Over the past three days, nickel commodity prices for the three-month forward contract have continued to rise.

Westmetall notes that the price of nickel for the 3-month forward contract rose 0.92 percent today, reaching US$19,100 per ton. This price increase is relatively high compared to the average price movement over the past week.

This week, the price of nickel saw its highest surge on Monday, May 13, 2024, at 0.92 percent. It has strengthened by 13.69 percent compared to its year-to-date position.

The current situation is similar to the price movement of the 3-month forward nickel contract over the past three days, which has been on an upward trend.

Over the past week, the price of the 3-month forward nickel contract grew by 1.57 percent, with an average daily transaction price of US$18,870 per ton. As a result, throughout 2024, the price of nickel has increased by 13.69 percent from its year-to-date position of US$16,800 per ton. Even from its highest price this year at US$19,400 per ton, the price of the 3-month forward nickel contract has fallen by 1.55 percent.

Annually, the average trading price of the 3-month forward nickel 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 was recorded in June 2023 at US$21,350 per ton.

The Coordinating Ministry for Maritime Affairs and Investment notes that in the first half of 2023, the year-to-date value of nickel and its derivative exports reached US$19.47 billion, equivalent to Rp 301 trillion. In 2022, the value of these exports reached US$34.28 billion, or Rp 530.1 trillion. Nickel and its derivative exports are predicted to increase up to 20 times by 2025 due to the Indonesian government's downstreaming program.