Nickel Commodity Price for the 3-Month Forward Contract This Morning Traded at US$ 16,175 per Ton (Friday, August 16, 2024)

Westmetall notes that the price of nickel for the next 3-month contract fell 1.49 percent today to US$16,175 per ton. This price drop is relatively significant compared to the average price movement over the past week.

Nickel prices saw their highest surge this week on Thursday, August 15, 2024, at 0.74 percent. However, they have weakened, falling 3.72 percent compared to their year-to-date position.

The current situation is similar to the price movement of the 3-month nickel contract over the last day, which is currently on an upward trend.

Over the past week, the price of the 3-month nickel contract grew by -0.71 percent, with an average daily transaction price of US$16,260 per ton. According to Katadata Insight Center (KIC) calculations, year-to-date (YTD), the price of nickel has fallen 3.72 percent. From its highest price this year at US$21,650 per ton, the price of the 3-month nickel contract has fallen 25.29 percent.

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

Citing previous Katadata news, Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, projects that the export value of nickel derivatives could reach US$60 billion or approximately Rp927.84 trillion in 2025. This is due to the downstreaming of nickel into electric vehicles (EVs). In 2022, the export value of nickel and its derivatives reached US$34.28 billion or Rp530.1 trillion.