Tin transaction on ICDX surges
Wednesday, March 4 2015 - 04:05 AM WIB
Tin transaction on the Indonesia Commodity and Derivatives Exchange (ICDX) surged to a record level in February amid talks of export suspension by the provincial administration of Bangka Belitung, the largest tin producing region in the country, Bisnis Indonesia reported on Wednesday.
The paper quoted ICDX Head of Business Development Stella Lukman as saying tin transaction volume on the exchange jumped by 44.51 percent to 8,230 tons compared to 5,695 tons in January. The February transaction volume exceeded previous record made in December of last year at 8,055 tons.
The surge has further undermined tin price which has suffered from oversupply in the global market and weaker demand. The Bangka Belitung administration plans to temporarily halt tin export to help stabilize price of the commodity.
The price of tin for PB300 types at the ICDX in February weakened to range of US$17,975-$19,150 per ton compared to a range of $18,970-$20680 in January. (*)