Russian miner delivers more tonnage to provide short-term relief and to cool prices
Ingots of 99.98% and 99.97% pure palladium are seen at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia, in this November 22 2018 file photo. Picture: REUTERS / ILYA NAYMUSHIN
Nornickel is the world’s largest producer of palladium. Spot prices for the metal, used by carmakers to reduce harmful vehicle emissions, briefly zoomed above $2,500 this month for the first time as power outages in major producer SA disrupted output, contributing to a supply squeeze. Nornickel observed significant tightness in the London and Zurich palladium ingot market in January, Anton Berlin, head of Nornickel’s marketing department, said.
“A lack of ingots leads to higher lease rates, large backwardations and market turbulence. Nornickel is concerned about higher borrowing and hedging costs. This may be harmful for the palladium market,” Berlin added.
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