Morning Bites (part 1)

⚒Nornickel has revised down its forecast for the nickel market surplus in 2024, to 100kt. The company expects the Palladium deficit to deepen, to 900koz in 2024

• The Ni market is set to remain in surplus of 100kt in 2024-25 (vs. the previous forecast of +190kt in 2024), amid higher stainless steel output and a slower ramp-up of Indonesian nickel capacities.

• The miner now anticipates a deeper Pd market deficit, of 0.9mnoz, in 2024, and of 0.3mnoz in 2025 (vs. earlier indications of -0.4mnoz for 2024). Meanwhile, Nornickel now sees the Pt market in a balanced state in 2024-25 (vs. previous expectations of -0.3mnoz for 2024)

❗Nornickel notes a high level of speculative net-short positions in Pd (~15% of global demand as of end-May 2024, on our numbers), while the metal's price has not yet reacted to positive effects of lower recycling rates and mined supply in Russia and SA

#nickel #PGMs 
https://metals-wire.com/news-reports