Nickel Commodity Price for 3-Month Futures Contract Rises to US$17,065 per Ton (Tuesday, August 27, 2024)
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Nickel commodity prices for the 3-month forward contract rose on Tuesday, August 27, 2024. Trading of nickel commodity prices for the 3-month forward contract today was recorded at US$17,065 per ton. This figure is higher than the previous day's trading, which stood at US$16,655 per ton. This current condition completes the upward trend in nickel commodity prices for the 3-month forward contract over the past two days.
Over the past week, the price movement of nickel commodities for the 3-month forward contract grew by 3.93 percent, with an average daily transaction price of US$16,680 per ton. Compared to the price at the beginning of the year, the price of this nickel commodity has grown by 1.58 percent. The highest trading value for nickel commodities this year was transacted at US$21,650 per ton, which occurred on Monday, May 20, 2024.
Annually, the average trading price of nickel commodities for the 3-month forward 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 commodities was recorded in September 2023 at US$19,860 per ton.
The Coordinating Ministry for Maritime Affairs and Investment recorded that in the first half of 2023, the value of nickel and its derivative exports year-to-date reached US$19.47 billion, equivalent to Rp301 trillion. In 2022, the export value of this commodity reached US$34.28 billion or Rp530.1 trillion. Nickel and its derivative exports are predicted to increase up to 20 times by 2025 due to the Indonesian government's downstreaming program.
"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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