Nickel Commodity Prices for the 3-Month Futures Contract Rise for Four Consecutive Days

Westmetall notes that the price of nickel for the 3-month forward contract rose 0.26 percent today to US$19,150 per ton. This price increase is relatively high compared to the average price movement over the past week.

The price of nickel saw its highest jump this week on Monday, May 13, 2024, at 0.92 percent. It has strengthened by 13.99 percent compared to its year-to-date position.

This situation completes the upward trend in the price of nickel for the 3-month forward contract over the past four days.

Over the past week, the price of nickel for the 3-month forward contract grew by 3.1 percent, with an average daily transaction price of US$18,951.43 per ton. As a result, throughout 2024, the price of nickel has increased by 13.99 percent from its year-to-date position of US$16,800 per ton. Even from its highest price this year at US$19,400 per ton, the price of nickel for the 3-month forward contract has fallen by 1.29 percent.

Annually, the average trading price of nickel 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 decrease. The highest average monthly price of nickel was recorded in June 2023 at US$21,353.86 per ton.

Citing previous Katadata news, Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, projects that the export value of nickel derivatives could reach US$60 billion or approximately Rp927.84 trillion in 2025. This is due to the downstreaming of nickel into electric vehicles (EVs). In 2022, the export value of nickel and its derivatives reached US$34.28 billion or Rp530.1 trillion.