Nickel Commodity Price for 3-Month Futures Contracts Falls to US$16,190 per Ton (Thursday, August 8, 2024)

Westmetall notes that the price of nickel for the next 3-month contract fell 0.61 percent today to US$16,190 per ton. This price drop is relatively significant compared to the average price movement over the past week.

Nickel prices saw their highest surge this week on Tuesday, August 6, 2024, increasing by 1.72 percent. However, it has weakened, falling 3.63 percent compared to its year-to-date position.

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

Over the past week, the price of nickel for the 3-month forward contract grew by 1.57 percent, with an average daily transaction price of US$16,270 per ton. Compared to the price at the beginning of the year, the price of this nickel commodity has grown by -3.63 percent. From its highest price this year at US$21,650 per ton, the price of nickel for the 3-month forward contract has fallen by 25.22 percent.

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

The Coordinating Ministry for Maritime Affairs and Investment notes that in the first half of 2023, the value of nickel and its derivative exports year-to-date reached US$19.47 billion, or the equivalent of Rp 301 trillion. In 2022, the value of these exports 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.