Nickel Commodity Price for 3-Month Forward Contracts Falls for Six Consecutive Days
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The price of nickel commodity for 3-month forward contracts for trades on Thursday, 01 October 2026 declined. Today's trading price for 3-month forward nickel commodity contracts was recorded at US$15,760 per ton. This figure is lower than the previous trading day which stood at US$16,060 per ton. This current condition marks six consecutive days of declining trend for 3-month forward nickel commodity contract prices.
Over the past week, the price movement of 3-month forward nickel commodity contracts recorded a -4.72% change, with an average daily transaction price of US$16.2 thousand per ton. As a result, throughout 2026, nickel commodity prices have fallen by -6.83% from the start of year level of US$16,915 per ton. Meanwhile, the highest trading value for nickel commodities this year was 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 has been on a downward trend over the last five years. Meanwhile, for monthly price monitoring, transactions over the past 12 months have tended to rise. The highest recorded monthly average price for nickel commodities 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 side, and the large supply 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?
(Read: Silver Price Traded at US$60.855 per Troy Ounce in Morning Trade (Friday, 02 October 2026))
Daily nickel prices are largely driven by EV battery demand, Indonesia 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 contract (weakening).
Vale Indonesia secured a large sustainable loan for nickel downstream industrialization. as reported by Katadata "1.7 times oversubscribed in the syndicated loan market" indicates high global investor interest in this sector.
The nickel governance corruption case for the 2017-2020 period continues to develop following the arrest of a former official from the Ministry of Energy and Mineral Resources. as reported by Katadata "He is the fifth suspect in the nickel governance case."
"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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