In the first quarter of 2026, Nornickel reduced platinum production by 24% to 136 thousand ounces, palladium by 18% to 608 thousand ounces, and copper by 10% to 98.67 thousand tons. Platinum volumes fell to their lowest since the fourth quarter of 2023, palladium since the fourth quarter of 2024, and copper since the second quarter of 2023, according to Alfa-Investitsii data cited by Kommersant.
The company attributes the decline to a high base from the previous year and the redistribution of volumes between quarters. The forecast for the entire year 2026 remains unchanged: excluding the Zabaykalsky Division, the group plans to produce 193–203 thousand tons of nickel, 336–356 thousand tons of copper, 2.4–2.46 million ounces of palladium, and 616–636 thousand ounces of platinum. Commissioning work has begun at Kolskaya GMK on a project to improve copper and nickel raw material processing, which will reduce precious metal losses.
The drop in production is offset by an explosive growth in global prices. According to Veles Kapital, the average nickel price in the first quarter was 14% higher than in 2025, copper 29% higher, palladium 48% higher, and platinum 70% higher. Additionally, the company has excess inventories of finished products that can be used to cover the gap. Alfa-Investitsii analysts note that Nornickel's quarterly figures are volatile, but over a year, production is consistently met in the absence of accidents.
