Nickel Commodity Price for 3-Month Forward Contract Traded at US$15,900 /Ton This Morning (Friday, 23 October 2026)
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Westmetall recorded that the price of nickel commodity for 3-month forward contracts fell 1.46 percent today to the level of US$ 15,900 per ton. This price drop is relatively large compared to the average price movement over the past week.
This week, nickel commodity prices recorded the highest spike on Wednesday, 21 October 2026 at 3.02 percent. Meanwhile, trade recorded since the start of the year has continued to decline, with year to date growth down 6 percent.
(Read: Yesterday, Fish Prices in West Java: Mackerel Sold at IDR 50 Thousand, Gourami at IDR 57.8 Thousand)
Current conditions are similar to the price movement of 3-month forward nickel commodity contracts over the last one day, which is on a declining 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. Calculations from Katadata Insight Center (KIC) show that year-to-date (year-to-date/ytd), this nickel commodity price has fallen by -6 percent. Throughout 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.
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 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 the size of supply from Indonesia as the world's largest nickel producer on the other. Downstreaming policies and ore export bans, smelter expansions, as well as stainless steel demand are the main drivers.
What is Nickel and Why is its Price Monitored?
(Read: Constant Price GRDP Net Export Statistics 2013-2026 Period, Quarterly Data by Province)
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 trends have tended to decline (weakening).
Global nickel prices have slumped since May, weighing on the profitability of processing facilities in Indonesia. Major Chinese nickel producers are now reviewing production cuts. as reported by Katadata “However, previous meetings have not resulted in an agreement,”.
Global nickel prices strengthened for four consecutive days, breaking through US$16,000 per ton. as reported by Katadata "What everyone is really focusing on right now is the magnitude of the production cuts".
"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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