Iran war cost the State budget dearly from higher energy subsidies. While it inevitable for gasoline, diesel, and aviation fuel, given the circumstances (bigger gap between domestic production and consumption), the country should have long invested in gas pipeline infrastructure to avoid repeated crisis in cooking fuel (liquefied petroleum gas/LPG).

Shares of nickel producers ended mostly lower ground on Tuesday (May 5) even when the commodity gained 2.1% to US$19,635 in the London Metal Exchange (LME) as the government floated a plan to charge a windfall tax on nickel and coal. 

Merdeka Copper Gold (MDKA), co-owned by Saratoga and Provident, has launched a non-preemptive rights (NPR) issue for 2.447 billion shares with expected proceeds of US$434 million. This is one of the largest fund raising in Indonesian capital market so far this year amid growing capital outflow from emerging markets.

Brent crude oil soared 5% closer to US$114 per barrel this morning on escalation related to the Strait of Hormuz. That means oil already surged by 89% year-on-year. Indonesian government, by far, has only partially adjusted non-subsidized fuel prices, i.e. Pertamina’s Pertamax Turbo. 

Palm oil maintains its strong run this year with last quoted price of RM4,534 per ton in the Bursa Malaysia Derivatives Monday (Apr 27). That means the commodity gained 14.5% year-on-year. Combined with depreciation of rupiah against Malaysian Ringgit, Indonesian palm oil players should have reaped bigger benefits.

KLSE-listed TSH Resources Berhad is among Malaysian companies aggressively expanding plantation in Indonesia. The most recent is the company’s acquisition of PT Dinamika Alam Segar (DAS).

Temporary suspension of operations at the Grasberg Block Cave underground mine following last September mud rush incident led to downfall of copper and gold production at PT Freeport Indonesia in the first quarter of 2026.

Amman Mineral International (AMMN), the second largest gold and copper producer in the country, missed the opportunity to report a record net profit last year. While others reported strong financial performance from higher price of gold and copper, AMMN suffered 61% fall in net profit instead.