Nickel Commodity Price for the 3-Month Ahead Contract This Morning Traded at US$ 16,360 per Ton (Friday, August 9, 2024)

Westmetall notes that the nickel commodity price for the next 3-month contract rose 1.05 percent today, reaching US$16,360 per ton. This price increase is relatively high compared to the average price movement over the past week.

This week, the nickel commodity price saw its highest surge on Tuesday, August 6, 2024, at 1.72 percent. However, it has weakened, falling 2.62 percent compared to its year-to-date position.

The current situation is similar to the movement of the nickel commodity price for the next 3-month contract in the last 24 hours, which is currently in a downward trend.

Over the past week, the price movement of the nickel commodity for the next 3-month contract grew by -0.88 percent, with an average daily transaction price of US$16,250 per ton. Compared to the price at the beginning of the year, the nickel commodity price has grown by -2.62 percent. Furthermore, from its highest price this year at US$21,650 per ton, the nickel commodity price for the next 3-month contract has fallen by 24.43 percent.

Annually, the average trading price of the nickel commodity for the next 3-month contract over the past five years has been on an upward trend. Meanwhile, for monthly price monitoring, transactions in the last 12 months have tended to decrease. The highest average monthly price of nickel commodities was recorded in September 2023 at US$19,860 per ton.

As reported by Katadata, the Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, stated that the export value of nickel and its derivatives in 2015 was only US$3 billion. Nickel and its derivative exports are predicted to increase up to 20 times by 2025 due to the Indonesian government's downstreaming program. Luhut claims that the downstreaming program has improved and stabilized the national economy. This is reflected in the equitable distribution of development within the country.