Nickel Commodity Price for the 3-Month Forward Contract This Morning Traded at US$ 17,080 per Ton (Wednesday, July 10, 2024)

On July 11, 2024, the price of nickel for the 3-month contract fell 1.04 percent to US$17,080 per ton. This decrease is significantly higher than the average price movement over the past week.

This week, the highest price increase for nickel occurred on Monday, July 8, 2024, with a decrease of 0.26 percent. However, it shows a year-to-date increase of 1.67 percent.

The current situation mirrors the downward trend observed in the nickel price for the 3-month contract over the past three days.

Over the past week, the price of nickel for the 3-month contract has decreased by 1.95 percent, with an average daily transaction price of US$17,320 per ton. Compared to the price 30 days ago, the nickel price has fallen by 16.97 percent. From its highest price this year of US$21,650 per ton, the 3-month nickel contract price has dropped by 21.11 percent.

Annually, the average trading price of nickel for the 3-month contract has shown an upward trend over the past five years. However, monthly price monitoring over the past 12 months shows a contraction. The highest average monthly price for nickel was recorded in August 2023 at US$20,730 per ton.

As reported by Katadata, 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. It is predicted that nickel and its derivative exports will increase up to 20 times by 2025 due to the Indonesian government's downstreaming program. Luhut claims that the downstreaming program has improved and stabilized the national economy, reflected in the equitable distribution of development within the country.