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Platinum edges lower
Platinum edged lower to fix at $ 614 a troy ounce, down from Monday's fixes at $ 616 / 620 but spot lingered around $ 613 / $ 620 as the market shrugged aside planned changes in Russian export rules. President Vladimir Putin is likely to sign a decree soon allowing Russian platinum group metals holders to obtain multi year export permits, instead of yearly ones.
The head of Gokhian said on Tuesday Russia's metals giant, Norilsk Nickel was likely to get a multi year platinum export quotas to go with the palladium one it already holds.
Palladium fixed at $ 655 a troy ounce, unchanged from Monday and Friday's afternoon fixes. Spot was trading quietly at $ 650 / $ 665.
Mobashar expects palladium decree before New Year
Palladium was marginally lower at $ 777.50 / $ 799.50 from $ 778.00 / $ 793.00.
Russia's State Precious Metals and Gems Repository, Gorkhran, hopes red tape would cause no delay in the start of platinum group metals (PGMs) exports next year. Metals giant Norilsk Nickel also said it was optimistic about receiving its export quotas before the end of the year. Export licenses for PGMs can only be issued once President Vladimir Putin has signed a secret decree on export quotas.
PGMs exports were delayed in the last few years, due to lengthy bureaucratic procedures of issuing quotas. "I still believe that the decree will be issued before the New Year, it may be a little earlier, but not after the New Year," Mobashar Ahmed, Chief Analyst for futuresdata.net, commented.
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