ICDX Welcomed Members of DPRD Commission II Bangka Belitung Province
On Wednesday, February 14th 2018, Members of DPRD Commission II Bangka Belitung Province pay a visit to ICDX Head Office in Jakarta. The intention of the visit is to have an open discussion about ICDX tin development as commodity exchange and Bangka Belitung province as the center of tin industry in Indonesia.
On that occasion, Lamon Rutten (ICDX CEO) addressing ICDX’s role and benefit as an exchange to tin commodity and its visions toward Bangka Belitung Province. Lamon said, “ICDX will develop tin futures contract with payment scheme and make Bangka Belitung as the center of tin storage in this world.” Muchtar Rasyid, as one of the representatives of DPRD Commission II Bangka Belitung also welcomed the intention and was hoping that tin industry will grow further with regulated regulations and reduce illegal activity of tin sales.
Indonesia’s tin price is increasingly moving up since ICDX managed the tin in Bangka. Lamon also explained, before the exchange is established, the average price of tin in Indonesia is below the average price of LME (London Metal Exchange). However, after the exchange, the average price of tin in Indonesia can be aligned and even higher than the average price of LME. Therefore, with this kind of discussion, both sides are expected to maintain good relations and cooperation to continue developing the tin industry in Indonesia.