Our focus this week is rounding up the main Q2 production results published this reporting season. Although some big target misses have made the headlines and helped to fuel the price rally, production disappointments are not the whole story, especially if we look at producers who don’t publish their results in the public domain. (Q2 comparisons are year on year unless otherwise stated.) Nornickel: Although lower quarter on quarter, Nornickel recorded a decent year-on-year gain for the first time in five quarters, achieving 4.6% growth to 52,900 tonnes. Guidance remains unchanged at 220,000-225,000 tonnes, which implies 115,000 tonnes of production in...
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