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     May 19 (Bloomberg) -- Russia, the world’s biggest palladium producer, may have exhausted state inventories of the metal,
according to OAO GMK Norilsk Nickel.

     “Judging by indirect indicators, we suppose that the government stockpiles of palladium are gone,” Deputy Chief
Executive Officer Viktor Sprogis said in an interview in London yesterday. “Thus we, as well as other major platinum-group
metal producers, think this factor will no longer affect the market. But as this kind of information is classified, we can’t
say it with certainty.”

     The government stopped selling palladium stocks last year, Norilsk told an investor presentation in London yesterday.
Russia sold 39.8 metric tons (1.28 million ounces) in 2008, according to London-based researcher GFMS Ltd.

     Norilsk produced 2.81 million ounces of palladium last year. Global supply was 7.1 million ounces, according to Johnson
Matthey Plc.

     Investor demand for palladium, used in auto catalysts and electronics, may reach 1.3 million ounces this year because of
purchases from funds including exchange-traded investments, according to Norilsk.