ICDX tin 1st trading delayed to February
Thursday, January 12 2012 - 10:23 AM WIB
The first trading of tin commodity through the Indonesian Commodity & Derivative Exchange (ICDX) has been postponed from January 12 this year to February 1.
PT Timah Tbk President Director Wachid Usman said in Jakarta on Thursday that considering that traders in Europe were still in the mood of holidays, while those in China, Hong Kong are about to enter the Lunar New Year festivity, the original planned time was not appropriate for the launch.
As reported previously, a number of Indonesian tin producers agreed to sell their tin commodities through the future market in order to maintain tin prices at relatively stable level on the background that tin selling prices at the London Metal Exchange (LME) was lower than expected.
Previously, the Indonesian Tin Association (ITA) Executive Chairman Rudy Irawan said that until then only three companies were ready to trade their products through the future trading market. They are PT Timah Tbk (TINS), its subsidiary PT Tambang Timah, and PT Koba Tin, a joint venture between PT Timah and Malaysia Smelting Corporation Berhad of Malaysia.
The buyers already registered are eight companies, which are the customers of PT Timah and Koba Tin.
"PT. Timah and its subsidiaries can produce between 3,000 and 3,500 tons, and Koba Tin at 600 tons. So the trading volume at the market will be at the maximum of 4,100 tons per month of the total national production of about 7,000 tons," said Rudy.
Editing by Benget Besalicto Tnb.