Nickel Commodity Prices for the Next 3-Month Contract Have Fallen for the Past Five Days

Nickel commodity prices for the 3-month forward contract for Tuesday, July 23, 2024, decreased. Trading of nickel commodity prices for the 3-month forward contract today was recorded at US$16,075 per ton. This figure is lower than the previous day's trading, which was at US$16,130 per ton. The current condition is similar to the movement of nickel commodity prices for the 3-month forward contract in the last five 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 -5.16 percent, with an average daily transaction price of US$16,450 per ton. Compared to the position 30 days ago, the movement of nickel commodity prices has grown by -9.97 percent. Even 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 25.75 percent.

Annually, the average trading price of nickel commodities for the 3-month forward contract over the past five years has been in 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 August 2023 at US$20,730 per ton.

According to previous Katadata news, the 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 (EVs). In 2022, the export value of nickel and its derivatives reached US$34.28 billion or Rp530.1 trillion.