Nickel Commodity Prices for the 3-Month Ahead Contract Have Continuously Increased Over the Past Nine Days

Westmetall notes that the price of nickel for the next 3-month contract rose 2.43 percent today, reaching US$17,310 per ton. This price increase is considerably higher than the average price movement over the past week.

Nickel prices saw their highest jump this week on Monday, September 30, 2024, at 2.43 percent. Year-to-date (YTD), trading has strengthened by 3.04 percent.

The current situation is similar to the price movement of nickel for the next 3-month contract over the past nine days, which has been on an upward trend.

Over the past week, the price of nickel for the next 3-month contract grew by 5.71 percent, with an average daily transaction price of US$16,780 per ton. As a result, throughout 2024, nickel prices have increased by 3.04 percent from their year-start position of US$16,800 per ton. Compared to its highest price this year of US$21,650 per ton, the price of nickel for the next 3-month contract has fallen by 20.05 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 over the past 12 months have tended to decline. The highest average monthly price for nickel was recorded in May 2024 at US$19,770 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.