Nickel Commodity Price for 3-Month Futures Contracts Falls to US$16,160 per Ton (Monday, August 12, 2024)

Westmetall notes that the price of nickel for the next 3-month contract fell 1.22 percent today to US$16,160 per ton. This price drop is relatively significant compared to the average price movement over the past week.

Yesterday, the price of nickel experienced its highest jump on Monday, August 12, 2024, falling 1.22 percent. It weakened by 3.81 percent compared to its year-start position.

The current situation is similar to the price movement of the 3-month nickel contract over the last day, which is currently in a declining trend.

Over the past week, the price of the 3-month nickel contract grew by -0.4 percent, with an average daily transaction price of US$16,240 per ton. As a result, throughout 2024, the price of nickel has fallen 3.81 percent from its year-start position of US$16,800 per ton. Compared to its highest price this year of US$21,650 per ton, the price of the 3-month nickel contract has fallen 25.36 percent.

Annually, the average trading price of the 3-month nickel 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 was recorded in September 2023 at US$19,860 per ton.

As reported by Katadata, the Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, stated that the value of nickel and its derivative exports in 2015 was only US$3 billion. Nickel and its derivative exports are predicted to increase up to 20 times by 2025 due to the Indonesian government's downstreaming program. Luhut claims that the downstreaming program has made the national economy better and more stable. This is reflected in the equitable distribution of development within the country.