Core Viewpoint - Nornickel anticipates a decline in financial performance for the year due to low metal prices, high interest rates, a strong ruble, and global trade disputes [1] Group 1: Financial Performance - Nornickel expects significant negative impacts on financial indicators due to high geopolitical uncertainty, escalating trade disputes, risks of global economic slowdown, and tightening monetary policies [1] - The company faces challenges from a strong ruble, low metal prices, inflation, and high debt servicing costs [1] - The Russian central bank's key interest rate of 20% is seen as a major drag on the economy, leading to a substantial slowdown this year [1] Group 2: Investment and Dividends - Difficult conditions have forced Nornickel to reduce investments and postpone certain projects [1] - The board of directors has recommended not to pay dividends for the 2024 performance, stating that increasing debt levels to pay dividends is inappropriate [1] Group 3: Market Outlook - Nornickel's vice president, Anton Berlin, predicts that the palladium market will remain balanced in 2025, while the nickel market will be oversupplied [2] - The automotive industry, a major consumer of these metals, is still in crisis [2] - Berlin criticized Indonesia for flooding the global market with cheap nickel, harming other producers, and noted that approximately 40% of nickel producers are currently operating at a loss [2] - Nornickel aims to ensure that global trade disputes do not affect its export volumes and intends to sell all of its produced products [2]

5月20日，国内期市能化板块多数飘红。其中，燃料油期货主力合约开盘报3035.00元/吨，今日盘中高 位震荡运行；截至午间收盘，燃料油主力最高触及3115.00元，下方探低3017.00元，涨幅达1.91%。 5月20日，上期所燃料油期货仓单28950吨，环比上个交易日持平；低硫燃料油仓库期货仓单0吨，环比 上个交易日持平。 埃及国有石油公司发布了32批于5月和6月交付的燃料油需求，总计约200万吨，若交付落地，将远超季 节性水平。 西南期货指出，税摩擦开始逐步签订协议，全球贸易需求有所恢复，燃料油价格修复后偏强；继ARA 地区和新加坡燃料油库存下降之后，富查伊拉库存同样下降，支撑燃料油价格。 瑞达期货（002961）分析称，美联储博斯蒂克表示，国债市场的进一步不稳定将增加不确定性。随着美 联储寻求更多的透明度，这也将导致政策调整进一步推迟；美媒报道，美国情报部门发现，以色列正准 备袭击伊朗核设施，美国官员表示，这样的打击将是与特朗普总统的公然决裂，还可能引发中东地区更 广泛的地区冲突；俄乌和谈有望再度加速，地缘不确定性延续；国际原油价格震荡。汽柴出货稳中小 涨，燃油市场交投气氛略有好转，下游延续观望，谨慎采 ...