ICDX oil prices weakened to $75.59 per barrel at the end week of November 10 due to the release of news related to Chinese economic data and an increase in oil stocks.

CPOTR price movements increased within a week to IDR 11,720/Kg, triggered by concerns about global supply disruptions due to the threat of El Nino in the Southeast Asia region and expectations of increased demand from India.

ICDX gold prices rose 1.63% compared to the previous week with the focus on the emergence of new geopolitical risks that increase demand for safe-haven assets. Boosting sentiment came from one of the main consumers of gold, China, which recorded consumption growth.

ICDX tin prices weakened 0.93% compared to the previous week, weighed down by US economic uncertainty regarding the sustainability of monetary policy. A University of Michigan survey showed consumers expect inflation a year ahead to grow at a pace of 3.8%, the highest since a June 2023 reading, while the previous month's data was revised higher to 3.2% from 3.1%. Philadelphia Fed President Patrick Harker noted that he supported the Fed's long-term expectations for monetary policy and also expressed uncertainty about how long interest rates should remain high.

The ICDX oil contract closed higher at $87.73 a barrel for the week ended Oct 13 due to conflict tensions in the Middle East and higher demand forecasts based on OPEC's global oil outlook.

Market Review The CPOTR price movement decreased within a week to the level of Rp. 10,765/Kg, this was still triggered by extreme hot weather which made the market worried about major impact of El Nino weather conditions on global vegetable oil supplies. Previously market players saidPalm oil production has increased significantly this year, and is expected to continue to increase in the next nine to 12 months, before the potential for a strong El Nino begins to affect current production.El Nino is a warming of Pacific waters that usually causes drier conditions in Asia, limiting the yield of some crops such as palm oil, rice and wheat.The threat of El Nino could cause drought in palm oil plants in Southeast Asia, thereby potentially producing palm oil in Southeast Asia.

ICDX gold prices corrected 3.49% compared to the previous week, overshadowed by the prospect of tighter US central bank monetary policy supported by inflation data and trade data which is still strong. Several Fed officials expressed support for the narrative of higher interest rates for longer.

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