Nickel Commodity Price for 3-Month Futures Contracts Falls to US$16,000 per Ton (Friday, September 13, 2024)
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Westmetall notes that the price of nickel for the next 3-month contract fell 0.93 percent today to US$16,000 per ton. This price drop is considerably higher than the average price movement over the last week.
Nickel prices saw their highest surge this week on Thursday, September 12, 2024, reaching 1.1 percent. However, trading since the beginning of the year has continuously declined, with year-to-date growth down 4.76 percent.
The current situation is similar to the price movement of the 3-month nickel contract over the last 24 hours, which is currently trending downwards.
Over the past week, the price of the 3-month nickel contract grew by -1.6 percent, with an average daily transaction price of US$15,980 per ton. Compared to the price at the beginning of the year, the price of nickel has grown by -4.76 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 the 3-month nickel contract over the past five years has been on an upward trend. Meanwhile, monthly price monitoring shows that transactions in the last 12 months have tended to decrease. The highest average monthly price for nickel was recorded in May 2024 at US$19,770 per ton.
The Coordinating Ministry for Maritime Affairs and Investment notes that in the first half of 2023, the year-to-date value of nickel and its derivative exports reached US$19.47 billion, equivalent to Rp 301 trillion. In 2022, 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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