Over the past six days, nickel commodity prices for the 3-month forward contract have continuously declined.

Nickel commodity prices for the 3-month forward contract for Wednesday, July 24, 2024, decreased. Trading of nickel commodity prices for the 3-month forward contract today was recorded at US$15,960 per ton. This figure is lower than the previous day's trade, which was at US$16,075 per ton. This current condition completes the downward trend of nickel commodity prices for the 3-month forward contract over the past six days.

Over the past week, the movement of nickel commodity prices for the 3-month forward contract grew by -4.43 percent, with an average daily transaction price of US$16,340 per ton. As a result, throughout 2024, nickel commodity prices have decreased by -5 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 price of nickel commodities for the 3-month forward contract has fallen by 26.28 percent.

Annually, the average trade price of nickel commodities 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 August 2023 at US$20,730 per ton.

The Coordinating Ministry for Maritime Affairs and Investment recorded 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, the export value 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.