Nickel Commodity Price for 3-Month Forward Contract Drops to US$15,550 /Ton (Thursday, 29 October 2026)
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The price of nickel commodity for 3-month forward contracts for trades on Thursday, 29 October 2026 has decreased. Today's trading price for 3-month forward nickel commodity contracts was recorded at US$15,550 per ton. This figure is lower than the previous trading day's price which stood at US$15,750 per ton. Current conditions align with the downward trend observed for 3-month forward nickel contract prices over the last 24 hours.
Over the past week, the price movement of 3-month forward nickel commodity contracts changed by -0.13%, with an average daily transaction price of US$15,825 per ton. Meanwhile, compared to prices at the start of the year, this nickel commodity price has fallen by 8.07%. Even from this year's peak price of US$19,675 per ton, the 3-month forward nickel contract price has dropped by 20.97%.
(Read: Silver Price Drops to US$51.662 /Troy Ounce (Friday, 30 October 2026))
On an annual basis, the average trading price for 3-month forward nickel commodity contracts over the last five years has followed a downward trend. Meanwhile, for monthly price monitoring, transactions over the past 12 months have trended upwards. The highest recorded monthly average nickel commodity price was noted in May 2026 at US$19.01 thousand per ton.
Factors Affecting Nickel Prices
Nickel prices are influenced by surging demand for electric vehicle (EV) batteries on one side, and supply volumes from Indonesia — the world's largest nickel producer — on the other. Downstream industrialization policies, ore export bans, smelter expansion, and stainless steel demand are the main driving factors.
What is Nickel and Why is its Price Monitored?
Nickel is a metal traded with reference to the London Metal Exchange (LME), and is a strategic raw material for batteries and stainless steel. Indonesia holds the world's largest nickel reserves and production volume, so domestic policies directly impact global prices.
Why Can Nickel Prices Rise or Fall Today?
(Read: Bitcoin Transactions Hit Record High Volume Today, Most Active Trading Recorded)
Daily nickel prices are largely driven by EV battery demand, Indonesian smelter supply dynamics, stainless steel prices, as well as US Dollar movements and China's economic conditions. Over the last 30 days, nickel prices have trended downwards (weakening).
Domestic nickel miners are under pressure as smelters purchase ore below the reference price, while royalties still must be paid according to the official reference price. as reported by Katadata "Pricing is based on the official HPM benchmark, but smelters are currently purchasing below this HPM price." This situation arises due to production cost pressures faced by smelters.
The increased 2026 nickel production quota will guide near-term price movements for this commodity. as reported by Katadata "The total will be between 290 million to around 300 million tons," stated an ESDM official regarding the officially published revised quota.
"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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