Price movements in CPOTR experienced an increasing trend of 4.97% to the level of RP 14360 /Kg at the close of last trade. The price increase was supported by positive sentiment from the Government of Indonesia's policy (8/8) which increased the export duty on CPO from $52 per ton to $74 per tonne which was effective from August 16 to 31, which has the potential to hold back Indonesia's CPO exports to the global market.
ICDX’s gold price ticked 0.52% higher than previous week as the release of US manufacturing activity showed slowed economic conditions and US House Of Representatives Speaker Nancy Pelosi visited Taiwan.
The price of ICDX tin at the end of July moved up from last week to the level of $25,100.00 per tonne, the improved performance of Tin was due to tight supply affected by production that has not yet recovered due to the condition of China as the world's largest Tin producer and consumer, which is still dynamic with COVID- 19.
Entering the end of the second quarter of 2022, the issue of the climate crisis is still the highlight of this year. Carbon trading is said to be a way for industry to reduce carbon emissions.
Europe's geopolitical conflict is still not over. In May, the European Union countries agreed to impose a sanctions embargo on Russian oil.
The movement of the price of the ICDX Crude Oil contract fell almost 7 percent, weighed down by negative sentiment that suppressed the demand side, namely the increasing spread of Covid in China has the potential to cause a decline in oil demand from the world's first largest oil importing countries.
Price movements in CPOTR experienced a downward trend of 5.72% to the level of IDR 13,350 /Kg at the close of last trade, one of the triggers was the increase in Indonesian CPO stocks in June 2022, in this case the government carried out extra efforts to immediately cut domestic supplies and support the price of Fresh Fruit Bunches (FFB) which had fallen due to Indonesia's CPO export ban at the end of last May. In the news circulating, the official from the Ministry of Energy and Mineral Resources Dadan Kusdiana said that Indonesia will increase the content of palm oil-based fuel in its biodiesel to 35% known as B35 which will start on July 20. This is expected to absorb the swelling domestic supply of CPO and help increase the selling price of FFB so that farmers do not lose out.
ICDX gold prices moved 3.6% lower compared to the previous week with prices moving lower after a 75 basis point increase in interest rates in July by the Fed weakened the appeal of the safe-haven metal.
The price of ICDX tin at the end of June moved down from last week to the level of $27,850 per tonne. Tin's deteriorating performance was caused by fears of a global recession triggered by aggressive interest rate hikes by the Fed and followed by central banks in other countries. negative for the tin market. The increase in interest rates is seen by investors as being able to put a brake on the pace of world economic growth, and it is feared that it will cut global demand for tin.