Nickel Commodity Price for 3-Month Forward Contract Traded at US$15,750 /Ton in Morning Session (Wednesday, 28 October 2026)
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The price of nickel commodity for 3-month forward contract for transactions on Wednesday, 28 October 2026 increased. Trading price for this 3-month forward nickel contract today was recorded at US$15,750 per ton. This figure is higher compared to the previous trading day which stood at US$15,650 per ton. Current conditions contrast 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 grew 1.68 percent with an average daily transaction price of US$15,830 per ton. Meanwhile compared to the position 30 days ago, nickel commodity price movement has recorded a -3.08 percent change. So far this year, the highest trading value for nickel commodity was ever transacted at US$19,675 per ton which occurred on Wednesday, 06 May 2026.
(Read: Silver Price Traded at US$53.928 /Troy Ounce in Morning Session (Thursday, 29 October 2026))
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 last 12 months tend to increase. The highest monthly average price for nickel commodity 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 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 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?
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 last 30 days, nickel price trend has tended to decline (weakening).
Efforts to boost adoption of nickel-based battery electric vehicles are currently being drafted through special incentive schemes. as reported by Katadata "Currently only 4 thousand (nickel-based battery EV units) were sold in 2025". Sales targets for these vehicles are set to increase drastically by 2030.
Nickel prices have continued to decline since August, pressuring profits of processing plants in Indonesia. as reported by Katadata "However, the previous meeting has not resulted in an agreement," so production cut scenarios remain uncertain.
"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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