Nickel Commodity Prices for the 3-Month Ahead Contract Rise for Three Consecutive Days

The price of nickel commodities for the next 3-month contract on Monday, May 13, 2024, increased. Trading of nickel commodity prices for the 3-month forward contract today was recorded at US$19,100 per ton. This figure is higher than the previous day's trade, which was at US$18,925 per ton. The current situation is similar to the movement of nickel commodity prices for the 3-month forward contract in the last three days, which has been on an upward trend.

Over the past week, the price movement of nickel commodities for the 3-month forward contract grew by 1.57 percent, with an average daily transaction price of US$18,869.29 per ton. As a result, throughout 2024, the price of nickel commodities has increased by 13.69 percent from its year-beginning position of US$16,800 per ton. Even from its highest price this year at US$19,400 per ton, the price of nickel commodities for the 3-month forward contract has fallen by 1.55 percent.

Annually, the average trade 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 June 2023 at US$21,353.86 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. Exports of nickel and its derivatives 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.