Nickel Commodity Price for 3-Month Futures Contract Rises to US$16,275 per Ton (Tuesday, August 6, 2024)

The price of nickel commodities for the next 3-month contract increased on Tuesday, August 6, 2024. Trading of nickel commodities for the 3-month contract today was recorded at US$16,275 per ton. This figure is higher than the previous day's trade, which stood at US$16,000 per ton. This current condition is similar to the movement of nickel commodity prices for the 3-month forward contract in the last 24 hours, which has been in a downward trend.

Over the past week, the price movement of nickel commodities for the 3-month forward contract grew by 2.75 percent, with an average daily transaction price of US$16,170 per ton. As a result, throughout 2024, the price of nickel commodities has shrunk by -3.12 percent from its year-beginning position of US$16,800 per ton. 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 24.83 percent.

Annually, the average trade price of nickel commodities for the 3-month forward 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 decrease. The highest average monthly price of nickel commodities was recorded in September 2023 at US$19,860 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.