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Gold/Mining/Energy : AVL.V - AVALON VENTURES
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To: DRT who wrote (544)2/25/1998 1:53:00 PM
From: DRT  Read Replies (1) of 1474
 
FYI. PGE related article.

Nissho Iwai buying palladium - Feb. 25, 1998

TOKYO (Reuters) -- A Nissho Iwai Corp. official said on Wednesday the trading firm bought a large amount of palladium futures on the Tokyo Commodity Exchange (TOCOM) on the expectation that spot palladium prices will rise. "We bought TOCOM futures because we expect spot palladium prices to rise in the next week or two," the official said. "We expect palladium prices to rise to $250.00 (per troy ounce)." Spot palladium prices were quoted at $242.00-244.00 per ounce Wednesday morning in London, up from Tuesday's afternoon fix of $236.00 an ounce. Prices soared to a high of $244.50 an ounce on Wednesday in Asia. The Nissho official said the company was a net buyer of 992 lots of TOCOM palladium futures on Wednesday, on 1,655 lots of buying and 663 lots of selling. Palladium prices are receiving upward pressure because Russia has suspended exports of platinum group metals (PGMs) since the beginning of the year. Traders said it is not known when Russia's PGM export agency Almazjuvelirexport (Almaz) will send a delegation to Japan to negotiate this year's supply contracts. "We are afraid Russia's PGM deliveries may not reach Japan until April at the earliest. We cannot rule out the possibility that Russia will again suspend PGM deliveries until the end of the first half of this year," the Nissho official said. In 1997 Russia suspended palladium exports in the first six months due to bureaucratic problems. It resumed exports in July.
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DRT
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