ICDX's tin price at the close of the week (7/4) was recorded at the level of $ 34,405 per ton or breaking an all-time high, where the previous highest world tin price occurred in April 2011 at the level of $ 33,255 per ton. The positive trend of tin price movements was triggered by the threat of a shortage of tin supply amid rising demand in line with the recovery in global industrial and manufacturing conditions.
The price of COFR crude oil contract on the Indonesian Commodity and Derivatives Exchange managed to make a significant fluctuation since mid-week and ended the week with an appreciation of 1.70%. This increase was supported by the hope that OPEC + will maintain its production easing policy in this Wednesday meeting.
Getting back to its luster, the GOLDUD contract finally managed to get out of the $ 1740 psychological zone, and closed last week's trading session with an appreciation of 1.89% to the level of $ 1,775.90 per troy ounce. Returning to its nature, the price of gold in the past week took advantage of the weakening USD on the financial market board amid a number of headlines, news and data related to the US economy.
The average of ICDX's tin price at the beginning of April was observed to have remained stable above the level of USD 27,000 per ton. Meanwhile, the total volume of Indonesian tin transactions for export destinations in March reached more than 6,500 tonnes, of which 45% of transactions were made through the ICDX.
Starting the week bearish, the COFR crude oil contract price on the Indonesian Commodity and Derivatives Exchange managed to make a significant recovery since mid-week and ended the week with an appreciation of 1.50%
Still moving back and forth around the same level throughout last week between $ 1730 - $ 1740 benchmark, the GOLDUD contract is broadly still moving on the back of the USD valuation which was busy responding to a number of important headlines from the US, and other developments in global sentiment.
The ICDX's tin price was shown to have increased by 6 percent in a week, supported by several positive catalysts, from the supply side, including bad weather that hit Indonesia as the second-largest tin producer in the world which had an impact on the disruption of tin mining activities at sea.