Category: Commodities

Palm Journal

Malaysian palm oil futures rose for a third straight session on Monday (Aug. 20), touching a one-week high on support from U.S. soyoil although a stronger ringgit weighed on the market. The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was up 0.7% at RM2,254 a tonne at the close of trade. Media report that China wants to boost its CPO import from Malaysia also lift CPO price on Monday.

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The Government to Take Over TPPI?

In the period of June to July 2018, Indonesia saw a deficit in trade. Statistics Indonesia (BPS) notes that in July 2018 Indonesia saw a USD2.03 billion due to the 49 percent increase of oil and gas import in the preceding month. The Government has been trying to avoid this sort of situation by accelerating the development of refineries by Pertamina. A part of the plan is supposedly Pertamina’s acquisition of PT Trans Pacific Petrochemical Indotama (TPPI).

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Supports for Nickel

The world’s largest nickel producer Nornickel expects nickel pig iron (NPI) production in Indonesia and China will remain the main drivers of global output growth of nickel, but at slower pace because environmental inspections from Beijing restrained some NPI operations in Inner Mongolia, Shandong, and Jiangsu provinces.

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Coal Swaps Hit Indo Tambangraya

Unlike peers, which reported higher net profit from strong average price, coal miner Indo Tambangraya Megah (ITMG), controlled by Thailand-based Banpu Pcl, booked net profit of US$103 million in the first half of 2018, down slightly by 2.2% from the corresponding period last year. 

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Those Continue to Grow: Sinarmas Coal

Pretty much as predicted, Sinarmas Group has become third largest coal player in Indonesia behind Bumi Resources/Bakrie and Adaro Group at the moment. In the first half of 2018, Golden Energy Resources (GEAR) Ltd, parent of PT Golden Energy Mines Tbk (GEMS), produced 9.1 million tons of coal, jumped 51% from the corresponding period last year.

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Balikpapan Refinery Upgrade: Moving Closer?

After decades of delay, upgrading of Pertamina’s oil refinery in Balikpapan, East Kalimantan, is moving closer to a reality. It is still long way from scheduled commercial operation in three years time, but looks like that the multi-billion USD project has entered a more crucial stage following the appointment of WorleyParsons by Pertamina.

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IPO to Watch: Hasnur Coal

Hasnur Group, one of the fastest growing coal producers in the country, plans an initial public offering (IPO) of its coal mine and infrastructure unit in the first quarter of 2019. The group expects proceeds between Rp1.2 trillion and Rp1.4 trillion from the IPO, assuming the current strong price will last longer. 

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Coal Journal: China Data

Unlike other commodities, thermal coal is relatively strong, thanks to supporting data from China. Some major coal producers in the world’s largest consumer found difficulties in maintaining production level. Others even reported lower year-on-year output in the past few months.

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Survival of the Fittest: Palm Oil (3)

Shares of plantation companies listed on Indonesia Stock Exchange (IDX) ended mostly higher grounds Wednesday (Aug 8) to respond positive movement in the crude palm oil (CPO) derivative market. Astra Agro Lestari (AALI) and London Sumatra Plantations (LSIP), two of the most established CPO producers, gained 5.1% and 8.8% respectively.

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Survival of the Fittest: Palm Oil (2)

The benchmark October 2018 contracts of crude palm oil (CPO) opened lower by RM6 to RM2229 per ton on the Bursa Malaysia Derivatives this morning, suggesting difficulties of the commodity to continue the rally. Significant correction of soybeans, leading to lower prices of soybean oil, weighed the recovery.

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Survival of the Fittest: Palm Oil (1)

Crude palm oil (CPO) may have left its recent low, but the commodity’s benchmark contract for October 2018 was only RM2235 per ton on the Bursa Malaysia Derivatives yesterday. That price will make life more difficult for palm oil producers, especially those relied heavily on external funding for planting activities in the past few years.

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