Nickel Commodity Price for 3-Month Futures Contracts Falls to US$16,075 per Ton (Monday, February 5, 2024)

The price of nickel commodities for the next 3-month contract on Monday, February 5, 2024, decreased. Trading of nickel commodities for the 3-month contract today was recorded at US$16,075 per ton. This figure is lower than the previous day's trading, which was at US$16,370 per ton. This current condition is similar to the previous movement of nickel commodity prices for the 3-month forward contract, which was in an upward trend.

Over the past week, the price movement of nickel commodities for the 3-month forward contract slowed by 3.31 percent, with an average daily transaction price of US$16,389.29 per ton. According to Katadata Insight Center (KIC) calculations, year-to-date (YTD), the price of nickel commodities has fallen by 4.32 percent. In fact, from its highest price this year at US$16,800 per ton, the price of nickel commodities for the 3-month forward contract has fallen by 4.32 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 April 2023 at US$23,974.72 per ton.

As reported by Katadata, the 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. Nickel and its derivative exports are predicted to increase up to 20 times by 2025 due to the Indonesian government's downstreaming program. Luhut claims that the downstreaming program has made the national economy better and more stable. This is reflected in the equitable distribution of development within the country.