Nickel Commodity Prices for the Next 3-Month Contract Have Risen for the Past Eight Days

The price of nickel commodities for the next 3-month contract on Monday, May 20, 2024, increased. Trading of nickel commodity prices for the next 3-month contract today was recorded at US$21,650 per ton. This figure is higher than the previous day's trade, which was at US$21,005 per ton. This current condition completes the upward trend in nickel commodity prices for the next 3-month contract over the past eight days.

Over the past week, the price movement of nickel commodities for the next 3-month contract grew by 15.22 percent, with an average daily transaction price of US$19,814.29 per ton. According to Katadata Insight Center (KIC) calculations, year-to-date (YTD), the price of nickel commodities has increased by 28.87 percent. This current nickel commodity price is the highest achieved this year.

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

Citing previous Katadata news, the Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, projects that the export value of nickel derivatives could reach US$60 billion or approximately Rp927.84 trillion in 2025. This is due to the downstreaming of nickel into electric vehicles (EVs). In 2022, the export value of nickel and its derivatives reached US$34.28 billion or Rp530.1 trillion.