Photo by: Reuters
TORONTO (miningweekly.com) – The US imported unusually large amounts of unwrought palladium from Italy and Switzerland in 2014, the US Geological Survey (USGS) said in its latest mineral industry survey for January.
Imports from Italy totalled 19 000 kg last year, more than double the amount in 2013 and significantly more than typical amounts of less than 2 000 kg/y since 2004.
Imports from Switzerland equalled 13 000 kg in 2014 compared with an unusually low 3 kg in 2013.
The USGS explained that from 2004 to 2013, the greatest yearly amount of unwrought palladium imported from Switzerland was 5 600 kg in 2012.
PRICE TRACKING
Meanwhile, the Engelhard industrial bullion prices average January price for platinum increased slightly and that for palladium decreased by 3%, compared with average December prices.
The rhodium and ruthenium prices decreased slightly, and the iridium price increased by 7% during the same period. Daily prices for platinum increased early in January, peaked at $1 289/oz on January 21 and decreased toward month-end following gold price trends.
In contrast to those for platinum, palladium daily prices generally decreased toward the middle of the month, reaching the month’s low of $761/oz on January 16, reportedly owing to a substantial sell-off by investors.
Palladium prices then increased and ended the month at $779/oz. Rhodium prices started the month at $1 245/oz, decreased to $1 180/oz on January 14, in response to increased selling, and remained at that price until month-end.
Iridium prices increased towards the end of the month in response to industrial buying, the USGS noted.