Nickel Commodity Price for 3-Month Forward Contract This Morning Traded at US$ 17,225 per Ton (Thursday, July 4, 2024)

On July 5, 2024, the price of nickel for the next 3-month contract fell 0.81 percent to US$17,225 per ton. This decrease is significantly higher than the average price movement over the past week.

This week, nickel prices saw their highest surge on Monday, July 1, 2024, increasing by 0.87 percent. Compared to the beginning of the year, prices have strengthened by 2.53 percent.

The current situation reflects the downward trend in nickel prices for the next 3-month contract over the past two days.

Over the past week, the price of nickel for the next 3-month contract grew by 0.44 percent, with an average daily transaction price of US$17,300 per ton. As a result, throughout 2024, nickel prices have increased by 2.53 percent from their year-start level of US$16,800 per ton. Compared to its highest price this year of US$21,650 per ton, the price of nickel for the next 3-month contract has fallen by 20.44 percent.

Annually, the average trading price of nickel for the next 3-month contract has shown an upward trend over the past five years. Meanwhile, monthly price monitoring shows a downward trend in transactions over the past 12 months. The highest average monthly price for nickel was recorded in August 2023 at US$20,730 per ton.

As reported by Katadata, 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. It is predicted that nickel and its derivative exports will increase up to 20 times by 2025 due to the Indonesian government's downstreaming program. Luhut claims that the downstreaming program has improved and stabilized the national economy. This is reflected in the equitable distribution of development within the country.