Russian Palladium Exports to Switzerland Hike

Mineweb reported that exports of Russian palladium to Switzerland have risen to the highest level since May 2014.

As quoted in the market news:

Russian exports of palladium to Switzerland in January jumped to their largest since May 2014, making for the strongest start to any year since 2010, according to Swiss trade data.

Russia exported 21,600 ounces of palladium to Switzerland in January, more than three times the average monthly run rate of the past year of 6,000 ounces, Barclays said in a note on Monday.

Barclays stated:

Notably, it is a pickup in powder as opposed to semi-manufactured imports which has accounted for the bulk of shipments in recent months. The increase in shipments in April and May last year were also in powder form. A pickup in the winter months is not uncommon but in absolute terms the volumes are still light.

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