Nickel Commodity Price for 3-Month Futures Contracts Falls to US$17,105 per Ton (Monday, March 25, 2024)

Nickel commodity prices for the 3-month forward contract on Monday, March 25, 2024, decreased. Trading of nickel commodity prices for the 3-month forward contract today was recorded at US$17,105 per ton. This figure is lower than the previous day's trading, which was at US$17,380 per ton. This current condition completes the upward trend in nickel commodity prices for the 3-month forward contract over the past two days.

Over the past week, the movement of nickel commodity prices for the 3-month forward contract slowed by 5.24 percent, with an average daily transaction price of US$17,644.29 per ton. Compared to the price at the beginning of the year, the price of this nickel commodity has grown by 1.82 percent. Even from its highest price this year at US$18,445 per ton, the price of nickel commodity for the 3-month forward contract has fallen by 7.26 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.

The Coordinating Ministry for Maritime Affairs and Investment recorded that in the first half of 2023, the value of nickel and its derivative exports year-to-date reached US$19.47 billion, or the equivalent of Rp301 trillion. In 2022, the export value of this commodity reached US$34.28 billion, or Rp530.1 trillion. Nickel and its derivative exports are predicted to increase up to 20 times by 2025 due to the Indonesian government's downstreaming program.