MMC Norilsk Nickel expects the global nickel market to remain in surplus of more than 200,000 tons in 2026. Copper market will again go into deficit, which will amount to about 100 thousand tons. In the platinum group metals market, much will depend on the dynamics of investment activity. If it is not taken into account, the palladium deficit is expected to reach 0.1 million ounces, while the platinum deficit is likely to remain at the 2025 level of 0.3 million ounces.