Nickel Commodity Price for 3-Month Forward Contracts Rises for Five Consecutive Days
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Westmetall recorded that the price of nickel commodity for 3-month forward contracts rose 0.59% today to reach US$ 16,135 per ton. This price increase is relatively high compared to the average price movement over the past week.
This week, nickel commodity prices recorded their highest spike on Wednesday, 21 October 2026 at 3.02%. Meanwhile, trade since the start of the year has continued to decline, with year to date growth falling by 4.61%.
Current conditions mirror the price movement of nickel commodity 3-month forward contracts over the last five days, which has been on a downward trend.
Over the past week, the price movement of nickel commodity 3-month forward contracts grew by 3.23%, with an average daily transaction price of US$ 15,630 per ton. As a result, throughout 2026 nickel commodity prices have fallen by 4.61% from the start-of-year level of US$ 16,915 per ton. During this year, the highest traded value for nickel commodity was recorded at US$ 19,675 per ton on Wednesday, 06 May 2026.
On an annual basis, the average trading price of nickel commodity 3-month forward 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 commodity was noted 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 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?
(Read: Silver Prices Continue to Fall for Three Consecutive Days)
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 trends and the Chinese economy. Over the past 30 days, nickel price trends have tended to decline (weakening).
Nickel prices have continued to slump since August, pressuring profitability of processing facilities in Indonesia. as reported by Katadata "However, previous meetings have not resulted in an agreement," while major Chinese producers are still reviewing production cut plans.
Nickel prices strengthened for four consecutive days, breaking above US$ 16,000 per ton following discussions of production cuts by Chinese producers operating in Indonesia. as reported by Katadata "What everyone is really focused on right now is the scale of the production cuts, the figures circulating in the market are quite significant,". Production dynamics in Indonesia as the world's largest producer drive global nickel prices.
"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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