ICDX Launches New Physical Tin Contract
This is the first usage of bonded warehouses in the history of tin exports from Indonesia.
SEATTLE (ITRI.CO.UK): The Indonesia Commodities and Derivatives Exchange (ICDX) has launched a new physical tin contract today, Monday, 4 March. The Ex-Warehouse Physical Contract transfers tin exports to bonded warehouses, operated by the Bonded Logistics Centre (PLB).
This is the first usage of bonded warehouses in the history of tin exports from Indonesia, according to ICDX Chief Executive Officer Lamon Rutten. Mr Rutten explained that the use of bonded warehouses would help to eliminate in-country risks for tin buyers and sellers by guaranteeing the legal status of tin stored by PLB. The new ICDX contract comes after the Association of Indonesia Tin Exporters called for the Indonesian government to do more to better manage tin exports. The Association called for the government to establish a national reserve in order to influence supply, reducing volatility.
ITRI View: Since the trading of tin bars verified by PT Surveyor Indonesia was suspended in late October, exports of refined tin from Indonesia have been significantly lower. Around 70% of the private smelters in the country were verified by the company, and so were left without a valid export license. While the new physical tin contract still requires certification by a credible ore verifier, both PT Sucofindo and the previously barred PT SI can issue these certificates.
Courtesy: www. itri.co.uk
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