Nickel Commodity Price for 3-Month Futures Contract Rises to US$16,380 per Ton (Friday, August 2, 2024)

On August 5, 2024, the price of nickel for the next 3-month contract increased by 0.96 percent to US$16,380 per ton. This increase is considerably higher than the average price movement over the past week. .

Previously, nickel prices saw their highest surge on Wednesday, July 31, 2024, at 3.54 percent. However, it has weakened, falling 2.5 percent compared to its year-start position.

The current situation is similar to the recent downward trend in the price of nickel for the next 3-month contract.

Over the past week, the price of nickel for the next 3-month contract grew by 2.63 percent, with an average daily transaction price of US$16,090 per ton. As a result, throughout 2024, nickel prices have fallen 2.5 percent from their year-start level of US$16,800 per ton. Compared to its highest price this year of US$21,650 per ton, the price of nickel for the next 3-month contract has fallen by 24.34 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. However, monthly price monitoring shows that transactions in the last 12 months have tended to decline. The highest average monthly price for nickel was recorded in September 2023 at US$19,860 per ton. .

As reported by Katadata, 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. It is predicted that nickel and its derivative exports will increase up to 20 times by 2025 due to the Indonesian government's downstreaming program. Luhut claims that the downstreaming program has improved and stabilized the national economy, reflected in the equitable distribution of development within the country.