The Indonesia Commodities & Derivatives Exchange (ICDX) has ended the suspension of key smelter inspector PT Surveyor Indonesia in connection with the launch of its new physical tin contract, which is set to transfer tin exports to bonded warehouses for the first time in the exchange's history, ICDX chief executive officer Lamon Rutten said on Monday March 4.
PT Surveyor was ordered to suspend operations in mid-October 2018, with the inspector responsible for around 70% of smelter inspections last year. Since then, only Indonesia's leading state-owned tin producer, PT Timah, has been able to export. With Indonesian tin exports required to obtain clearance through independent analysis prior to trading on the ICDX, the move caused physical premiums to spike by more than 30%, while tin's three-month price on the LME pushed higher, recently trading near...