Nickel Commodity Price for 3-Month Forward Contract Traded at US$15,675 /Ton in Morning Trade (Wednesday, 04 November 2026)
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The price of nickel commodity for 3-month forward contracts on Wednesday, 04 November 2026 trading session increased. Today's 3-month forward nickel contract price was recorded at US$15,675 per ton. This figure is higher than the previous trading day's price of US$15,375 per ton. This current condition contrasts with the 3-month forward nickel price movement over the last one day which is on a downward trend.
Over the past week, the price movement of 3-month forward nickel commodity contracts changed by -0.48%, with an average daily transaction price of US$15,560 per ton. As a result throughout 2026, nickel commodity prices have fallen by -7.33% from the start of year level of US$16,915 per ton. Even from this year's peak price of US$19,675 per ton, the 3-month forward nickel contract price has dropped by 20.33%.
On an annual basis, the average trading price of 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 also tended to decline. The highest recorded monthly average nickel commodity price was recorded 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 side, and supply volumes from Indonesia as the world's largest nickel producer on the other. Downstream industrialization policies, ore export bans, smelter expansion, 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: Silver Price Traded at US$52.818 /Troy Ounce in Morning Trade (Thursday, 05 November 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 decline (weakening).
Nickel prices are under pressure due to oversupply, prompting the government to prepare production controls via the RKAB. as reported by Katadata "Why are prices performing poorly? Because of our production," stated Coordinating Minister Bahlil explaining the root of this issue.
Nickel miners are squeezed as smelters purchase ore below the reference price, while royalties still must be paid according to regulations. as reported by Katadata "The price basis is the HPM, but currently smelters are purchasing below the HPM price." Smelter production cost pressures are driving this practice.
"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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