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Nornickel Palladium Fund to Buy up to 500,000 oz in 2019-2020 China(Guangzhou)Int’l Metal & Metallurgy Ex
hibition-metal exhibition
8/26/2019 金屬展-冶金展-鋼鐵展-steel expo-metal &metallurgy expo- |
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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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