ICDX relaunches tin contract
Monday, September 2 2013 - 02:25 AM WIB
The Indonesia Commodity and Derivatives Exchange (ICDX) has recently relaunched its first physical tin contract, which is aimed to become an alternative reference price for tin to the London Metal Exchange.
The ICDX launched the contract, called the Indonesia Tin Exchange, on Friday, which replaces the previous short-lived contract called Indonesia Tin Market (INATIN), which was launched in February of last year but subsequently collapsed due to lack of transaction.
Reports said that 12 firms including PT Timah Tbk., PT Tambang Timah, PT Refined Bangka Tin and Korea?s Daewoo International Corporation have committed to carry out transactions at the Indonesia Tin Exchange. The 12 firms account for about 30 percent of tin exports from Indonesia, the world?s largest producer.
Editing by Reiner Simanjuntak