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Jakarta Post

New tin market at stake amid internal conflict

  • The Jakarta Post

Jakarta   /   Thu, December 22 2011   /  12:05 pm

The future of the newly launched Indonesian Tin Market is at stake after the Indonesian Tin Association (ITA) withdrew its support following the removal of the association’s top executive recently.

ITA president Hidayat Arsani said that the association had decided to withdraw its support because most of the association’s members opposed the establishment of the market, which was officially launched last week.

“About 90 percent of ITA’s 28 members denounce INATIN. We won’t sell tin to that market,” Hidayat told The Jakarta Post over the telephone on Tuesday.

The Indonesia Commodities and Derivatives Exchange (ICDX) launched last week the Indonesia Tin Market, which aims to accommodate trading on physical tin contracts. Initial transaction of tin, under the code of INATIN, will begin on Jan. 12 with each lot consisting of 5 metric tons of tin priced in US d...