Another big deficit reported by INSG The latest INSG supply-demand data was released last week and, once again, made for bullish reading as another substantial global market deficit was reported for the month of May. The group estimated that world refined nickel demand exceeded supply during the month by 15,400 tonnes. It also raised its preliminary deficit for April from 13,100 tonnes to 14,700 tonnes. This puts the cumulative net deficit for the January-May period at no less than 69,600 tonnes, well ahead of the 50,100-tonne deficit reported during the same period last year. It was achieved by world apparent demand growing at 9.7% year-on-year, which outpaced growth of 7.9% in refined supply. We are also bullish, but not quite...
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