Nickel Commodity Price for 3-Month Futures Contract Rises to US$16,375 per Ton (Thursday, September 19, 2024)
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Westmetall notes that the price of nickel for the next 3-month contract rose 0.89 percent today to US$16,375 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 Monday, September 16, 2024, at 1.25 percent. However, trading since the beginning of the year has been consistently down, with year-to-date growth at -2.53 percent.
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 downward trend.
Over the past week, the price movement of nickel for the next 3-month contract grew by 3.44 percent, with an average daily transaction price of US$16,160 per ton. Compared to the price at the beginning of the year, the price of nickel has grown by -2.53 percent. 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 24.36 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 May 2024 at US$19,770 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.
"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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