The Indonesia Commodity & Derivatives Exchange (ICDX) Group again recorded a record transaction value for Indonesia's leading commodity, tin, which reached more than Rp13 trillion. ICDX tin price also recorded a record high price of USD41,000 at the end of last November, above the London Metal Exchange (LME) tin price.
In addition, until early December, ICDX bilateral transactions reached 8,024,116.16 lots. ICDX noted that gold, foreign exchange, and crude oil were still the most demanded products. This can be seen from the product with the largest transaction value, namely gold at 3,935,942.00 lots, followed by the foreign exchange at 2,661,618.40 lots, and crude oil at 593,527.80 lots.
“ICDX estimates that by the end of the year it will reach 8.5 million lots. We realize that this cannot be separated from the support of our members consisting of brokers and traders. Therefore, in the future we will focus on market development and industrial synergies," said ICDX Vice President of Membership, Yohanes F Silaen.
One of the brokers with the highest transactions is PT Global Kapital Investama Berjangka & PT Monex Investindo Futures. Both are brokers whose transactions are close to and above one million lots. Basically, products traded in bilateral trade are derivative products or derivative products that refer to products traded on foreign exchanges. Most of these products are popular products and have been widely traded globally.
Based on ICDX analysis, gold, foreign exchange, and crude oil products will still be the mainstay given their high volatility. These products are quite a in demand because they have large fluctuations in daily price movements. These fluctuations provide opportunities for customers who aim to speculate.
ICDX believes that these three products will remain the most traded at brokers until the end of the year. In addition, seeing global economic conditions that have begun to recover in 2021, the function of gold as a safe haven is slightly reduced. However, seeing the threat of a new Covid-19 variant, Omicron, has the potential to hamper global economic recovery, so it is possible that gold will still be an investment choice for investors.
“ICDX is committed to continuing to develop our ecosystem and infrastructure so that the accessibility of commodity products is higher, and to encourage the growth of Commodity Futures Trading. We will also synergize with our regulator, BAPPEBTI, in providing education and outreach, for brokers and investors," concluded Yohanes F Silaen.