[Ed. note: Is this why Rick Rule has been on fire for Palladium recently? Once again proving he is in front of the curve?]
from Bullion Street:
Russia’s palladium shipments to Russia has risen nearly thirty fold on a month-on-month basis and three-fold on a year-on-year basis to 292koz, the highest since January 2010 after a prolonged lullin the trade data, according to Barclays Research.
“This March’s shipment is both large and unexpected as March shipments over the past 10 years have averaged 55koz. Shipments from Russia last year fell to their lowest in 22 years; however, the data for March highlight that the element of surprise still exists,” Barclays report added.
“Russian palladium shipments surprising to the upside capped price action last year and is likely to weigh upon prices again in the near term. Our market balance assumes a deficit of 700koz in 2013; thus, even after accounting for this surge, the market is set to remain in deficit. It will be key to track the data over the forthcoming months, as well as into Hong Kong, UK, and China, as to whether this is a temporary pick-up. ”
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