Nickel Commodity Prices for the Next 3-Month Contract Have Increased for the Past Eight Days

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Agus Dwi Darmawan 28/09/2024 10:50 WIB

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Nickel Commodity Prices for the Last Three Months

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The price of nickel commodities for the next 3-month contract on Friday, September 27, 2024, increased. Trading of nickel commodity prices for the next 3-month contract today was recorded at US$16,900 per ton. This figure is higher than the previous day's trade, which was at US$16,825 per ton. This current condition completes the upward trend in the price movement of nickel commodities for the next 3-month contract over the past eight days.

Over the past week, the price movement of nickel commodities for the next 3-month contract grew by 4.13 percent, with an average daily transaction price of US$16,650 per ton. According to Katadata Insight Center (KIC) calculations, year-to-date (YTD), the price of nickel commodities has increased by 0.6 percent. However, from its highest price this year at US$21,650 per ton, the price of nickel commodities for the next 3-month contract has fallen by 21.94 percent.

Annually, the average trade price of nickel commodities for the next 3-month 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 (EVs). In 2022, the export value of nickel and its derivatives reached US$34.28 billion or Rp530.1 trillion.

"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."