Thomson Reuters GFMS Palladium Market News:
Date of Release: 4th May 2012
IMPORTANT NOTE: The following is for informational purposes only and was developed by Thomson Reuters GFMS. It does not take into account the investment objectives, financial situation or particular needs of any particular person. Information is from sources believed to be reliable, but is not guaranteed as to its accuracy or completeness. Opinions and estimates are the judgment of Thomson Reuters GFMS and are subject to change without notice. Distribution of this information does not constitute agreement with, or an endorsement of, the views expressed. Obviously, future outcomes are impossible to predict with certainty. Investors should obtain advice based on their own individual circumstances and understand the risks before making any investment decisions.
Norilsk nickel posted a decline in platinum group metal production in Q1.12. The company produced 649,000 ounces of palladium and 166,000 ounces of platinum, 5% and 2% respectively lower year-on-year. The fall was attributed to a decline in russian output, ‘due to accumulation of unfinished stockpile’.
Stillwater Mining announced production of 120,800 PGM ounces in Q1.12, down from 131,200 ounces in Q1.11. full year production of 500,000 ounces is still targeted. in addition, the company announced that Mitsubishi corp’s purchase of 25% of the Marathon PGM-copper project was completed.
Vale’s sudbury operations in Ontario, canada, reported palladium production of 59,000 ounces in the first quarter of 2012, 18.6% lower year-on-year. Platinum output sank by 33.4% to 38,000 ounces. The declines were due to a prolonged work stoppage.
Toyota’s sales in the us rose by 12% in april year-on-year, taking its market share to 15%, the largest seen since December 2010. The momentum is expected to carry on through May due to a sales event featuring 0% financing on its seven most popular models. General Motors, meanwhile, posted a sharp increase in north american profits for the first quarter.
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