So, global mineral player Glencore Plc will acquire minority shareholding in bauxite miner PT Cita Mineral Tbk (CITA), a company controlled by Harita Group. Cita Mineral, one of the most profitable miners in the first half of 2019, will issue new shares to accommodate Glencore, which has copper, cobalt, zinc, lead, gold, silver, ferrochrome, and nickel in its portfolio.

LME Nickel advanced to US$16,050 per ton Wednesday (Aug 14) the highest level since late 2014 despite reports about additional nickel ore export quota granted by Indonesian government in the past two months.

State oil and gas firm Pertamina said that its crude oil imports in the first half (1H) of this year had fallen 35% to 220,000 barrels per day (bpd). Compare that to 2018 when Pertamina imported 339,000 bpd in 2018, due to increasing domestic purchases from other oil contractors in Indonesia. Until Aug. 2, 2019, Pertamina agreed to buy 123,600 bpd of crude oil from 39 oil contractors operating in Indonesia.

Natural rubber dropped 2.6% to 188.3 yen per Kg Tuesday (Aug 13) to represent 15.4% gain year-on-year. The commodity reached an all time high of 526.4 yen per Kg in February 2011, but then collapsed to as low as 150 yen in early 2016. Rubber rallied to as high as 350 yen the following year, but then steadily declined to the lowest level in 10 years late last year.

LME nickel touched its new high at US$15,635 per ton Monday (Aug 12) despite reports about correction in the sales of new energy vehicles in China as the new subsidy scheme took effect. Shares of Aneka Tambang (ANTM) and Vale Indonesia (INCO) advanced 2.9% and 3.1% Tuesday (Aug 13).

Crude palm oil (CPO) had actually left its bottom in late 2018 (slightly below RM1,800 per ton) to little below RM2,400 this time around. Still, substantially lower average price cost plantation companies dearly in the first half. Sales revenues didn’t change much because of higher sales volume, but gross profit fell sharply due to squeezed margins.

State-owned EPC firm PT Pembangunan Perumahan Tbk (PTPP) has last week signed a contract for the development of nickel smelter in Palangga Selatan, South Konawe Regency, Southeast Sulawesi province. This is the second nickel project secured by PTPP in less than 12 months. The new project, owned by PT Macika Mineral Industri, will boost further the country’s profile in the world of nickel.

Nickel jumped by 11.68% to US$16,690 per ton Thursday (Aug 8), the highest level in around four years. President Joko ‘Jokowi’ Widodo, meanwhile, confirmed that he has earlier this week signed the much-waited regulation for the development electric vehicle industry and market in Indonesia, one of the largest automotive market in the region.

Nickel has surged closer to US$15,000 per ton this week, lifted by rumors about policy change in Indonesia. While some small miners demand relaxation of nickel ore export to boost their bargaining position vis-a-vis domestic smelters (nickel-pig iron, ferronickel), smelters demand stricter export to preserve resources for future positioning of Indonesia in the electric vehicle race.