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Nornickel Palladium Fund to Buy up to 500,000 oz in 2019

Metal News - Published on Fri, 23 Aug 2019

Image Source: Wikimedia
Reuters reported that Russian miner Norilsk Nickel’s Global Palladium Fund plans to buy between 300,000 and 500,000 troy ounces of palladium by the end of 2019. Nornickel, buys the metal from other holders’ existing stockpiles and then sells it on to industrial consumers.

Nornickel senior vice-president Sergey Malyshev said in a briefing that “This is a certain cushion of stability and safety for our customers. Due to the growth of our own (platinum group metals) production, we expect that this year’s purchases (by the fund) will be less than last year. Reserves at the end of the year are expected to be at 100,000 ounces.”

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Posted By : Ratan Singh on Fri, 23 Aug 2019
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