Morning Bites (part 1)

⚒️Nornickel has released its updated view on commodities, which still forecasts the global Cu market to be balanced in 2025-27, but highlights new supply risks and low inventories. This estimate looks conservative to us, amid recent supply disruptions at major copper mines

• Nornickel also expects the Pd market to be broadly balanced in 2025-26. Meanwhile, it still forecasts a moderate deficit of 0.3mnoz (~4% of demand) on the Pt market in 2025-26

❗️In our view, the upcoming China 7 emissions standard might materially increase local autocatalyst PGM loadings, supporting Pd/Pt market fundamentals in the medium-term

• Per Nornickel, the Ni market is now set to remain in a bigger surplus of 240-275kt in 2025-26 (vs. its previous estimate of 120kt in 2025), reflecting the ongoing growth in Indonesian output

#nickel #PGMs #copper