Category: Commodities

Commodities: Looking good for Indonesia

WTI crude recovered to US$77.4 per barrel in Asian trading this morning on news about production cut, but the commodity has fallen nearly 10% in the past 30 days, which is good for Indonesia. On the other hand, thermal coal surged 8.8% to US$380 per ton, a very profitable price for Indonesia, the world’s largest exporter.

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Coal Bonanza: Sumber Global Energy

Coal trading firm Sumber Global Energy (SGER), controlled by Welly Thomas, booked profit attributable to owners of  Rp709 billion in the first nine months (9M) to September of 2022, jumped significantly from Rp74 billion only in the corresponding period of 2021, as revenues surged 241% year on year (y/y) to Rp7.48 trillion.

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Nickel Journal

Nickel ended higher by 1.04% to US$26,293 per ton on LME Thursday (Nov 24). Nickel market yet to be affected by the World Trade Organization ruling on Indonesia’s nickel-export ban, which was in favor of the European Union. At home, business as usual. In the coming days, we will see groundbreaking of one of the largest nickel smelter projects developed by a consortium of Vale Indonesia (INCO), Huayou Cobalt and Ford Motor Corporation. 

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Coal Journal

Newcastle coal futures was traded at US$346.45 per ton on Thursday (November 24), more than 120% higher in the last 12 months as demand outpaces supply, tradingeconomics.com reported. La Niña phenomenon, a pattern of weather in the Pacific Ocean that brings wet weather and flooding to Australia, has hit coal production, including major miners Glencore, BHP, and Anglo American.

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Vale-Huayou Nickel EV Cooperation

Nickel producer Vale Indonesia (INCO) has on Sunday (November 13) signed a definitive cooperation agreement with Zhejiang Huayou Cobalt Co., Ltd (Huayou) to process nickel ore from PT Vale’s Pomalaa Block in Kolaka, Southeast Sulawesi, into mixed hydroxide precipitate (MHP), main precursor for electric vehicle (EV) battery.

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Coal Bonanza: Indo Tambangraya

Coal miner Indo Tambangraya Megah (ITMG), controlled by Banpu Pcl (Thailand), booked net profit of US$893.5 million in the first nine months (9M) to September of 2022, surged 229% year on year (y/y), as revenues doubled to US$2.6 billion, thanks to higher average prices and improved margins.

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Oil & Gas Journal

WTI crude and Brent crude futures dropped 3.7% and 3% respectively this morning to US$85.6 and US$92.5 per barrel. According to tradingeconomics.com, WTI extending losses for a third consecutive session on persistent fears about a global recession-driven demand downturn. Thermal coal also declined 2.7% to US$330 per ton, a level last seen in May 2022.

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Correction of Timah

State tin producer Timah (TINS) booked profit attributable to owners of Rp1.15 trillion in the first nine months of 2022, nearly doubled from the corresponding period last year. Pretty much as predicted though, Timah suffered substantial drop in net profit in the third quarter of 2022.

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9M/22 Results: Plantations

Pretty much as predicted, higher volume compensated downfall of crude palm oil (CPO) prices in the third quarter. While plantation firms reported lower net profit in the quarter, they reported strong first nine months because of great price environment in the first half.

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The Coal Bonanza: BUMI (Bakrie-Salim)

Bumi Resources (BUMI), the largest coal group in Indonesia, booked net profit of US$365.4 million in the first nine months of 2022, skyrocketed 474% from the corresponding period last year, whilst nothing compared to second largest coal group Adaro Energy (ADRO), which posted net profit of US$1.9 billion in the same reporting period.

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The Coal Bonanza: Barki Family (Harum Energy)

PT Harum Energy (HRUM) Tbk, controlled by the family of Kiki Barki, is among coal producers benefiting the high price environment. In the first nine months of 2022, HRUM, which expanded into nickel industry in the past few years, booked net profit of US$237.4 million, skyrocketed 533% from the corresponding period last year.

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The Coal Bonanza: Adaro

Some political parties have tipped Erick Thohir, minister of state-owned enterprises, as president or vice president candidate in 2024 election. His older brother Garibaldi ‘Boy’ Thohir, meanwhile, is among businessmen enjoyed the coal bonanza in the past two years. In the first nine months of 2022, Boy’s Adaro Energy (ADRO) booked net profit of US$1.9 billion, skyrocketed fro US$420.9 million in the corresponding period last year.

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