Exec says Russia’s Norilsk Nickel launches palladium fund

MOSCOW, May 16 (PRIME) -- Russian metals giant Norilsk Nickel has launched a palladium fund in a test mode, Vice President for Strategic Planning Sergei Dubovitsky told reporters on Monday.

“The palladium fund has been established, it has begun its operations in a small scale. Our goal, which we have always declared, is a tool of balancing the market and we will try it in this role as a test now,” Dubovitsky said.

The company has not yet set precise goals for palladium purchases for 2016, he added.

Norilsk Nickel decided to launch a palladium investment fund with an up to U.S. $200 million financing in early 2016. In March, CEO Vladimir Potanin said that the company was in talks with the central bank to buy palladium from the state fund.

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