Nickel Commodity Price for 3-Month Forward Contract Traded at US$15,425 /Ton in Morning Session (Friday, 30 October 2026)
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The price of nickel commodity for 3-month forward contract for Friday, 30 October 2026 transactions declined. The 3-month forward nickel commodity contract trading price today was recorded at US$15,425 per ton. This figure is lower compared to the previous trading day which stood at US$15,550 per ton. This current condition completes the downward price trend for 3-month forward nickel commodity contracts over the past two days.
Over the past week, the price movement of 3-month forward nickel commodity contracts grew by -3.83% with an average daily transaction price of US$15.74 thousand per ton. As a result, throughout 2026, nickel commodity prices have fallen by -8.81% 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 21.6%.
On an annual basis, the average trading price for 3-month forward nickel commodity contracts over the last five years is on a downward trend. Meanwhile, for monthly price monitoring, transactions over the past 12 months have tended to rise. The highest recorded monthly average nickel commodity price was recorded 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 as the world's largest nickel producer on the other. Downstream industrialization policies, ore export bans, smelter expansions, as well as stainless steel demand 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: Copper Price Falls Towards US$6.51 /Pound (Friday, 30 October 2026))
Daily nickel prices are mostly driven by EV battery demand, Indonesian smelter supply dynamics, stainless steel prices, as well as US Dollar movements and the Chinese economy. Over the last 30 days, nickel price trends have tended to contract (weaken).
Domestic nickel miners are currently squeezed as smelters purchase mining ore below the official benchmark price. as reported by Katadata "Based on the HPM price reference, but smelters are currently purchasing below the HPM price."
The Ministry of Energy and Mineral Resources has finalized the revision of the 2026 nickel production quota. as reported by Katadata "The total is between 290 million to around 300 million tons," stated Director General of Minerals and Coal Tri Winarno. This figure is an increase of approximately 30 million tons from the initial allocation.
"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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