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    market news

    Norilsk Sees Africa Cutting Platinum Output

    Investing News Network
    Apr. 07, 2015 03:50AM PST
    Precious Metals

    Bloomberg reported that OAO GMK Norilsk Nickel sees South Africa cutting platinum output in the coming years.

    Bloomberg reported that OAO GMK Norilsk Nickel sees South Africa cutting platinum output in the coming years.

    As quoted in the market news,

    Production of platinum and palladium, which are mined from the same deposits and used in automobile catalytic converters, has been lower than demand since at least 2012. Opaque stockpiles held by hedge funds have contributed to price volatility, according to Norilsk.

    Anton Berlin, head of strategic marketing at Norilsk, stated:

    Investments in a vast amount of projects in South Africa were delayed and it’s hard to expect an increase in output in the region. Most likely, it will even fall.

    Click here for the full Bloomberg report

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