JAKARTA (Yosefardi) – Investors at Indonesia Stock Exchange (IDX) focus buying coal-related stocks this afternoon trade, boosting the composite index of IDX to gain 0.65% to 4461, after moving in red zone in morning trade.
Bumi Resources Minerals surged 12%, Indika jumped 5%, Borneo Lumbung rose 2.27%, Harum Energy hiked 4.9%, Adaro Energy lifted 5.43%, Bumi Resources climbed 3.3%, and Berau Coal Energy increased 3.26%.
Indonesian coal producers association (APBI) plans to control coal export next year, aiming to lift Indonesian coal price reference from current below US$100 per ton. Reference price of Indonesia thermal coal dropped further to its new low at US$76.6 per ton for October 2013, 11% below October 2012 and 35% fall from October 2011. That means Indonesian coal producers should wait longer to see recovery of the commodity.
By end of this year, coal price is expected to reach US$90 per ton. APBI plans to reduce coal production by 5-10% next year, compared to projected 400 million tons of coal production this year.