Russia's state stocks of palladium are likely to be "finished" in 2011, it was suggested on Saturday (9th October).

The white metal reached $602.50 per ounce last week - its highest price since mid-2001 - as speculation mounts that supply will fail to keep up with recovering demand.

Although official levels of metal stocks in Russia are not disclosed, Norilsk Nickel gave an indication that the country will no longer hold palladium in the near future.

"This year will be the last year when any substantial quantity from this stock has any chance to enter the market," Viktor Sprogis, the company's Deputy General Director for Sales and Distribution, told Reuters.

"That is why we expect that next year this stock is finished."

Mr Sprogis also expressed his belief that the outlook for the palladium market is "very, very positive".

Leading platinum refiner Johnson Matthey claimed earlier this year that sales of palladium from Russian stockpiles reached 960,000 oz in 2009.

Norilsk Nickel is the world's largest producer of palladium.

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Russia palladium stocks may be 'finished'-Norilsk (09/10/10)

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