JFX Aims 40,000 Tons Tin Bar Trading Transactions in 2023

TEMPO.CO, Pangkalpinang  - The Jakarta Futures Exchange (JFX) is aiming to attain 40,000 tons of pure tin bar physical trading transactions in 2023. The exchange’s president director Stephanus Paulus Lumintang said this goal is realistic considering the current situation.

"The transaction targets are not grandiose because we see that the RKAB of several smelters is still in process in the first semester of this year. We estimate around 30 to 40,000 tons by the end of the year,” Paulus said in Pangkalpinang, Tuesday evening, April 11. “Last year, transactions reached 50 thousand tons." 

Paulus said that physical trading transactions of the pure tin bar at JFX up to mid-April 2023 had reached 9,000 tons and acknowledged his optimism for a future increase considering the growing participation of business actors in the JFX. 

"There is a growing tendency for participants to participate in the Jakarta Futures Exchange day by day. Currently, there are 31 participants. We are targeting to grow to 50," he said.

The war between Russia and Ukraine also affected world trade. However, for Indonesia, he said, the impact was not significant when compared to countries that produce products made from tin.

"The main problem with the war is definitely transportation and production that uses tin as raw material. But if you look at it globally, either directly or indirectly, it will definitely have an effect because tin concerns the industry, not consumption, such as food, clothing, or shelter industries," he said.

The JFX president assessed that there is a positive outcome in terms of Russia's war with Ukraine when viewed from the volume of exports and price volatility in countries that produce tin-based products.

"Demand for Indonesian tin, especially from Bangka Belitung, is increasing. This is because Indonesian pure tin bars are still in global demand," he said.

Paulus added that JFX will adhere to the policies issued by the government regarding industrial downstream. He believes the policies issued have been considered globally for Indonesia's progress so that it can be recognized in the eyes of the world.

"Downstreaming is positive. But on the other hand, there are a number of aspects that need to be considered and must also consider the readiness of business actors," he said.

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