Market Nuggets: Barclays Reiterates View Russian Palladium Stockpile Sales To Be ‘Limited’
Thursday August 22, 2013 12:50 PM
Barclays still looks for “limited” Russian stockpile shipments of palladium this year. Swiss trade data show combined Russian shipments into Switzerland were around 6,400 ounces in July, consistent with last year’s run rate, Barclays says. Much of Russia’s supply is thought to move through Switzerland, therefore the Swiss data is monitored by analysts, particularly amid market chatter in recent years that Russian state stockpiles (kept a secret by the government) are nearing depletion. All Russian shipments so far in 2013 amount to around 477,960 ounces, Barclays says. “This is more than treble full-year shipments for 2012, but is below full year shipments for the previous three years (2009-2011),” Barclays says. “We maintain our view that shipments from Russian state stocks are likely to be limited this year and next….there would need to be a sizable swing in Russian palladium shipments to alter the substantial deficit we forecast for the palladium market in 2013.”
By Allen Sykora of Kitco News; [email protected]
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