Nickel Commodity Price for the 3-Month Ahead Contract This Morning Traded at US$15,940 per Ton (Tuesday, July 30, 2024)

Nickel commodity prices for the 3-month forward contract on Tuesday, July 30, 2024, increased. Trading of nickel commodity prices for the 3-month forward contract today was recorded at US$15,940 per ton. This figure is higher than the previous day's trading, which was at US$15,895 per ton. The current condition is similar to the movement of nickel commodity prices for the 3-month forward contract in the last three days, which has been in a downward trend.

Over the past week, the movement of nickel commodity prices for the 3-month forward contract grew by -2.57 percent, with an average daily transaction price of US$15,950 per ton. As a result, throughout 2024, nickel commodity prices have fallen 5.12 percent from their year-beginning position of US$16,800 per ton. From its highest price this year at US$21,650 per ton, the price of nickel commodities for the 3-month forward contract has fallen 26.37 percent.

Annually, the average trading price of nickel commodities for the 3-month forward 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 decline. The highest average monthly price of nickel commodities was recorded in August 2023 at US$20,730 per ton.

As reported by Katadata, the Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, stated that the value of nickel and its derivative exports 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 made the national economy better and more stable. This is reflected in the equitable distribution of development within the country.