Nickel Commodity Prices for the 3-Month Futures Contract Rise to US$19,150 per Ton (Tuesday, May 14, 2024)

Nickel commodity prices for the 3-month forward contract rose on Tuesday, May 14, 2024. Trading of nickel commodity prices for the 3-month forward contract today was recorded at US$19,150 per ton. This figure is higher than the previous day's trading, which stood at US$19,100 per ton. This current condition completes the upward trend in nickel commodity prices for the 3-month forward contract over the past four days.

Over the past week, the price movement of nickel commodities for the 3-month forward contract grew by 3.1 percent, with an average daily transaction price of US$18,951.43 per ton. Compared to the price at the beginning of the year, this nickel commodity price has grown by 13.99 percent. Even from its highest price this year at US$19,400 per ton, the price of nickel commodities for the 3-month forward contract has fallen by 1.29 percent.

Annually, the average trading price of nickel commodities for the 3-month forward 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 decline. The highest average monthly price of nickel commodities was recorded in June 2023 at US$21,353.86 per ton.

According to 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 downstream processing 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.