REPUBLIKA.CO.ID, JAKARTA - President Director of Indonesia Commodity and Derivatives Exchange (ICDX), Megain Wijaya said Indonesian tin price traded in ICDX increased 5.52 percent in the first week of September 2013. Tin price in ICDX indicates the world reference price including in trading in London Metal Exchange (LME).
"In the first trading in ICDX, tin price at 21,510 USD per ton, but we see at 22,640 USD per ton. It rises 5.52 percent," Wijaya said recently.
"Government mandates us to regulate transactions aims at sovereignty in tin price. Through ICDX, tin buyers will get goods in next two days. If their ship were leaning, so tin can be taken," Director of ICDX, Nursalam, said.
Through ICDX, tin buyer will also get a proof purchase, exactly two days after transaction is sealed. In addition, trade on ICDX reduces current illegal tin trade. ICDX also maintains high quality tin, so its value is high in market. Thus sale of 100 tonnes of tin now equals to 1,000 tonnes of tin sales earlier.
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