Barclays’ Absa Bank to Launch Palladium ETP

Moneyweb reported that Absa Bank Ltd., a unit of Barclays plc (NYSE:BCS), plans to bring a palladium exchange-traded product (ETP) to the market as soon as possible. The bank’s platinum ETP, which was listed on the Johannesburg Stock Exchange at the end of April, is already the biggest of its kind.

As quoted in the market news:

Sourcing palladium for Absa’s planned product would be “more challenging” than platinum because of regulatory requirements that metal used to back the fund is mined in South Africa, [Vladimir Nedeljkovic[, head of investments at Absa’s corporate and investment banking division,] said. The nation accounted for 73% of platinum supply last year and for 36 percent of palladium output, London-based Johnson Matthey Plc estimates.

Click here to read the full Moneyweb report.