Nickel Commodity Price for 3-Month Futures Contracts Falls to US$19,575 per Ton (Monday, June 3, 2024)

Nickel commodity prices for the 3-month forward contract on Monday, June 3, 2024, decreased. Trading of nickel commodity prices for the 3-month forward contract today was recorded at US$19,575 per ton. This figure is lower than the previous day's trading, which was at US$20,125 per ton. The current situation is similar to the previous movement of nickel commodity prices for the 3-month forward contract, which was in an upward trend.

Over the past week, the movement of nickel commodity prices for the 3-month forward contract slowed by 5.32 percent, with an average daily transaction price of US$20,147.14 per ton. Compared to the price at the beginning of the year, the price of this nickel commodity has grown by 16.52 percent. Even from its highest price this year at US$21,650 per ton, the price of nickel commodities for the 3-month forward contract has fallen by 9.58 percent.

Annually, the average trading price of nickel commodities for the 3-month forward contract over the past five years has been in 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 July 2023 at US$21,144.76 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.