The movement of ICDX oil prices was observed to have strengthened almost 3% in a week, supported by tight supply amid rising demand. On the supply side, the impact of the EU embargo has the potential to reduce Russian oil production to further decline when the ban begins. From the demand side, the optimism that China's economy would recover also boosted the demand for fuel from the world's biggest oil importer.
USD/RUB is an alternative currency option that can be traded, this is because Russia is one of the market leaders for the European Union and several other countries in various commodity sectors such as oil, natural gas, precious metals to plantation commodities such as wheat. Russia is also the third largest producer in the world, after the US and Saudi Arabia for crude oil.
ICDX tin prices nearing the close of May were seen moving steadily close to the level of $40,000 per tonne in line with the China plan to lift the Covid curb in the financial hub city of Shanghai from June 1. China is the world's first largest producer and consumer of tin, and the city of Shanghai itself ranks first as the largest contributor to China's economy.
CPOTR prices rose 3.88% to Rp22,745/Kg at the close of trading last week. Prices on CPO fluctuated after the government lifted the ban on exports of CPO and its derivatives which was implemented on April 28. The government announced (19/5) the plan to reopen the CPO export faucet starting Monday, May 23 2022.
ICDX gold prices moved 4% lower compared to the previous week with prices moving lower following a 50 basis point increase in interest rates by the Fed, yields on 10-year US government bonds moving to 3% and the US dollar moving to near highs 20 years.
ICDX's Crude oil prices until the close of the first week of May still showed a positive trend with price movements closing up by 5.1 percent. The main catalyst driving oil prices is still focused on the Ukraine conflict which is still ongoing and has triggered a series of new sanctions against Russia.
The price of CPOTR fell 1.7% to level of IDR 22,550/Kg at the close of trading last week. The market looks alert amid the uncertainty of the Indonesian CPO market regarding the rise of news about the cooking oil mafia. In addition, market players are waiting for the next policy to be taken by the Indonesian government in overcoming the spike in domestic cooking oil prices.