Category: Commodities

Freeport & Rio Tinto Acquisition Route

Shares of Freeport McMoRan collapsed 14.51% Tuesday (Apr 24) on New York Stock Exchange as investors responded negatively to its first quarter 2018 performance. The Company, which is in negotiations with the Indonesian government regarding its rights beyond 2121 at Grasberg gold-copper mine, booked net profit of US$692 million in the quarter, soared from US$228 million in the corresponding period last year.

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Djarum-Wings Sugar Project in Sumba

PT Muria Sumba Manis, member of HPI Agro—-a joint venture between two of the largest business groups in Indonesia, Djarum and Wings, has on Saturday (Apr 21) kicked off construction of sugar mill in Sumba Island, East Nusa Tenggara. Upon completion in 2020, the mill will produce 1,200 tons of white crystal sugar and refined crystal sugar per day. 

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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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