Nickel Commodity Price for 3-Month Forward Contract This Morning Traded at US$16,900 per Ton (Friday, September 27, 2024)
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Westmetall notes that the price of nickel for three-month forward contracts rose 0.45 percent today, reaching US$16,900 per ton. This price increase is relatively high compared to the average price movement over the past week.
Nickel prices saw their highest jump this week on Tuesday, September 24, 2024, at 0.91 percent. Year-to-date (YTD), trading has strengthened by 0.6 percent.
Current conditions confirm the upward trend in nickel prices for three-month forward contracts over the past eight days.
Over the past week, the price of nickel for three-month forward contracts grew by 4.13 percent, with an average daily transaction price of US$16,650 per ton. As a result, throughout 2024, nickel prices have risen 0.6 percent from their year-start position of US$16,800 per ton. Compared to its highest price this year of US$21,650 per ton, the price of nickel for three-month forward contracts has fallen 21.94 percent.
Annually, the average trading price of nickel for three-month forward contracts has been on an upward trend over the past five years. Meanwhile, monthly price monitoring shows that transactions over the past 12 months have tended to decrease. The highest average monthly price for nickel was recorded in May 2024 at US$19,770 per ton.
The Coordinating Ministry for Maritime Affairs and Investment notes that in the first half of 2023, the year-to-date value of nickel and its derivative exports reached US$19.47 billion, or Rp 301 trillion. In 2022, the value of these exports reached US$34.28 billion, or Rp 530.1 trillion. Nickel and its derivative exports are predicted to increase up to 20 times by 2025 due to the Indonesian government's downstreaming program.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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