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A breakdown of the Swiss data shows that palladium imports rose by 8% year-on-year but fell 54% month-on-month to 61,000 ounces, with shipments from Russia maintaining a steady,slower pace at 6,000.

21 Nov 2012

LONDON (Commodity Online): Swiss trade data for October shows that Russian palladium shipments remained "subdued" during the month, said Barclays Capital in a commodity research note.

Analysts tend to monitor Swiss data to track movement of palladium out of Russia. Overall, the report showed that Switzerland remained a net exporter of platinum for a second month and was a net exporter of palladium, reversing the trend over the past couple of months.

A breakdown of the data shows that palladium imports rose by 8% year-on-year but fell 54% month-on-month to 61,000 ounces, with shipments from Russia maintaining a steady,slower pace at 6,000. Shipments from Russia for the year to date are down 62% year-on-year to 142,000 ounces after totaling 550,000 for the full-year 2011, the British bank added.

"Even barring a pickup in November and December, Russian shipments have slowed significantly through the course of the year, and although not conclusive evidence of reduced state stocks, the trend remains supportive," Barclays noted.

Further, the bank noted that while Russian shipments to Hong Kong have picked up this year, they are not enough to offset the slowdown of shipments to Switzerland.


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