The price of crude oil at the close of the first week of March 2022 showed a quite drastic spike, rising by more than 20% to $115 per barrel compared to the price at the beginning of the week. The increase also pushed up the price of crude oil derivative products such as heating oil (25.32%) and gasoline (26.71%).
The ICDX CPOTR rose to 12.2% on the past week, as several headline globally and domestically drove the CPO prices to around 23.000 IDR per kg. From domestic, the Domestic Market Obligation still became the main focused, as it slowed down down supply to global markets. With the policy, Indonesia exporter must supply local market around 20% before they may exported the other 80%.
Gold prices moved 1.86% higher than previous week, with prices moved to $1900 sector in the first time since last June. The main sentiment came from heightened tension between Russia and Ukraine, especially after Biden warned that there are indication that Russia was planning to invade Ukraine.
Talking about the price of USD/CNY will be quite interesting because it contains two currencies originating from two major countries, namely the United States and China. Talking about the condition of the two countries could be a reference regarding the condition of the USD/CNY price.
Until the close of the second week of February, the price of tin was observed to be continuing its bullish trend, supported by tight supply and increasing demand from the global market after the recovery in global economic activity indicated by the lifting of lockdowns in various countries. The average price of ICDX tin in February reached a level above $43,000 per metric ton, an increase of almost 4% compared to the average price throughout January.
Crude oil still showed a positive performance at the close of the first week of February, where prices jumped more than 5 percent, breaking through levels above $90 per barrel. The positive trend of crude oil price movements is supported by a number of catalysts that affect the demand and supply sides.
The ICDX’s CPOTR moved higher 0.44% on the past week, amidst Indonesia domestically set rules for local markets. With the Domestic Market Obligation (DMO) applied to supply the local market and also Domestic Price Obligation (DPO) which applied so the CPO sold locally must not exceed Rp 9,300.00.