Nickel Commodity Price for 3-Month Futures Contracts Falls to US$16,360 per Ton (Friday, July 19, 2024)

The price of nickel commodities for the next 3-month contract on Friday, July 19, 2024, decreased. Trading of nickel commodities for the 3-month contract today was recorded at US$16,360 per ton. This figure is lower than the previous day's trading, which was at US$16,500 per ton. This current condition is similar to the movement of nickel commodity prices for the 3-month contract over the past three days, which has been in a shrinking trend.

Over the past week, the price movement of nickel commodities for the 3-month contract grew by -4.22 percent, with an average daily transaction price of US$16,690 per ton. According to Katadata Insight Center (KIC) calculations, year-to-date (YTD), the price of nickel commodities has fallen by 2.62 percent. From its highest price this year at US$21,650 per ton, the price of nickel commodities for the 3-month contract has fallen by 24.43 percent.

Annually, the average trading price of nickel commodities for the 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 shrink. The highest average monthly price of nickel commodities was recorded in August 2023 at US$20,730 per ton.

The Coordinating Ministry for Maritime Affairs and Investment recorded 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.