Nickel Commodity Price for 3-Month Futures Contract Rises for Eight Consecutive Days
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Westmetall notes that the price of nickel for the next 3-month contract 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.
This week, nickel prices saw their highest surge on Tuesday, September 24, 2024, at 0.91 percent. Year-to-date (YTD), trading has strengthened by 0.6 percent.
The current situation completes eight days of upward trends in the 3-month nickel contract price.
Over the past week, the price of the 3-month nickel contract has grown by 4.13 percent, with an average daily transaction price of US$16,650 per ton. Compared to the beginning of the year, the price of nickel has increased by 0.6 percent. The highest trading value for nickel this year was US$21,650 per ton, recorded on Monday, May 20, 2024.
Annually, the average trading price of the 3-month nickel contract has been on an upward trend over the past five years. However, monthly price monitoring shows a downward trend in transactions over the past 12 months. The highest average monthly price for nickel was recorded in May 2024 at US$19,770 per ton.
According to previous Katadata news, the 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 Rp 530.1 trillion.
"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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