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

Nickel commodity prices for the 3-month forward contract traded on Tuesday, December 17, 2024, decreased. Trading of nickel commodity prices for the 3-month forward contract today was recorded at US$15,605 per ton. This figure is lower than the previous day's trade, which was at US$15,825 per ton. This current condition is similar to the movement of nickel commodity prices for the 3-month forward contract over the past three days, which has been in a declining trend.

Over the past week, the movement of nickel commodity prices for the 3-month forward contract grew by -2.83 percent, with an average daily transaction price of US$15,900 per ton. As a result, throughout 2024, nickel commodity prices have fallen by 7.11 percent from their year-beginning position of US$16,800 per ton. From its highest price this year at US$21,650 per ton, the price of nickel commodities for the 3-month forward contract has fallen by 27.92 percent.

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 decrease. The highest average monthly price of nickel commodities was recorded in May 2024 at US$19,770 per ton.

Citing previous Katadata news, Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, projected 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 or EVs. In 2022, the export value of nickel and its derivatives reached US$34.28 billion or Rp 530.1 trillion.