Nickel Commodity Price for the 3-Month Forward Contract This Morning Traded at US$16,230 per Ton (Wednesday, September 18, 2024)
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The price of nickel commodities for the next 3-month contract on Wednesday, September 18, 2024, increased. Trading of nickel commodities for the 3-month contract today was recorded at US$16,230 per ton. This figure is higher than the previous day's trade, which was at US$16,180 per ton. This current condition is similar to the movement of nickel commodity prices for the 3-month forward contract in the last 24 hours, which has been in a downward trend.
Over the past week, the price movement of nickel commodities for the 3-month forward contract grew by 2.11 percent, with an average daily transaction price of US$16,080 per ton. Compared to the position 30 days ago, the price movement of nickel commodities has grown by -0.28 percent. This year, the highest trading value for nickel commodities was transacted at US$21,650 per ton, which occurred on Monday, May 20, 2024.
Annually, the average trade 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 May 2024 at US$19,770 per ton.
Citing previous Katadata news, the 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.
"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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