Antam welcomes plan to trade gold at local futures exchange

Saturday, February 10 2001 - 04:30 AM WIB

State owned gold and nickel producer PT Aneka Tambang (Antam) has hailed a plan by the Jakarta Futures Trading to trade gold in the bourse, saying the move would help investors to protect their gold investment through the local market.

"Gold is just like a currency As its price is very fluctuating, the owners need a medium to hedge or protect their investment," Suatamadji, the marketing manager of PT Aneka Tambang was quoted as saying by Bisnis Indonesia on Saturday.

He said Aneka Tambang had been named as a member of the committee, which would prepare the trading of gold in the futures commodity bourse. The other members included PT Freeport Indonesia, the Association of Indonesian Gold Traders and the World Gold Council.

"In a meeting last week, we agreed to form a committee to study the feasibility of including gold as one of commodities to be traded at the Jakarta Futures Exchange," he said. He added that that the underlying assets of the futures trading should be limited to gold with 99.99 percent and should be registered in the god delivery list issued by the London Bullion Market Association.

The Jakarta Futures Exchange started its operation in late 2000 as the country's first futures commodity exchange. The bourse has so far traded only olien and robusta coffee.

Heru Priyo Sasongko, the chief of the audit division at the exchange, said that the JFT would soon ask the chairman of the Commodities Trading Supervisory Board (Bappebti) to seek the Presidential approval to trade gold in the bourse.

"We will send a letter to Bappebti next week, asking the agency to seek a Presidential decree to allow us to trade gold in the bourse," he added.(*)

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