[SMM Flash News] SMM reported on July 10 that Russian mining giant Norilsk Nickel expects the nickel surplus this year to reach 120,000 mt, which is 30,000 mt lower than previous expectations. The company made this prediction in a metal market commentary released on Thursday. Nornickel, the world's largest palladium producer and one of the major producers of refined nickel, stated that it has revised its estimate of the nickel surplus downward from 150,000 mt to 120,000 mt. Norilsk Nickel also indicated that it expects the surplus to expand to 130,000 mt next year, while the palladium market is expected to remain in balance this year and next.