Nickel Commodity Price for 3-Month Futures Contract Rises to US$16,675 per Ton (Tuesday, September 24, 2024)
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Westmetall notes that the price of nickel for the next 3-month contract rose 0.91 percent today, reaching US$16,675 per ton. This price increase is relatively high compared to the average price movement over the past week.
Yesterday, nickel prices saw their highest jump on Tuesday, September 24, 2024, at 0.91 percent. However, trading since the beginning of the year has been consistently down, with year-to-date (YTD) growth at -0.74 percent.
The current situation is similar to the price movement of nickel for the next 3-month contract over the past five days, which has been on a downward trend.
Over the past week, the price of nickel for the next 3-month contract grew by 4.22 percent, with an average daily transaction price of US$16,380 per ton. Compared to the price at the beginning of the year, the price of nickel has grown by -0.74 percent. The highest trading value for nickel this year was recorded at US$21,650 per ton on Monday, May 20, 2024.
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 May 2024 at US$19,770 per ton.
According to 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.
"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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