In this work the elastic behaviour of metallic powder compacts is studied. Cylindrical specimens with different levels of density have been submitted to uniaxial compression tests with loading and unloading cycles. The analysis of the elastic loadings shows a non linear elasticity which can be mathematically represented by means of a potential law. Results are explained by assuming that the total elastic strain is the contribution of two terms one deriving from the hertzian deformation of the contacts among particles and another that takes into account the linear elastic deformation of the powder skeleton. A simple model based in a one pore unit cell is presented to support the mathematical model.