| Russian metals giant not to sell palladium on spot market - 10/23/02 | ||||
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The Russian metals giant Norilsk Nickel, the world's
biggest platinum producer, does not plan to sell palladium via spot contracts
later this year or in 2003, deputy chief executive officer Maksim Finskiy
said. Finskiy is also a board member of the International Platinum Association
(IPA), which brings together the world's major platinum producers. Norilsk
Nickel joined the IPA in 1997. He said the company would continue spot sales of platinum, which enjoys a stable demand at the spot market. Norilsk Nickel ended palladium supplies to the spot market in the middle of 2001. Since August 2002, Norilsk Nickel has been selling PGM (Platinum Group Metals) on the international market through Norimet Ltd. Norimet receives all its PGM´s from Russia's state trading agency for precious metals and gems, Almazyuvelireksport. Almazyuvelireksport is the only organization authorized to sell Russian PGM´s abroad. Norilsk Nickel produces more than 40 per cent of the world´s palladium, 24 per cent of platinum and 20 per cent of rhodium. Platinum was fixed in London on 23rd of October 2002 a.m. at US $ 580 per troy, palladium at 318 per troy and the market price for rhodium was approx. US $ 740 per troy. |
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