JFX Tin Prices Begin to Serve as Reference for International Traders

The Jakarta Futures Exchange (JFX) is optimistic about its ability to strengthen its position in the global commodity market, bolstered by support from government institutions and regulations. Yazid Kanca Surya, President Director of JFX, stated that trading through the exchange is a manifestation of national independence in facing global competition.

“It is recorded that currently, 95 per cent of domestic tin trading is conducted through the JFX exchange. Trading is carried out through the exchange to ensure it is more organised, structured, and can be monitored by the government,” said Yazid during a Media Masterclass event in Pangkalpinang on Tuesday.

Yazid noted that the development of commodity prices on the JFX is beginning to serve as a reference for international entrepreneurs. This development provides legitimacy for JFX to stand alongside the world’s leading exchanges. “We do not intend to defeat the London Metal Exchange (LME), but at the very least, we aim to hold the second position in the global market order,” Yazid remarked.

Yazid believes Indonesia possesses strong bargaining power due to its natural resources. Government support for the existence of the trading exchange also strengthens this position. “Transactions are supported by the state-owned clearing institution, PT Kliring Berjangka Indonesia. There is trust from buyers because the funds enter the state coffers. The exchange builds a more efficient market because all members are registered and their origins are clear,” he explained.

Tin is one of Indonesia’s strategic commodities, contributing significantly to metal mineral exports and state revenue. Indonesia consistently ranks among the world’s largest producers and exporters of tin, alongside China and Myanmar. “A large portion of national production originates from the Bangka Belitung region, making this area a crucial point in the global tin supply chain,” concluded Yazid.