Nickel Commodity Price for 3-Month Futures Contract Remains Unchanged at US$16,950 per Ton (Friday, July 12, 2024)

On July 15, 2024, the price of nickel for the next 3-month contract remained unchanged at US$16,950 per ton (0% change). This decrease is considerably higher than the average price movement over the past week.

Previously, on Friday, July 12, 2024, nickel prices surged by 0 percent. This represents a 0.89 percent increase compared to the beginning of the year.

Currently, the price movement of nickel for the next 3-month contract over the last 0 days shows a declining trend.

Over the past week, the price of nickel for the next 3-month contract grew by -2.39 percent, with an average daily transaction price of US$17,180 per ton. Compared to the price 30 days ago, the price of nickel has grown by -15.78 percent. The highest trading value for nickel this year was US$21,650 per ton, recorded on Monday, May 20, 2024.

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

According to 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 (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 (Rp 530.1 trillion).