Nickel Commodity Price for the 3-Month Forward Contract This Morning Traded at US$16,300 per Ton (Wednesday, August 14, 2024)

Westmetall notes that the price of nickel for the next 3-month contract rose 0.4 percent today to US$16,300 per ton. This price increase is relatively high compared to the average price movement over the past week.

This week, nickel prices saw their highest surge on Tuesday, August 13, 2024, at 0.46 percent. However, it has weakened, falling 2.98 percent compared to its year-to-date position.

The current situation completes the downward trend in nickel prices for the next 3-month contract over the past two days.

Over the past week, the price of nickel for the next 3-month contract grew by 1.88 percent, with an average daily transaction price of US$16,260 per ton. Compared to the position 30 days ago, the price of nickel has grown by -6.13 percent. From its highest price this year at US$21,650 per ton, the price of nickel for the next 3-month contract has fallen by 24.71 percent.

Annually, the average trading price of nickel 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 decline. The highest average monthly price of 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 Rp 530.1 trillion.