Nickel Commodity Price for 3-Month Futures Contract Rises to US$16,555 per Ton (Monday, August 19, 2024)

Westmetall notes that the price of nickel for the next 3-month contract rose 2.35 percent today, reaching US$16,555 per ton. This price increase is considerably higher than the average price movement over the past week.

Nickel prices saw their highest jump this week on Monday, August 19, 2024, at 2.35 percent. However, it is down 1.46 percent compared to its year-to-date position.

The current situation is similar to the price movement of nickel for the next 3-month contract in the last 24 hours, which is currently on an upward trend.

Over the past week, the price of nickel for the next 3-month contract has grown by 2.25 percent, with an average daily transaction price of US$16,315 per ton. Compared to the price at the beginning of the year, the price of nickel has grown by -1.46 percent. Compared to its highest price this year at US$21,650 per ton, the price of nickel for the next 3-month contract has fallen by 23.53 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.

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.