Nickel Commodity Prices for the 3-Month Futures Contract Fall for Four Consecutive Days

The price of nickel commodities for the next 3-month contract on Monday, July 22, 2024, decreased. Trading of nickel commodities for the 3-month contract today was recorded at US$16,130 per ton. This figure is lower than the previous day's trading, which was at US$16,360 per ton. This current condition completes the downward trend of nickel commodity prices for the 3-month contract over the past four days.

Over the past week, the price movement of nickel commodities for the 3-month contract grew by -4.84 percent, with an average daily transaction price of US$16,570 per ton. According to Katadata Insight Center (KIC) calculations, year-to-date (YTD), the price of nickel commodities has fallen by 3.99 percent. From its highest price this year at US$21,650 per ton, the price of nickel commodities for the 3-month contract has fallen by 25.5 percent.

Annually, the average trading price of nickel commodities for the 3-month contract over the past five years has shown an upward trend. Meanwhile, for monthly price monitoring, transactions in the last 12 months have tended to decrease. 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.