ASIATODAY.ID, JAKARTA – World nickel prices are rising sharply.
As the largest nickel producing country in the world, Indonesia has the potential to reap large profits.
Based on LME prices, the June 2024 nickel futures contract price closed up 1.94% or 350.26 points to US$18,394 per metric ton. Meanwhile, nickel prices on the cash market were observed to have strengthened 80 points to a level of US$18,394 per metric ton.
Special Staff to the Minister of Energy and Mineral Resources of Indonesia, for the Acceleration of Mineral and Coal Governance, Irwandy Arif, said that the increase in nickel prices is a cycle that repeats itself due to certain causes.
“The cycle of rising and falling prices for all mineral commodities is an event that always repeats itself with certain causes and leads to changing supply demand and stocks,” said Irwandy, quoted Friday, April 26 2024.
According to Irwandy, the increase in nickel prices will not affect the determination of domestic nickel quota. It is said that the current price of US$19,000 per ton is normal, not a big phenomenon.
“The current price increase of around US$19,000 per ton is not a result of a durian collapse, but the result of the price cycle that is occurring,” he said.
Even though nickel prices are rising, Irwandy said that nickel will still be needed for industry and others.
“Apart from stainless steel, nickel is also needed for electric vehicle batteries and alloys and pure nickel metal for example the aircraft industry,” said Irwandy. (ATN)
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