Coal Journal
The government has set reference price of Indonesian thermal coal (6322 Kcal/Kg) for December 2016 at US$101.69 per ton, significantly higher than the last quoted OTC price of the commodity (US$87 per ton). This is also the highest reference price since June 2012.
Revisiting FKS Multi Agro
FKS Multi Agro (FISH) is not an interesting stock due to its low trading liquidity. Still, this is one of the largest agriculture commodities traders in the country with sales revenue of US$658.5 million in the first nine months of 2016.
Apexindo: From Bad to Worse
Shares of oil and gas supporting services company PT Apexindo Pratama Duta (APEX) Tbk inched up 0.5% only Thursday, while peer Elnusa (ELSA) jumped by almost 10% to tracking rally of crude oil prices. Investors and creditors are concerned about fundamentals and balance sheet of Apexindo.
Crude Oil Rally (2)
Shares of oil and gas producers continued their rally Thursday as WTI and Brent crude oil advanced 2.6% and 2.8% each in New York. WTI crude was traded at US$50.9 per barrel, while Brent at US$53.5 per barrel. Other commodities were mixed with copper gaining 1.2% on the Chicago Mercantile Exchange, while gold slipped 0.74%.
Further Corrections of Coal
Tradingeconomics.com reported that thermal coal was traded at US$88.5 per ton on Wednesday (Nov 30), dropped significantly by more than 4% from Tuesday. That means the commodity has collapsed almost 23% from its recent peak.
Crude Oil Rally
Shares of ConocoPhillips jumped 11% Wednesday morning in New York as investors were upbeat with crude oil rally, which was boosted by optimism surrounding production cut by OPEC members. WTI crude oil and Brent crude oil jumped 8% on average to respond optimism from OPEC leaders about production cut.
People Behind Acquisition of Gozco’s Palmdale
Shares of PT Gozco Plantations Tbk (GZCO) gained 4% Tuesday (Nov 29) as investors responded positively the Company’s decision to divest 99.9% shares in PT Palmdale Agroasia Lestari Makmur to PT Bangka Bumi Lestari for nominal value of Rp300 billion. The divestment would set GZCO free from obligations related to Rp400 billion loan facilities provided by some banks to Palmdale.
Corrections of Coal
tradingeconomics.com quoted thermal coal price of US$92.5 per ton last Friday (Nov 25), collapsed almost 13% from earlier quotes, contributing to 12% weekly correction. This is the biggest daily correction so far since the commodity rallied from its low few months back to multi-year high. Why?
Insolvency of Kaltim Supacoal and the Dispute
On November 22, 2016 the team of curators for the insolvency of PT Kaltim Supacoal published an announcement stating that the process of insolvency of the Company is finished. But the announcement did not give further explanation. Earlier in May 2016, the Singapore International Commercial Court (SICC) handed down its first judgment on dispute between “BCBC Singapore Pte Ltd and anor v. PT Bayan Resources Tbk (BYAN) and anor”, the source of the problem in Kaltim Supacoal.
Commodities on Trump (3)
The benchmark February 2017 contracts of crude palm oil (CPO) advanced RM27 to RM3031 per ton Friday (Nov 25), the highest level not seen in the more than two years. WTI and Brent crude, meanwhile, lost 4.19% and 3.92% respectively. Gold inched up 0.18%, but lost 6.6% in the past month.