Nickel Commodity Prices for the Last Three Months

The price of nickel for the 3-month forward contract on Wednesday, December 18, 2024, decreased. Trading of the nickel commodity for the 3-month forward contract today was recorded at US$15,560 per ton. This figure is lower than the previous day's trade, which was at US$15,605 per ton. This current condition completes the downward trend in the price movement of the nickel commodity for the 3-month forward contract over the past four days.

Over the past week, the price movement of the nickel commodity for the 3-month forward contract grew by -2.45 percent, with an average daily transaction price of US$15,840 per ton. Compared to the price at the beginning of the year, the price of this nickel commodity has grown by -7.38 percent. The highest trading value for nickel commodities this year was transacted at US$21,650 per ton, which occurred on Monday, May 20, 2024.

Annually, the average trade price of the nickel commodity 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 decline. The highest average monthly price of nickel commodities was recorded in May 2024 at US$19,770 per ton.

Citing previous Katadata news, the 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.