it temporarily halted its operations due to balloons approaching its airspace. Some incoming flights were diverted to other cities. The operator announced on its website that the airport operations had been interrupted. It added that the airport was scheduled to reopen by 1:30 am local time (2330 GMT). In recent months, drone incursions and sightings have repeatedly thrown European aviation into chaos, including airports in Copenhagen, Brussels and Vilnius. This was the ninth closure of the Lithuanian capital since early October. Lithuania blames Belarus' President Alexander Lukashenko, who has allowed the practice. It calls it a hybrid attack. Lithuania closed its two border crossings with Belarus last month in response to balloon incidents. However, they reopened the points earlier this week after the disruptions to air traffic appeared to be over. Lukashenko called the border closure "crazy scam", accusing Russia and Belarus of waging a hybrid warfare against the West, ushering a new age of barbed wire division. (Reporting and editing by Terje Solsvik, Diane Craft and Andrius Sytas)
Serbia claims to have sufficient fuel reserves despite sanctions closing down a key refinery
The government of Serbia said that it has enough fuel to supply its domestic market. This comes as U.S. sanctions against the Russian owners of the NIS refinery threaten the facility's closure.
NIS, which provides most of the needs of the country, requested last week a license from the U.S. Treasury Department’s Office of Foreign Assets Control to continue its operations as its Russian majority owners search for a buyer of their stake.
In a press release, the Serbian government stated that they had discussed how to maintain stable supplies of petroleum products on the market and the energy situation within the country.
No reason to be concerned
The government released a statement that said, "The economy and the citizens have no cause for concern as there are enough quantities of all petroleum-derived products."
Gazprom Neft owns 44.9% and Gazprom 11,3% of NIS. Serbia holds 29.9% of NIS, and the rest is held by small investors. Washington wants to see NIS divest of all Russian assets and has given its owners three months in which to find a buyer.
OFAC imposed sanctions on Russia's oil industry in January. However, their implementation with respect to NIS has been repeatedly delayed before taking effect finally on October 8.
The banks have ceased processing NIS payments, and the JANAF crude oil pipeline in Croatia has halted delivering crude to the refinery.
Dubravka Handanovic, Serbia's Energy Minister, said on October 29 that the NIS Refinery, which is located outside of Belgrade, would not be able operate past November 25 without new crude oil supplies.
Djedovic handanovic, NIS's director of operations, said that the NIS operational reserve and all other NIS reserves totaled 89.825 tons diesel and 53.648 tons gasoline.
She said last week that the government approved the importation of 38,000 metric tonnes of petrol and 66,000 metric tons diesel for the state reserves. (Reporting and editing by Conor Humphries; Aleksandar Vasovic)
(source: Reuters)