Russia to Buy Palladium From Norilsk Nickel

Bloomberg reported that according to a recent report from interfax, Russia is planning to buy palladium from domestic producer, AO GMK Norilsk Nickel (MCX:GMKN). The local Russian producer did not provide a comment for the article, according to Bloomberg.

As quoted in the publication:

Norilsk is the world’s largest producer of palladium, and controls about 17 percent of the market, followed by Vale SA (VALE5) with 13 percent. The price of the metal, used in catalytic converters that reduce harmful carbon emissions from vehicles, has climbed about 14 percent this year.

Norilsk CEO, Vladimir Potanin, said in an interview from April 24:

Palladium is not a gold and currency reserve. It should be sold rather than bought by the state.

Click here to read the full Reuters article.