Nickel Commodity Price for 3-Month Forward Contract Traded at US$16,040 /Ton in Morning Trade (Wednesday, 21 October 2026)
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The price of nickel commodity for 3-month forward contracts for Wednesday, 21 October 2026 transactions increased. Today's trading price for 3-month forward nickel commodity contracts was recorded at US$16,040 per ton. This figure is higher than the previous trading day which stood at US$15,570 per ton. This current condition ends the downward trend of 3-month forward nickel commodity contract prices over the last four days.
Over the past week, the price movement of 3-month forward nickel commodity contracts grew 2.04 percent with an average daily transaction price of US$15.56 thousand per ton. Meanwhile, compared to prices at the start of the year, this nickel commodity price has recorded a -5.17 percent growth. Even from its highest price this year at US$19,675 per ton, the 3-month forward nickel commodity contract price has fallen by 18.48 percent.
(Read: Silver Price Traded at US$57.265 /Troy Ounce in Morning Trade (Thursday, 22 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 have tended to rise. The highest recorded monthly average price for nickel commodity was noted 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 hand, and supply volumes 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, Indonesia smelter supply dynamics, stainless steel prices, as well as US dollar direction and the Chinese economy. Over the past 30 days, nickel price trends have tended to decline (weakening).
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 scale of production cuts". This discourse on output cuts is driving global commodity markets.
Indonesia's nickel downstreaming policy continues with the launch of 11 new projects at IWIP. as reported by Katadata "Indonesia's economy grew by 32.1% up to 2024" since the full raw nickel export ban was implemented in 2020.
"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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