Nickel Commodity Price for the 3-Month Ahead Contract This Morning Traded at US$ 17,425 per Ton (Friday, July 5, 2024)

On July 5th, 2024, the price of nickel for three-month future contracts increased by 1.16 percent to US$17,425 per ton. This increase is significantly higher than the average price movement over the past week. This is in contrast to the recent downward trend observed in the last day's trading.

Over the past week, the price of nickel for three-month future contracts grew by 1.31 percent, with an average daily transaction price of US$17,330 per ton. According to Katadata Insight Center (KIC) calculations, year-to-date (YTD), the price of nickel has increased by 3.72 percent. However, compared to its highest price this year of US$21,650 per ton, the price has fallen by 19.52 percent.

Over the past five years, the annual average trading price of nickel for three-month future contracts has shown an upward trend. However, monthly transactions over the past 12 months have shown a decline. The highest average monthly price was recorded in August 2023 at US$20,730 per ton.

According to previous Katadata reports, Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, projects that the value of nickel derivative exports could reach US$60 billion (approximately Rp927.84 trillion) in 2025, driven by the downstream processing of nickel into electric vehicles (EVs). In 2022, the value of nickel and its derivative exports reached US$34.28 billion (Rp 530.1 trillion).