President Joko ‘Jokowi’ Widodo has on Thursday (Oct 20) reiterated his intention to ban export of tin, but failed to lift prices. Tin inched up to US$19,475 per ton in the London Metal Exchange (LME), nothing compared to its peak early March (US$48,508 per ton).

Global coal prices has declined 5.4% from its peak since September 5, 2022, but it jumped 85% year to date (ytd). Newcastle coal futures, the benchmark for top consuming region Asia, traded around US$435 on September 30, 2022, easing from the record-high of US$460 hit earlier in the month as concerns of halted supplies in the US waned. 

Crude palm oil (CPO) settled at US$895 per ton in Rotterdam (CIF) Wednesday (Sep 28), a level last seen in November 2020. Malaysian palm oil futures bottomed around the MYR 3,200 per ton mark, a level not seen since February 2021, pressured by prospects of increasing supplies and mounting fears about a global recession-driven demand downturn. It has fallen 27.59% on yearly basis.

The government believe that the program for converting the liquefied petroleum gas (LPG) in 3Kg tubes to electric stove is an effort to address the excessive supply of PLN’s electricity and reduce significantly the State subsidy for LPG, which is mainly imported.

Nickel retreated to US$24,365 per ton in LME Thursday (Sep 22), but this price is still more than enough to make Indonesian producers reporting decent profitability in the second half of the year. The commodity’s outlook remains positive thanks to an even more impressive growth of electric vehicle (EV) market worldwide. 

Gold prices steadied around $1,675 an ounce on Tuesday (September 20), hovering close to the lowest levels in over two years, as investors remained on the sidelines ahead of a key US Federal Reserve meeting where it is expected to deliver another outsized interest rate hike to tackle high inflation. Higher-than-expected inflation numbers and solid economic data in the US last week cemented expectations that the Fed will tighten further, and markets are currently priced for a third straight 75 basis point increase. 

Shares of PT MNC Energy Investments Tbk (IATA), owned by Hary Tanoesoedibjo, dropped 6.67% to Rp168 on Friday last week (September 16) to make a market capitalization of Rp1.92 trillion. The stock has fallen 42% from its peak (Rp292 on April 19, 2022), but the last quoted price reflecting a 154% gain year to date. 

Nickel producer Vale Indonesia (INCO) has again agreed to collaborate with Zhejiang Huayou Cobalt Company to develop a smelter with high pressure acid leaching (HPAL) technology in Sorowako, Luwu Timur Regency, South Sulawesi province. This is the second partnership between Vale Indonesia (Brazil/Canada/Indonesia) and Huayou (China).

Shares of Bayan Resources (BYAN) advanced 1.8% to Rp66,500 on Tuesday (Sep 13) to make a market capitalization of Rp221.7 trillion or nearly US$15 billion, 8.2x equity. Investors responded positively BYAN’s strong performance in the second quarter to make US$970.8 million of net profit for the first half of 2022 against US$337 million in the corresponding period last year.

MIND ID, holding company for state mining companies, booked net profit of Rp13.1 trillion in the first half of 2022, skyrocketed from Rp4.7 trillion in the corresponding period last year, thanks to improved margins of almost all of key commodities aluminium, nickel, tin, coal and share of profits from PT Freeport Indonesia.