Norilsk Nickel forecasts zero surplus at global palladium mkt 2020
MOSCOW, May 12 (PRIME) -- Russian metals giant Norilsk Nickel has reduced its 2020 global surplus palladium market to zero from a 100,000 ounce surplus of the metal it expected in April, as seen by PRIME in the materials of the company on Tuesday.
In April, the company also thought that the market would switch into deficit as soon as demand starts to recover. The coronavirus pandemic reduces demand for cars, in production of which palladium is used, but shortage in demand should be partially compensated by disruptions in exports from South Africa.
The company forecasts a surplus of 130,000 tonnes of nickel, of 80,000 tonnes of copper, and of 600,000 ounces of platinum in 2020.
In March, Norilsk Nickel expected the global market to have a deficit of 200,000 ounces of palladium in 2020, while in February it expected the deficit to reach 900,000 ounces.