Norilsk has gone on record saying that palladium producers better get their butts in gear.
Global palladium producers need to increase output by 2020 to cover a rising deficit, according to a company executive, quoted in the Moscow Times. Production of palladium is behind consumption by 30 tons, or by 1 million troy ounces.
“This lag will increase during the years to come and could (reach) 60 tons by 2020, if new projects do not appear,” Anton Berlin, the head of the marketing department of Norilsk’s sales arm Normetimpex, was quoted as saying. “However, metal producers understand this and, most likely, will review their strategy to increase production,” he told the MT. “He declined to say whether Norilsk, which accounts for 41 percent of global palladium output, would increase its production.”
Chinese palladium bar finished the day up 2.0 percent on MetalMiner’s price index. Japanese palladium bar fell 1.3 percent in price. This marks the fifth day in a row of declining prices, and the drop-off has accelerated since Tuesday, July 2. US palladium bar ended the day with a 0.3 percent drop yesterday.
Meanwhile, US silver saw a 4.2 percent drop on Monday, July 8, making it the biggest mover of the day. Chinese silver prices fell 3.7 percent. Japanese silver fell 2.7 percent on Monday. The price of Indian silver increased 0.5 percent.
US gold bullion closed 2.3 percent lower. The price of Chinese gold bullion declined 1.8 percent. Japanese gold bullion prices saw a 1.7 percent decline. Indian gold bullion prices rose 1.2 percent.
The price of US platinum bar fell 1.4 percent. Chinese platinum bar ended the day after a 0.7 percent drop yesterday. The price of Japanese platinum bar declined 0.4 percent.