Nickel Commodity Prices for the Next 3-Month Contract Have Increased for the Past Four Days

Westmetall notes that the price of nickel for the 3-month forward contract today rose 0.26 percent to US$19,150 per ton. This price increase is relatively high compared to the average price movement over the past week.

This week, nickel prices saw their highest surge on Monday, May 13, 2024, at 0.92 percent. The price has strengthened by 13.99 percent compared to its year-to-date position.

The current situation completes the upward trend in nickel prices for the 3-month forward contract over the past four days.

Over the past week, the price of nickel for the 3-month forward contract grew by 3.1 percent, with an average daily transaction price of US$18,951.43 per ton. According to Katadata Insight Center (KIC) calculations, year-to-date (YTD), the price of nickel has risen by 13.99 percent. The highest trading value for nickel this year was US$19,400 per ton, which occurred on Friday, April 26, 2024.

Annually, the average trading price of nickel for the 3-month forward contract over the past five years has been on an upward trend. Meanwhile, monthly price monitoring shows that transactions over the past 12 months have tended to decline. The highest average monthly price for nickel was recorded in June 2023 at US$21,353.86 per ton.

As reported by Katadata, the Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, stated that the value of nickel and its derivative exports in 2015 was only US$3 billion. Nickel and its derivative exports are predicted to increase up to 20 times by 2025 due to the Indonesian government's downstreaming program. Luhut claims that the downstreaming program has made the national economy better and more stable. This is reflected in the equitable distribution of development within the country.