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Gold/Mining/Energy : North American Palladium(AMEX:PAL)- PGM Producer -- Ignore unavailable to you. Want to Upgrade?

To: Sleeper who wrote (659)	8/18/2000 3:31:11 PM
From: PHILLIP FLOTOW	Read Replies (2) \| Respond to of 976

Re-posted from another site: BBC MONITORING INTERNATIONAL REPORTS: RUSSIAN PALLADIUM PRODUCER WARNS OF SUPPLY SHORTFALL BBC Monitoring Service - United Kingdom, Aug 12, 2000, 222 words Text of report in English by Russian news agency Interfax Moscow, 10th August: Russia's Norilsk Nickel company, a major world producer of platinum group metals, will not be able to completely satisfy market demands for Russian palladium, a company spokesman told Interfax. The latest sharp fluctuations in palladium prices are due to consumers responding very nervously to any external influence, including rumours as to when exactly Russian palladium will come onto the market. Russian palladium enters the world market from three sources - the Gokhran state repository, Central Bank and Norilsk Nickel - through a single channel, the state company Almazyuvelireksport. Palladium prices, which reached a record 12-year high of 841 dollars per troy ounce in early August, have now fallen by some 15 per cent on the heels of reports that Norilsk Nickel will start supplying Japan, a major world consumer of platinum group metals, in September under long-term contracts. Palladium prices have sharply risen since the spring due to uncertainty over supplies of palladium from the Russian state reserves. These fluctuations are not a surprise to Norilsk Nickel, which "tries to stabilize the situation as much as possible", in particular through inking long-term contracts with consumers. "However, our deliveries of the metal cannot satisfy all the market demand, and we cannot be responsible for other Russian suppliers' actions," the spokesman said. Russia supplies over 70 per cent of the world's palladium, 20 per cent of its platinum and a significant amount of rhodium, also a platinum group metal. Source: Interfax news agency, Moscow, in English 1402 gmt 10 Aug 00 /BBC Monitoring/ © BBC. PHIL