Commodities & The Economy

The benchmark August 2018 contracts of crude palm oil (CPO) ended lower by RM9 to RM2400 per ton Tuesday (June 5). That means the commodity lost 12.2% year-on-year, which will squeeze margins of plantation companies for most part of the year because at the same time, input costs, especially energy, are higher.

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Investment in AMNT Weighs on Medco Bottom Line

PT Medco Energi Internasional Tbk (MEDC) booked net profit of US$21.63 million only in the first quarter of 2018, crashed 50% from the corresponding period last year due to, among others, lower contribution from its investment in gold-copper mining company PT Amman Mineral Nusa Tenggara (previously Newmont Nusa Tenggara).

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In GOLD They Trust

Gold retreated to US$1315 per ounce Monday (Mar 12), but the commodity has gained significantly since early 2016. It is still way below its peak in late 2011 (closer to US$1,800/Oz), but looks like that Indonesia will have more gold miners in the coming years. Other than Bakrie Group’s gold project in Sulawesi, we have at least two new gold producers in the coming years.

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Mineral Processing: Where Are We?

Nickel advanced 4.72% to US$12,642 per ton this week, representing 28.3% gain year-on-year. Aluminium, meanwhile, lost 3.1% this week, but gained 29.34% year-on-year. Looking at the current pace of development, Indonesia will dominate the world’s nickel market in three-five years time. The country will also improve its position in aluminium market.

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Stronger Q3/17 for Medco

Medco Energi (MEDC) is among the best performing stocks with 188% gain since January 2017. Still, at the current price, MEDC is valued below its equity as at Sept 30, 2017, despite strong financial performance. In third quarter ended Sept 30, the Company booked net profit of US$83.65 million, bigger than the first six months of 2017.

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