Nickel Commodity Prices for the 3-Month Futures Contract Rise Towards US$18,000 per Ton (Wednesday, October 2, 2024)
- A Small Font
- A Medium Font
- A Bigger Font
Westmetall notes that the price of nickel for the next 3-month contract rose 2.13 percent today, reaching US$18,000 per ton. This price increase is considerably higher than the average price movement over the past week.
This week, nickel prices saw their highest jump on Monday, September 30, 2024, at 2.43 percent. Year-to-date (YTD), trading has strengthened by 7.14 percent.
The current situation is similar to the price movement of nickel for the next 3-month contract over the past 11 days, which has been on an upward trend.
Over the past week, the price of nickel for the next 3-month contract grew by 8.93 percent, with an average daily transaction price of US$17,155 per ton. According to Katadata Insight Center (KIC) calculations, year-to-date (YTD), the price of nickel has increased by 7.14 percent. The highest trading value for nickel this year was US$21,650 per ton, which occurred on Monday, May 20, 2024.
Annually, the average trading price of nickel 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 increase. The highest average monthly price for nickel was recorded in May 2024 at US$19,770 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, or approximately 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.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
Related Data
Latest Data Stories
Trending Topics
Popular Data