Russia’s MMC Norilsk Nickel PJSC is betting on artificial intelligence as part of a $100 million push to find additional uses for palladium as electric vehicles erode the metal’s main source of demand.Nornickel, the world’s biggest palladium producer, aims to create 1.7 million ounces of new annual consumption for the metal. That’s equivalent to almost a fifth of existing demand.

【SMM News Flash】Alexander Leonov, head of Norilsk Nickel's Norilsk division and vice president of the Russian metal producer, stated that the company plans to initiate nickel smelting trials at its copper smelter this year. This initiative aims to maintain production levels during the major furnace refurbishment scheduled for 2027. This innovative measure will enable the company to sustain nickel output throughout the maintenance period. As the world's largest palladium producer and a major nickel supplier, Norilsk Nickel is expected to carry out a major overhaul of the Nadezhda Metallurgical furnace in Norilsk in 2027. Leonov noted that the shutdown will last approximately 270 days, temporarily reducing the plant's capacity by nearly half.

Futures Market: Overnight, LME copper opened at $9,608.0/mt.

Overnight, LME copper opened at $9,636.5/mt. It initially rose to a high of $9,645.0/mt, then fluctuated downward.

On Monday, April 21, Russia's Norilsk Nickel maintained its 2025 nickel production forecast at 204,000-211,000 mt, with palladium production at 2.704-2.756 million ounces. The company is one of the world's largest producers of nickel and palladium. The company stated that its nickel production in Q1 this year was 42,000 mt, a YoY decrease of 1.1%, while palladium production pulled back 0.6% YoY to 741,000 ounces.

[Global Cobalt Raw Material Production in 2024 Estimated at 270,000 mt, Will It Become a Bottleneck for Raw Materials? How Will Chinese Companies Respond?] The long-term bullish logic for cobalt prices has weakened, but the boom period of the new energy industry, 2025-2030, may trigger a temporary supply-demand mismatch. Attention should be paid to the progress of African infrastructure and the impact of alternative materials (such as LFP and lithium-rich manganese-based materials) on cobalt demand. (Battery Network)