LONDON July 23 (Reuters) - Zurich Cantonal Bank said on Wednesday that the stock of metal it holds to back its palladium exchange-traded fund <ZPAL.S> has grown by 17 percent since June 17 to 418,000 ounces.
The bank's holdings to back its platinum ETF <ZPLA.S> inched up 4 percent to 65,500 ounces in the same period, against 62,300 ounces on June 17.
Palladium has benefitted from fears over supply after an electricity shortage in South Africa, a major producer of the metal used for catalytic converters, and after reports Russian stockpiles of the metal may be near depletion.
(Reporting by Jan Harvey; Editing by Michael Roddy) Keywords: PRECIOUS ETF/ tf.TFN-Europe_newsdesk@thomsonreuters.com cmr COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
The bank's holdings to back its platinum ETF <ZPLA.S> inched up 4 percent to 65,500 ounces in the same period, against 62,300 ounces on June 17.
Palladium has benefitted from fears over supply after an electricity shortage in South Africa, a major producer of the metal used for catalytic converters, and after reports Russian stockpiles of the metal may be near depletion.
(Reporting by Jan Harvey; Editing by Michael Roddy) Keywords: PRECIOUS ETF/ tf.TFN-Europe_newsdesk@thomsonreuters.com cmr COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
© 2008 AFX News
