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. Last Updated: 07/27/2016

Analysts Skeptical on Russia's Metals

Precious metals markets reacted cautiously to Russian assurances over 1998 supply Monday, and analysts said soothing words from Moscow on the medium-term availability of metal were too vague to have a major impact.

Almazyuvelirexport, or Almaz, Russia's sole exporter of the rare white metals platinum and palladium, said government orders setting out export quotas this year should be signed within a month, followed swiftly by the year's first exports.

"The necessary papers are with the government and have all been basically agreed upon," Almaz deputy general director Sergei Gorny said.

Platinum group metal values soared earlier this year on fears that Russia would give a repeat performance of 1997, when it did not export any PGMs in the first half.

Russia satisfies 60 percent of the world's palladium needs and one-fifth of its platinum demand.