Nornickel to restart furnace at key smelter in early August
Nornickel will re-launch one of the two furnaces at its flagship Nadezhda Smelter in early August.
Platinum prices are set for a recovery in the second half of this year due to declining mine production, although palladium prices will remain tepid due to thin investment demand, according to the latest forecasts from Thomson Reuters GFMS.
Thomas Reuters GFMS revealed the new forecasts at the launch of the Russian language version of its annual Platinum & Palladium Survey 2012 in Moscow. The consultancy’s current forecasts for the average prices of platinum and palladium in the second half of 2012 are $1,595 and $655 respectively.
Philip Klapwijk, Global Head of Metals Analytics at Thomson Reuters GFMS, said that supplies of platinum and palladium are set to fall in the second half of the year due to reduced mine output in both South Africa and Russia.
Gross surplus on the platinum market is set to fall by as much as 50% in spite of weak demand, and this combined with increased investor interest will push a recovery in prices by the end of 2012.
Although Palladium supply is also slated for decline and a major rise in the metal’s gross deficit is expected, weakness of investment demand will place continued pressure on prices.
