Nickel Commodity Price for 3-Month Futures Contract Rises Towards US$16,000 per Ton (Friday, September 6, 2024)
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The price of nickel commodities for the next 3-month contract on Friday, September 6, 2024, increased. Trading of nickel commodities for the next 3-month contract today was recorded at US$16,000 per ton. This figure is higher than the previous day's trading, which was at US$15,980 per ton. The current condition is similar to the movement of nickel commodity prices for the next 3-month contract in the last 24 hours, which is currently on an upward trend.
Over the past week, the price movement of nickel commodities for the next 3-month contract grew by -5.16 percent, with an average daily transaction price of US$16,480 per ton. Compared to the price at the beginning of the year, the price of this nickel commodity has grown by -4.76 percent. Even from its highest price this year at US$21,650 per ton, the price of nickel commodities for the next 3-month contract has fallen by 26.1 percent.
Annually, the average trading price of nickel commodities 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 decrease. The highest average monthly price of nickel commodities was recorded in May 2024 at US$19,770 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 Rp 301 trillion. In 2022, the value of exports of this commodity reached US$34.28 billion or Rp 530.1 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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