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Swiss PGM Data Show Russian Palladium Shipments Remain Stable – Barclays

By Kitco News
Thursday Febrary 20, 2014 12:10 PM

(Kitco News) - Swiss trade data show Russian palladium shipments were 6,500 ounces in January, keeping in the broadly stable trend, Barclays said Thursday.

Russian palladium shipments of that size have held around this level for more than a year, Barclays said, and the bank expects limited releases from Russian state stocks in 2014.

There is a risk of a spike in shipments during the first quarter, the bank said, with any jump in future shipments likely to come in powder form, which occurred in March and May 2013. Overall, though, the shipments trend has been lower over the past few years, Barclays said.

Swiss palladium imports more than doubled year-over-year and more than tripled month-over-month, to 47,700 ounces, due largely to unusually high shipments from Germany, which reached 38,700 ounces, and Russia and Italy made up the bulk of remaining imports, the bank said.

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Palladium exports nearly halved month-over-month, to 59,700 ounces, down 12% year-over-year, it said. The month-over-month drop was from a high-base comparison, given that shipments to Hong Kong in December were high, at 63,800 ounces. Barclays said Germany, Hong Kong, Japan and Italy received sizeable shipments in January, in keeping with recent data. Swiss-listed exchange-traded palladium products saw inflows of about 11,900 ounces in January, while outflows from U.S. and UK listed products were only about 8,100 ounces, in keeping with Switzerland’s net exporter status, the bank said.

Platinum imports were more than double month-over-month and year-over-year at 148,100 ounces. South African shipments were especially strong at 106,200 ounces, more than triple on a month-over-month and year-over-year basis, the highest in seven months. Platinum exports in January were down 29% month-over-month and year-over-year, to 68,900 ounces.

By Debbie Carlson dcarlson@kitco.com
Follow me on Twitter at @dcarlsonkitco



Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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