NILSY - Palladium plunges to one-year low after Nornickel slashes deficit forecast
Palladium prices plummeted as much as 5% Friday to the lowest in more than a year as Norilsk Nickel ( OTC:NILSY ), the world's top producer of palladium and nickel, said it forecasts a 300K oz palladium deficit in 2023, reducing its prediction from an 800K oz deficit three months ago.
The Russian group said its FY 2022 EBITDA fell 17% Y/Y to $8.7B, net profit fell 16% to $5.9B, and net debt doubled to $9.8B, as it coped with a drop in sales and supply chain disruptions.
While not directly targeted by Western sanctions over the war in Ukraine, Nornickel ( OTC:NILSY ) has faced problems importing equipment and transporting goods abroad.
Nornickel ( OTC:NILSY ) President and largest shareholder Vladimir Potanin has said the group was seeking deeper ties with countries such as China and Turkey because of Western sanctions .
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Palladium plunges to one-year low after Nornickel slashes deficit forecast