A top commodity trader is staring down a $577 million loss after discovering metal cargoes it bought were missing nickel, report says

• Trafigura faces a $577 million loss on nickel shipments in what the company calls a systemic fraud, according to Bloomberg. 
• The commodities trading giant discovered some of the metal cargoes it bought were missing nickel.
• Trafigura has launched a legal action against Indian businessman Prateek Gupta and connected companies.

Commodities trading giant Trafigura is facing a $577 million loss and says it has uncovered a systemic fraud perpetrated against it, sources told Bloomberg.