Nickel Commodity Price for the 3-Month Forward Contract This Morning Traded at US$ 16,360 per Ton (Friday, July 19, 2024)

On July 22, 2024, the price of nickel for the 3-month contract fell 0.85 percent to US$16,360 per ton. This decline is significantly higher than the average price movement over the past week.

Nickel prices reached their highest point this week on Tuesday, July 16, 2024, increasing by 0.15 percent. However, they have weakened, falling 2.62 percent compared to the beginning of the year.

The current situation mirrors the trend of the 3-month nickel contract over the past three days, which has been declining.

Over the past week, the price of the 3-month nickel contract has grown by -4.22 percent, with an average daily transaction price of US$16,690 per ton. As a result, throughout 2024, nickel prices have decreased by -2.62 percent from their year-start level of US$16,800 per ton. Compared to its highest price this year of US$21,650 per ton, the 3-month nickel contract price has fallen by 24.43 percent.

Annually, the average trading price of the 3-month nickel contract over the past five years has shown an upward trend. However, monthly price monitoring over the past 12 months shows a declining trend. The highest average monthly price for nickel was recorded in August 2023 at US$20,730 per ton.

According to previous Katadata news, Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, projects that the export value of nickel derivatives could reach US$60 billion (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 (Rp 530.1 trillion).