Noble's warehousing unit comes under fire for lead reporting errors

It is fined $54,286 by the London Metal Exchange.

After it discovered discrepancies in its lead stock reports early this year, the London Metal Exchange (LME) ordered Noble Group's warehousing unit, the Worldwide Warehouse Solutions UK Ltd (WWS) to settle a $54,286 fine.

According to the notice released by LME, between February 15 to 18, WWS erroneously instructed its London Agent to issue new warrants for an equivalent of 31,700 metric tons of lead at its depots in the Dutch city of Vlissingen.

LME noted that these documents had in fact previously been previously been cancelled and scheduled to be reissued.

"The errors were recorded in the LME Stock Reports, causing the lead stock levels in Vlissingen in the LME Stock Reports to be incorrect, insofar as they included the cancelled warrants," LME noted, pertaining to the stock reports published for February 15 to March 8.

Aside from the fine, LME ordered WWS to pay the costs of the bourse's Physical Operations Department undertaking an audit of the Improved Measures at WWS’ Vlissingen location

Meanwhile, LME said WWS have already acknowledged the errors. The bourse furthered that the errors were an isolated incident.