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Nickel Deficit Expected, Wheat Retains Bearish Momentum

May 19, 2014 at 16:38 by Vladimir Vyun

Nickel climbed today on speculations that supply may shrink, reducing global reserves. Norilsk Nickel (the biggest producer of refined metal) predicted that surplus will drop to a four-year low in 2014 and turn into deficit by 2019. Analysts think that the recent drop of prices might be a good buying opportunity. Contract for delivery of nickel in three months jumped as much as 4.9 percent to $19,960 per metric ton on LME today.

Meanwhile, prices for wheat retained their downward momentum, and the grain was heading to the longest stretch of losses since 1998. Forecasters predict that parts of the United States will receive rainfall later this week, improving conditions for crops. The size of area affected by drought in the High Plains has already shrunk from 36 percent to 33 percent last week from the week before. July futures for delivery of wheat slumped $0.0600 (0.89 percent) to $6.6825 per bushel as of 16:33 GMT on CBoT today.

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