Nickel Commodity Price for 3-Month Futures Contract Rises to US$16,290 per Ton (Wednesday, August 7, 2024)

Westmetall notes that the price of nickel for the next 3-month contract today rose 0.09 percent to US$16,290 per ton. This price increase is relatively high compared to the average price movement over the last week.

Throughout this week, nickel prices saw their highest surge on Tuesday, August 6, 2024, at 1.72 percent. However, it experienced a weakening, falling 3.04 percent compared to its year-to-date position.

The current situation completes the price movement of nickel for the next 3-month contract over the past two days, which has been in a declining trend.

Over the past week, the price movement of nickel for the next 3-month contract grew by 2.49 percent, with an average daily transaction price of US$16,230 per ton. Compared to the position 30 days ago, the price movement of nickel has grown by -5.29 percent. Furthermore, from its highest price this year at US$21,650 per ton, the price of nickel for the next 3-month contract has fallen by 24.76 percent.

Annually, the average trading price of nickel 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 decline. The highest average monthly price of nickel was recorded in September 2023 at US$19,860 per ton.

Citing 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 Rp530.1 trillion.