Category: Commodities

Coal Production: Indonesia-China

Thermal coal retreated to US$90.78 per ton Tuesday (Apr 17) to represent 7.94% gain year-on-year. Some market participants responded negatively plans from Indonesian coal producers to boost output to compensate capping of coal price for domestic market obligations (DMO) and lower than expected economic growth in China.

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Nickel & EV Developments

Nickel surged to US$14,307 per ton on Tuesday (Apr 17), the highest level in years, despite reports about growing supply of low-grade nickel ores and nickel pig iron (NPI) from Indonesia. That means nickel gained 54.07% year-on-year, making it among the best performing metals this year.

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Short-Term Support for Coal

Thermal coal slipped to US$92 per ton to represent 9% gain year-on-year. Production data from China Shenhua Energy Company Limited, one of the largest producers in the world, however, might lend short-term support to the commodity.

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Merger & Acquisition in Plantation

The benchmark July 2018 contracts of crude palm oil (CPO) dropped further by RM31 to RM2370 per ton on Bursa Malaysia Derivatives Monday (Apr 16). Contracts for the rest of the year were settled mostly below RM2400 per ton, which might place buyers of plantation assets in stronger bargaining position.

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Revisiting Samin Tan’s Borneo Lumbung

The problematic coking coal producer PT Borneo Lumbung Energi & Metal Tbk (BORN), controlled by Samin Tan, has finally released its audited financial report for the period ended Dec 31, 2015, two years behind the timeline required by market authorities. The Company ended 2015 with negative equity of US$909.2 million due to accumulated losses of US$1.75 billion.

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Jokowi’s State Capitalism: Pertamina

Responding to criticism over energy policies potentially hurting financials of state oil and gas company Pertamina and electricity utility PT Perusahaan Listrik Negara (PLN), energy and mineral resources minister Ignasius Jonan, as predicted, said the government has given more profit-generating assets to Pertamina, enough to cover the estimated losses from the government’s ‘populist policies’.

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Strong First Quarter for Antam

PT Aneka Tambang (ANTM) Tbk, subsidiary of state mining giant INALUM, is slated to report a strong first quarter because sales volume of ferronickel, nickel ores, gold, and bauxite increased significantly year-on-year. Average selling prices were also significantly higher, especially for nickel.

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Coal Journal

Thermal coal retreated 0.3% to US$92.7 per ton Wednesday (Apr 11) to represent year-on-year gain of 10%. The commodity didn’t follow crude oil, which gained 29% year-on-year because natural gas continues to be under pressure. Natural gas lost 17% year-on-year.

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Oil Continues to Test Jokowi

Brent crude oil advanced to US$71 per barrel this morning in Asian trading, while Saudi, the world’s largest producer, keens to take the commodity to US$80 per barrel. OPEC basket price, which is closer to Indonesian Crude Price (ICP)—-used in the Budget assumption, is now hovering around US$65 per barrel, way above the price assumption for 2018 State Budget (US$48 per barrel). 

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Revisiting Resource Alam (KKGI)

Shares of coal producer PT Resource Alam Indonesia Tbk (KKGI) advanced 5.26% this morning as investors responded positively a contract between PT Insani Baraperkasa (IBP), subsidiary of KKGI, and PT Bukit Makmur Mandiri Utama (BUMA), subsidiary of Delta Dunia Makmur (DOID), for the development of IBP’s coal concession in Kutai Kartanegara regency, East Kalimantan province.

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