Nickel Commodity Price for 3-Month Futures Contracts Falls to US$16,175 per Ton (Friday, August 16, 2024)

Nickel commodity prices for the 3-month forward contract on Friday, August 16, 2024, decreased. Trading of nickel commodity prices for the 3-month forward contract today was recorded at US$16,175 per ton. This figure is lower than the previous day's trade, which was at US$16,420 per ton. This current condition is similar to the movement of nickel commodity prices for the 3-month forward contract in the last 24 hours, which has been on an upward trend.

Over the past week, the movement of nickel commodity prices for the 3-month forward contract grew by -0.71 percent, with an average daily transaction price of US$16,260 per ton. As a result, throughout 2024, nickel commodity prices have decreased by -3.72 percent from the beginning of the year, which was at US$16,800 per ton. The highest trading value for nickel commodities this year was transacted at US$21,650 per ton, which occurred on Monday, May 20, 2024.

Year-on-year, the average trade 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 for nickel commodities was recorded in September 2023 at US$19,860 per ton.

According to previous Katadata news, the Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, projected 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.