ICDX launches new tin contract
Tuesday, March 5 2019 - 07:06 AM WIB
The Indonesia Commodity & Derivatives Exchange (ICDX) launched on Monday a new pure tin bar physical contract, Kontan reported.
The paper said that through this contract, delivery of the tin which was previously held on a vessel has now been moved to the warehouse of the Bonded Logistics Center (PLB) in Bangka Belitung. This is for the first time that the PLB facility is being used to facilitate the country’s tin export transaction, it added. The PLB ensures the legality and storage of the tin products in international-class warehouse facility.
With the presence of the PLB warehouse, exporters will no longer need to stash their products overseas. CEO of ICDX Lamon Rutten said that the PLB warehouse will help improve efficiency of logistics cost. Previously, around 70 percent of Indonesia’s tin export products are stored in Singapore.
President Director of ICD Logistik Berikat, Petrus Tjandra said that the exchange plans to launch similar contract for other mining commodities including nickel and coal. (*)