Category: Commodities

Valuation gap of coal and palm oil-related shares

Thermal coal has left its recent peak to US$235 per ton, but still a very high price to ensure high profitability of Indonesian coal miners. In the first half, coal miners reported a more than 100% jump in net profit. Yet shares of coal miners listed on the Indonesia Stock Exchange have retreated from their peak, excluding Bukit Asam (PTBA). 

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Commodities boom to lift Indonesian economy

Thermal coal advanced further to a record high of US$240 per ton in the global market Monday (Oct 4), lifted mainly by news about desperation of Chinese coal-fired power plants to get supply from other countries. A renewed demand from Indian buyers, meanwhile, continues to support crude palm oil (CPO), which reached US$1,310 per ton (CIF Rotterdam) late last week. 

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Nickel Journal

Shares of Aneka Tambang (ANTM) improved 0.87% in the morning session Tuesday (Sept 28) as the company reported net profit of Rp1.16 trillion in the first half ended June 30, 2021 against net loss of Rp159 billion in the corresponding period last year.

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Palm Oil Journal

PT Salim Ivomas Pratama Tbk (SIMP), plantation arm of Salim Group, booked net profit of Rp353 billion in the first half 2021 against net loss of Rp378 billion in the corresponding period last year, thanks to higher average prices of palm products. The company’s sales revenues grew 30% despite slightly lower sales volume of crude palm oil (CPO). 

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The Economy & Commodity Windfalls

Sulawesi, Maluku and Papua are regions with highest economic growth in the country for the first half of 2021. Maluku and Papua grew 8.86%, while Sulawesi increased by 4.84%, significantly stronger than Java Island (+3.31%), Sumatra (+2.15%), and Kalimantan (+1.9%). 

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Nickel Journal

Nickel ended at US$17,701 per ton in London Metal Exchange (LME) Tuesday (June 22). While way below its peak this year, the commodity remains in a profitable range for most Indonesian smelters, where some reported cash cost around US$8,000 per ton. Strong sales performance of electric vehicle, particularly in Europe, continues to support nickel, main precursor of EV battery.

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Oil & Gas Journal

West Texas Intermediate (WTI) crude futures rebounded to above $70 a barrel on Thursday, hovering at levels not seen since 2018, as investors focus on prospects of strong oil demand. OPEC said in its June report that oil demand would rise by 5.95 million bpd this year, unchanged from its May forecast.

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EVolution Continues to Support Metals

Nickel closed higher at US$18,142 per ton in London Metal Exchange (LME) Tuesday (May 18), thanks among others to positive development in the global electric vehicle market. Copper and tin, two other important metals for EV battery, were also strong at US$10,465 and US$32,261 per ton. 

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Freeport & Papua Economy

Papua is among few provinces with positive economic growth last year, thanks to recovery of PT Freeport Indonesia’s gold and copper operations. Papua grew 2.32%, whilst lower than North Maluku (+4.92%) and Central Sulawesi (+4.86%), home to the country’s nickel smelters and steel investments. 

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