Nickel Commodity Price for 3-Month Forward Contract Rises to US$15,675 /Ton (Wednesday, 04 November 2026)
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Nickel commodity price for 3-month forward contracts for trades on Wednesday, 04 November 2026 increased. Today's trading price for 3-month forward nickel commodity contracts was recorded at US$15,675 per ton. This figure is higher than the previous trading day which stood at US$15,375 per ton. Current conditions align with the price movement of 3-month forward nickel commodity contracts over the last 1 day which is on a declining trend.
Over the past week, the price movement of 3-month forward nickel commodity contracts recorded a -0.48% change, with an average daily transaction price of US$15,560 per ton. Meanwhile, compared to prices at the start of the year, this nickel commodity price has changed by -7.33%. So far this year, the highest trading value for nickel commodities was ever transacted at US$19,675 per ton, which occurred on Wednesday, 06 May 2026.
(Read: Three-Month Coffee Contract Price - US Coffee C Futures Fell Over the Last Three Days)
On an annual basis, the average trading price for 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 decline. The highest recorded monthly average price for nickel commodities was noted in May 2026 at US$19,010 per ton.
Factors Affecting Nickel Prices
Nickel prices are influenced by surging demand for electric vehicle (EV) batteries on one hand, and the scale of supply from Indonesia as the world's largest nickel producer on the other. Downstreaming policies, ore export bans, smelter expansions, as well as demand for stainless steel are the main drivers.
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, so domestic policies directly impact global prices.
Why Can Nickel Prices Rise or Fall Today?
(Read: Silver Price Rises to US$51.785 /Troy Ounce (Friday, 06 November 2026))
Daily nickel prices are largely driven by EV battery demand, Indonesian smelter supply dynamics, stainless steel prices, as well as US dollar movements and the Chinese economy. Over the past 30 days, the nickel price trend has tended to decline (weakening).
83 percent of current Indonesian nickel production flows to the stainless steel industry. as reported by Katadata "We do intend to promote both sectors," stated an official, explaining that the EV battery industry is still in its early stages.
Global nickel prices are under pressure at US$15,800 per ton due to excess mine supply. The government is preparing production controls via RKAB, as reported by Katadata "Why are prices performing poorly? Because of our production levels,".
"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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