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

Westmetall notes that the price of nickel for the next 3-month contract rose 0.58 percent today, reaching US$16,470 per ton. This price increase is considerably higher than the average price movement over the past week.

Nickel prices saw their highest jump this week 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 the 3-month nickel contract over the past three days, which has been in a downward trend.

Over the past week, the price of the 3-month nickel contract grew by 3.1 percent, with an average daily transaction price of US$16,230 per ton. As a result, throughout 2024, nickel prices have fallen by -1.96 percent from their year-start position of US$16,800 per ton. From its highest price this year at US$21,650 per ton, the 3-month nickel contract price has fallen by 23.93 percent.

Annually, the average trading price of the 3-month nickel 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 for nickel was recorded in May 2024 at US$19,770 per ton.

The Coordinating Ministry for Maritime Affairs and Investment notes that in the first half of 2023, the year-to-date value of nickel and its derivative exports reached US$19.47 billion, or the equivalent of Rp 301 trillion. In 2022, the value of these exports reached US$34.28 billion, or Rp 530.1 trillion. Nickel and its derivative exports are predicted to increase up to 20 times by 2025 due to the Indonesian government's downstreaming program.