Category: Commodities

Growing Durian

Responding to downfall of crude palm oil (CPO), among others due to Europe’s campaign against the commodity and competition from soybean oil, President Joko ‘Jokowi’ Widodo encouraged some to grow tropical fruit Durian instead. As usual, the opposition immediately criticized Jokowi for the plan. Jokowi, however, might have the point. 

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J Resources: 2018 Results & Outlook

Shares of gold miner PT J Resources Asia Pasifik (PSAB) Tbk gained 5.64% to Rp206 Tuesday (March 19) to make a market capitalization of Rp5.45 trillion, slightly above its equity by December 31, 2018. The Company has just released its 2018 financial report with net profit of US$15.29 million, increased slightly from US$14.45 million in 2017. 

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Mitrabara Adiperdana & The Beauty of IUP System

Mitrabahtera Adiperdana (MBAP) booked net profit of US$50.3 million last year, down from US$58.64 million in 2017 on squeezed operating margins. The Company’s sales revenues were flat at US$258.14 million, while operating profit dropped 14.2% to US$67.37 million. Still, Mitrabara is among the most profitable coal miners listed on Indonesia Stock Exchange (IDX). 

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Better Q4 of AKRA Corporindo  

AKR Corporindo (AKRA), the largest distributor of fuel in the private sector, booked profit attributable to owner of Rp1.64 trillion in 2018, grew 22.7% from Rp1.34 trillion in 2017. Sales and revenues rose 28.7% to Rp23.55 trillion from previous Rp18.29 trillion.

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Oil & Gas Journal

The Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) reporter that per February 2018, the lifting of oil and gas reached 1.8 million barrels oil equivalent per day (boepd). Oil lifting reached 735,000 barrels per day (bpd), and gas lifting was 1.07 million boepd. The production of gas is expected to improve in quarters ahead along with the completion of some projects.

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Survival of the Fittest in Indonesian Plantation

Following the collapse of commodities in 2018, crude palm oil (CPO) rallied to its peak of US$1,324 per ton in February 2011. Since then, the commodity has never returned to above US$1,200. In fact, CPO steadily dropped to US$500 in August 2015. The key export commodity for Indonesia recovered to US$821 in January 2017 only to touch its new low of US$440/ton last November. 

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Coal Journal

Indo Tambangraya Megah (ITMG) generated net profit of US$261.95 million from sales revenue of US$2 billion last year to represent net profit margin of 13%. Golden Energy and Resources (GEAR) Ltd, meanwhile, reported net profit margin of less than 4% last year. Looks like that low calorie coal producers will remain under substantial margin pressures this year. Weak prices have even forced some to report net loss in the fourth quarter of 2018.

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The Domestic Market of Coal

Thermal coal retreated to US$94.78 per ton this week to represent nearly 8% fall year-on-year, mainly due to slowdown of the global economy and uncertainties surrounding US-China trade negotiations. But, while Indonesian coal miners were busy trying to expand their export market, the country’s import increased significantly in the past two years.

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Survival of the Fittest: Plantation

The benchmark May 2019 contracts of crude palm oil (CPO) ended substantially lower by RM51 to RM2,132 per ton Wednesday (Feb 27). Spot prices fell 3.13% to make a year-on-year loss of 25.3%. Natural rubber has gained 3.45% year-on-year, but sugar is still 4.4% below the same period last year. 

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Palm Oil Journal

The benchmark May 2019 contracts of crude palm oil (CPO) fell 2% on the Bursa Malaysia Derivatives Monday (Feb 25) on anticipated weaker demand and strengthening of Malaysian Ringgit. The government of Indonesia, meanwhile, has yet to make final decision on a plan to charge export tax on CPO next month, pending thorough review of market dynamics. 

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