Russian metals giant Norilsk Nickel expects reserves of the Global Palladium Fund to stand at about 200,000 ounces at the end of 2018, CFO Sergei Malyshev said.
“We have sold the bulk of the palladium fund reserves that we had at the beginning of this year. We had the reserves of 550,000 troy ounces at the beginning of the year, and we sold about 350,000 ounces in the first half of the year. The current level of reserves is about 200,000 ounces,” he said.
“Further dynamics depend on market purchases of the metal. We don’t expect any changes in the fund until the end of the year from the point of view of forecasts. At the same time, we don’t rule out a slight contraction,” he said. (Prime/Ukrainian metal)