Nickel Commodity Price for 3-Month Futures Contract Rises to US$15,840 per Ton (Friday, July 26, 2024)

Nickel commodity prices for the next 3-month contract for transactions on Friday, July 26, 2024, increased. Trading of nickel commodity prices for the next 3-month contract today was recorded at US$15,840 per ton. This figure is higher than the previous day's trading, which was at US$15,825 per ton. The current condition is similar to the movement of nickel commodity prices for the next 3-month contract in the last 24 hours, which is currently in a shrinking trend.

Over the past week, the movement of nickel commodity prices for the next 3-month contract grew by -4.84 percent, with an average daily transaction price of US$16,100 per ton. As a result, throughout 2024, nickel commodity prices have shrunk by -5.71 percent from the beginning of the year, which was at US$16,800 per ton. The highest trading value for nickel commodities this year was transacted at US$21,650 per ton, which occurred on Monday, May 20, 2024.

Annually, the average trading price of nickel commodities for the next 3-month 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 shrink. The highest average monthly price of nickel commodities was recorded in August 2023 at US$20,730 per ton.

The Coordinating Ministry for Maritime Affairs and Investment recorded that in the first half of 2023, the value of nickel and its derivative exports year-to-date reached US$19.47 billion, or the equivalent of Rp301 trillion. In 2022, the export value of this commodity reached US$34.28 billion, or Rp530.1 trillion. Exports of nickel and its derivatives are predicted to increase up to 20 times by 2025 due to the Indonesian government's downstreaming program.