Wednesday November 21, 2012 9:00 AM
Swiss trade data this week appears to confirm views that less palladium is leaving Russia, and the reduced supplies should be supportive factor for palladium prices going forward, says TD Securities. Imports into Switzerland from Russia continue to rapidly decline, and it appears that 2012 is on pace for the smallest Russian import level since 1990, TDS says. “This supports the idea that Russian stockpiles of palladium have dwindled away substantially, and with already very tight supply/demand balance, this removal of a future source of market-balancing supply makes an excellent case for higher prices to come, and helps solidify our bias toward palladium as a favourite precious metal,” TDS says.
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