MOSCOW, Jul 29 (PRIME) — Russian metals giant Norilsk Nickel expects prices on its core metals to increase by the end of this year, RIA Novosti reported Friday citing Viktor Sprogis, the companys deputy CEO.
As of Friday, nickel was traded at U.S. $24,650 per tonne, copper traded at $9,810 per tonne, palladium traded at $827 per ounce, while platinum traded at $1,782 per ounce on the London Metals Exchange (LME).
In JanuaryJune, Norilsk Nickel sold its nickel for $25,923 per tonne, which was $356 higher than LME price. Sprogis added that there is a consistant increase in investor interest for metals.
Sprogis also said that he expected the cost of platinum group metals to increase to over $2,000 per ounce in 1015 years from the current $600$1,400 per ounce.
He added that the price range between platinum and palladium would likely narrow as production costs remain the same.
Norilsk Nickel is one of the worlds largest metals producers.