Over the past six days, nickel commodity prices for the 3-month-ahead contract have continued to rise.

Westmetall notes that the price of nickel for the next 3-month contract rose 0.45 percent today to US$16,750 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 jump on Tuesday, September 24, 2024, at 0.91 percent. However, trading since the beginning of the year has been declining, with year-to-date growth down 0.3 percent.

The current situation completes the downward trend in nickel prices for the next 3-month contract over the past six days.

Over the past week, the price of nickel for the next 3-month contract grew by 3.4 percent, with an average daily transaction price of US$16,460 per ton. According to Katadata Insight Center (KIC) calculations, year-to-date (YTD), the price of nickel has decreased by -0.3 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 on an upward trend. Meanwhile, monthly price monitoring shows that 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, equivalent to Rp 301 trillion. In 2022, exports of this commodity 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.