Nickel Commodity Price for 3-Month Futures Contract Rises to US$16,360 per Ton (Friday, August 9, 2024)

Westmetall notes that the price of nickel for the next 3-month contract rose 1.05 percent today, reaching US$16,360 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, August 6, 2024, at 1.72 percent. However, it has weakened, falling 2.62 percent compared to its year-to-date position.

The current situation is similar to the price movement of the 3-month nickel contract over the last day, which is currently in a downward trend.

Over the past week, the price movement of the 3-month nickel contract grew by -0.88 percent, with an average daily transaction price of US$16,250 per ton. Compared to its position 30 days ago, the price of nickel has grown by -5.27 percent. From its highest price this year at US$21,650 per ton, the price of the 3-month nickel contract has fallen by 24.43 percent.

Annually, the average trading price of the 3-month nickel 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.

The Coordinating Ministry for Maritime Affairs and Investment notes 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 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.