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

The price of nickel commodities for the next 3-month contract on Friday, May 17, 2024, increased. Trading of nickel commodity prices for the next 3-month contract today was recorded at US$21,005 per ton. This figure is higher than the previous day's trading, which stood at US$19,600 per ton. The current condition is similar to the price movement of nickel commodities for the next 3-month contract in the last seven days, which is on an upward trend.

Over the past week, the price movement of nickel commodities for the next 3-month contract grew by 12.21 percent, with an average daily transaction price of US$19,405.71 per ton. Compared to the position 30 days ago, the price movement of nickel commodities has grown by 20.55 percent. This nickel commodity price trading value is the highest achieved this year.

Annually, the average trading 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 decline. The highest average monthly price of nickel commodities was recorded in June 2023 at US$21,353.86 per ton.

Citing previous Katadata news, the Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, projects 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.