Tin transaction on ICDX drops

Tin transaction on the Indonesia Commodity and Derivatives Exchange (ICDX) dropped in the first week of November as smelters are required to have the so-called clean and clear (C&C) certificate starting this month, Bisnis Indonesia reported Wednesday.

The paper quoted ICDX Head of Business Development Division Stella Novita Lukman as saying that of the 31 smelting companies which are members of ICDX, so far only four have obtained the C&C certificate including PT Refined Bangka Tin, PT Inti Stania Prima, PT Eunindo Usaha Mandiri, and PT Aries Kencana Sejahtara.

Meanwhile, although tin giant PT Timah Tbk have already obtained the C&C certificate, the company has yet to be able to make transaction as it is still in the process of obtaining the required registered exporter status from the Ministry of Trade.

According to ICDX data, tin transaction at the bourse in the period November 1-9 dropped to 22 lots compared to 519 lots in the same period in October. (*)