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Monday, 05 April 10
RI TO SET REFERENCE FOR COMMODITIES - THE JAKARTA POST
 The Jakarta Post reported that, Indonesia is set to help establish global reference prices for mining and agricultural commodities, with the establishment of a privately owned Indonesia Commodity and Derivatives Exchange (ICDX).
The new exchange is expected to help improve the country’s underdeveloped futures market and make the country the fifth largest commodity futures exchange in the world, says Commodity Futures Trading Supervisory Board (Bappebti) head Deddy Saleh.
“We have permitted the establishment of a new exchange … because we’ve seen in the last 10 years that there have been no satisfactory results since the BBJ [Jakarta Futures Exchange] was established [in 2000],” he told reporters during a conference after the official launch of the ICDX.
He said the BBJ should have served as a price reference and a place for hedging but it had failed due to “the absence of competitors and slow management”.
According to Deddy, 98 percent of transactions occurring in the BBJ were alternative trading, such as foreign exchange and indexing, which were yet to be regulated.
“This [ICDX] is privately owned. A private company won’t play around with their capital,” said Deddy.
ICDX president director Megain Widjaja said trading in the ICDX would be transparent as transaction data could be accessed online and later on TV.
“We have cooperated with Bloomberg. But transactions are still closed [for time being] … We’ll later cooperate with Reuters so [transactions] can be accessed online and can be seen on TV and the internet.”
Trade Minister Mari Elka Pangestu, who was also present, said: “The importance of a commodity futures exchange is that transactions will be more liquid, more transparent and [we can be] a price reference,” she said.
She said farmers would have more bargaining power on prices when negotiating with their buyers, and thus, cartel practices — control over prices of a commodity by certain parties — could be avoided.
She also said foreign brokers and market traders were now allowed to trade in the exchange to make the country’s commodity futures exchange perform better.
The ICDX is now trading gold and crude palm oil (CPO) futures contracts.
The ICDX has listed 15 members, seven of whom are CPO producers. The members are PT Wilmar Nabati Indonesia, publicly listed PT Sinar Mas Agro Resources, publicly listed PT Sampoerna Agro, PT Duta Palma Nusantara, publicly listed PT BW Plantation, PT Palm Mas Asri, PT Danpac Futures, PT Valbury Asia Futures, PT Sinarmas Futures, PT Universal Futures, PT Aperdi and PT Monex Investindo.
The senior economist of Standard Chartered Bank Fauzi Ichsan said with Indonesia being the world’s largest CPO producer, “it is time to have a commodity futures exchange”. But, he said, big investors would likely trade in Singapore as the latter’s market was more liquid. “We hope they’re not only listed [in the ICDX] but that they will also trade in Indonesia,” he told The Jakarta Post.
Source: The Jakarta Post
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Thursday, 03 June 10
INDO GOVERNMENT TRIES TO CALM BUSINESSES FEARS OVER FOREST - CLEARING MORATORIUM
The Jakarta Globe reported that, as producers of coal and palm oil continued to howl, the government on Tuesday offered reassurances that the develo ...
Thursday, 03 June 10
GOVT CONSIDERING IMPORT PARITY PRICE FOR DOMESTIC COAL
The government on June 1 said it is considering to price domestic coal on par with global rates, a move which may increase the cost of the raw mater ...
Wednesday, 02 June 10
SRI LANKA TESTS 1ST COAL POWER PLANT IN SEPT.
Sri Lanka will start testing its first 300 MegaWatt coal power plant in September with plans to connect it to the national distribution grid by Janu ...
Wednesday, 02 June 10
CHINA'S IRON ORE IMPORTS TO KEEP BEING THE BIGGEST FACTOR FOR DRY BULK FREIGHT RATES SAY READERS
With dry bulk freight rates staging a positive rally during most of May, the industry’s main benchmark, the Baltic Dry Index (BDI) has managed ...
Wednesday, 02 June 10
KIDECO TO PRODUCE 29.5 MILLION TONS OF COAL IN 2010
COALspot.com: Kideco to produce 29.5 million tons of coal in 2010 up 4.8 million or about 19 percent up from 2009 production. Kideco produced 24.7 m ...
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- Standard Chartered Bank - UAE
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- Indian Oil Corporation Limited
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- Bharathi Cement Corporation - India
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- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
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- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
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- PNOC Exploration Corporation - Philippines
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- Merrill Lynch Commodities Europe
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- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
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- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
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- Grasim Industreis Ltd - India
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- Kohat Cement Company Ltd. - Pakistan
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- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
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- Orica Australia Pty. Ltd.
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- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
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- Banpu Public Company Limited - Thailand
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- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
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- ICICI Bank Limited - India
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- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
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- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
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- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
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- Pendopo Energi Batubara - Indonesia
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- Global Coal Blending Company Limited - Australia
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- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
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- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
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- Chamber of Mines of South Africa
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