Nickel Commodity Price for 3-Month Forward Contract Traded at US$15,900 /Ton in Morning Session (Friday, 23 October 2026)
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Nickel commodity price for 3-month forward contract for Friday, 23 October 2026 transactions declined. The trading price for 3-month forward nickel commodity contracts today was recorded at US$15,900 per ton. This figure is lower than the previous trading day which stood at US$16,135 per ton. Current conditions align with the price movement of 3-month forward nickel contracts over the past day, which is on a downward trend.
Over the past week, the price movement of 3-month forward nickel commodity contracts grew 1.4 percent, with an average daily transaction price of US$15,660 per ton. As a result throughout 2026, nickel commodity prices have fallen 6 percent from the start of the year level of US$16,915 per ton. Meanwhile this year, the highest trading value for nickel commodities was ever recorded at US$19,675 per ton, which occurred on Wednesday, 06 May 2026.
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 monthly average price for nickel commodities 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 hand, 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?
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 last 30 days, nickel price trends have tended to decline (weakening).
Nickel prices have continued to slump since August, pressuring profitability of processing plants in Indonesia. as reported by Katadata "However, the previous meeting has not yet resulted in an agreement," regarding production cut plans by Chinese nickel giants.
Nickel prices strengthened for four consecutive days to break US$16,000 per ton following discussions of production cuts by Chinese producers operating in Indonesia. as reported by Katadata "What everyone is really focusing on right now is the scale of the production cuts". This policy is the main driver of global nickel price movements.
"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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