Jakarta, June 24, 2022 - In the midst of a number of market sentiments that have caused the global economy to weaken such as the strengthening of the US Dollar, geopolitical conflicts, and restrictions in China which have an impact on the metal industry including tin, ICDX was able to demonstrate its role as a Commodity Exchange to become a reference source for tin prices. . In the 3rd week of June 2022, ICDX tin price is still in the range of USD 35,000 per metric ton.
China, which is the world's largest tin consumer, is currently in the middle of restricting its activities, having an impact on demand for tin exports and affecting tin prices. However, this does not affect the price of Indonesian tin which is traded through the ICDX Commodity Exchange. The ICDX tin price which is still above USD30,000, when the tin price from foreign exchanges is around USD27,000 indicates that the Commodity Exchange has an important role in the trading system of Indonesia's leading commodities.
“Up and down prices in the market is a natural thing. However, what needs to be considered is how the price of Indonesia's leading commodity remains a reference for trading these commodities in the global market. Tin trading through the ICDX Commodity Exchange helps establish an optimal and more transparent tin price, so that the Indonesian tin price can be a reference for world tin prices," said ICDX Director, Nursalam.
ICDX sees that the price of Indonesian tin will rise again due to several factors such as the plan to ban tin exports by the Indonesian government. In addition, the potential decline in Covid-19 cases in China, which could ease restrictions on activities, is also expected to trigger an increase in tin prices in the global market.
About Indonesia Commodity & Derivatives Exchange (ICDX)
The Indonesia Commodity & Derivatives Exchange (ICDX), also known as the Indonesia Commodity and Derivatives Exchange (ICDX) is a commodity and derivatives exchange based in Indonesia. ICDX's vision is to become a global market exchange that improves national welfare, with a mission to become a benchmark for setting world commodity prices through Indonesian primary products. ICDX is an Exchange supported by its members consisting of brokers and traders regulated by BAPPEBTI. ICDX members facilitate customer transaction services which include ICDX commodity futures trading contracts. Trades on ICDX will be settled, guaranteed, and cleared by the Indonesia Clearing House. For more information, please visit www.icdx.co.id and www.ich.co.id
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