Nickel Commodity Prices for the 3-Month Futures Contract Rise for Three Consecutive Days
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Westmetall notes that the price of nickel for the next 3-month contract rose 0.58 percent today to US$16,470 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 Monday, September 16, 2024, at 1.25 percent. However, trading since the beginning of the year has been consistently down, with year-to-date growth falling 1.96 percent.
The current situation is similar to the price movement of nickel for the next 3-month contract over the past three days, which is currently trending downward.
Over the past week, the price of nickel for the next 3-month contract grew by 3.1 percent, with an average daily transaction price of US$16,230 per ton. Compared to its position 30 days ago, the price of nickel has grown by 1.73 percent. The highest trading value for nickel this year was US$21,650 per ton, which occurred on Monday, May 20, 2024.
Annually, the average trading price of nickel for the next 3-month contract over the past five years has been trending upward. However, monthly price monitoring shows that 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. It is predicted that nickel and its derivative exports will 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.
"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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