According to estimates of World Bureau of Metal Statistics, nickel was in marginal deficit during first 5 months of 2010. The markets of refined nickel were in deficit of 5000 tonnes in January to May 2010 period as against a market surplus of 48600 tonnes in January to May 2009 period.

WBMS said that the inventories for the first 5 months of 2010 were down by 20000 tonnes when compared to last year. Refined production in January to December 2009 totaled 132,670 tonnes and demand was 130,500 tonnes.

Mine production increased by 5.7% to 54,600 tonnes. Apparent world demand was 90000 tonnes higher from 2009. Though no major expectations should be set from the metal in short term, the prices can however show some resilience to test its Resistances. Indian futures markets will find USD 925 to USD 950 as initial hurdles.

On MCX, the prices have opened a bit soft at USD 913.7 per kilogram, down by USD 4. The prices are expected to test USD 910 as supports.

(Sourced from www.indiainfoline.com)