ICDX to set up new market for tin product

The Indonesia Commodity and Derivatives Exchange (ICDX) plans to set up a new physical market for tin solder this year in response to a new Ministry of Trade regulation which requires that transaction of the commodity must be made via the bourse, Investor Daily reported on Friday.

ICDX President Director Megain Wijaya was quoted as saying that the new market will allow transaction at smaller volume, compared to transaction of other tin products, to help accommodate demand from small-medium-scale enterprises (SMEs) requiring tin solder as raw material at small volume. ?One lot will probably equal to about 25 kg,? said Megain, adding that the final system hopefully can be decided in August.

He said that the new mini physical market for tin solder hopefully could also help curb illegal tin mining activities in the country. (*)