Nickel Commodity Price for 3-Month Futures Contracts Falls to US$15,825 per Ton (Thursday, July 25, 2024)

On July 26, 2024, the price of nickel for the next 3-month contract fell 0.85 percent to US$15,825 per ton. This decrease is significantly higher than the average price movement over the past week.

Throughout this week, nickel prices saw their highest surge on Tuesday, July 23, 2024, falling 0.34 percent. It experienced a weakening, falling 5.8 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 seven days, which is in a downward trend.

Over the past week, the price movement of nickel for the next 3-month contract grew by -5.38 percent, with an average daily transaction price of US$16,210 per ton. Compared to the price at the beginning of the year, the price of nickel has grown by -5.8 percent. From its highest price this year at US$21,650 per ton, the price of nickel for the next 3-month contract has fallen 26.91 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 August 2023 at US$20,730 per ton.

Citing previous Katadata news, 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.