Nickel Commodity Price for the 3-Month Ahead Contract This Morning Traded at US$ 17,260 per Ton (Tuesday, July 9, 2024)

Nickel commodity prices for the next 3-month contract fell on Tuesday, July 9, 2024. Trading of nickel commodity prices for the next 3-month contract today was recorded at US$17,260 per ton. This figure is lower than the previous day's trade, which was at US$17,380 per ton. This condition completes the movement of nickel commodity prices for the next 3-month contract over the past two days, which has been in a shrinking trend.

Over the past week, the movement of nickel commodity prices for the next 3-month contract grew by -0.06 percent, with an average daily transaction price of US$17,360 per ton. According to Katadata Insight Center (KIC) calculations, year-to-date (YTD), the price of nickel commodities has increased by 2.74 percent. From its highest price this year at US$21,650 per ton, the price of nickel commodities for the next 3-month contract has fallen by 20.28 percent.

Annually, the average trade price of nickel commodities 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 decline. The highest average monthly price of nickel commodities was recorded in August 2023 at US$20,730 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.