Nickel Commodity Price for 3-Month Forward Contract Drops to US$15,600 /Ton (Thursday, 08 October 2026)
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Westmetall recorded that the price of nickel commodity for 3-month forward contract dropped 1.52% today to the level of US$ 15,600 per ton. This price decline is relatively large compared to the average price movement over the past week.
This week, nickel commodity prices recorded the highest spike on Wednesday, 07 October 2026 at 0.76%. Meanwhile, trade since the start of the year has continued to decline, with year to date growth falling by 7.77%.
Current conditions are similar to the price movement of 3-month forward nickel commodity contracts over the last 24 hours, which is on a downward trend.
Over the past week, the price movement of 3-month forward nickel commodity contracts recorded -3.02% growth, with an average daily transaction price of US$15.76 thousand per ton. As a result throughout 2026, nickel commodity prices have fallen 7.77% from the start of year position at US$16,915 per ton. Even from this year's peak price of US$19,675 per ton, the 3-month forward nickel commodity contract price has dropped by 20.71%.
On an annual basis, the average trading price of 3-month forward nickel commodity contracts over the past five years is on a downward trend. Meanwhile, for monthly price monitoring, transactions over the last 12 months have tended to rise. The highest recorded monthly average price for nickel commodity 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 the large supply from Indonesia as the world's largest nickel producer on the other. Downstreaming policies and ore export bans, smelter expansion, as well as stainless steel demand are the main drivers.
What is Nickel and Why is its Price Monitored?
(Read: Silver Price Traded at US$60.21 /Troy Ounce in Morning Session (Friday, 09 October 2026))
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, so domestic policies directly impact global prices.
Why Can Nickel Prices Rise or Fall Today?
Daily nickel prices are largely driven by EV battery demand, Indonesian smelter supply dynamics, stainless steel prices, as well as US dollar direction and the Chinese economy. Over the past 30 days, the nickel price trend has tended to contract (weakening).
A multi-stakeholder forum in Kendari discussed fair and sustainable governance for the national nickel industry. as reported by Katadata "cross-stakeholder collaboration is the only way for development benefits to be distributed fairly".
Global sustainable credit funds are financing domestic nickel downstreaming expansion. as reported by Katadata "1.7 times oversubscribed in the syndicated credit market" demonstrates investor confidence in Indonesia's green nickel scheme.
"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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