State-owned metal mining company PT Timah Tbk (TINS) stock shot up in the first trading session on Friday (8/3/2024), supported by the increase in world tin prices.
As of 11:30 WIB, TINS shares flew 22.31% to IDR 740 / share. TINS shares today moved in the price range of IDR 605-IDR 750 per share.
TINS shares have been traded 13,087 times with a volume of 142.39 million shares and a transaction value of IDR 99.46 billion. Its market capitalization currently reaches IDR 5.51 trillion.
Until 11:30 a.m., the bid or buy order, at IDR 690 / share, was the largest buying queue in the first session today, reaching 13,300 lots or around IDR 918 million.
Meanwhile, in the offer or sell order, at IDR 755 / share or the upper limit today, it became the largest selling queue in session I, reaching 89,028 lots or around IDR 6.7 billion.
The increase in TINS shares also followed the surge in world tin prices, which exceeded USD 27,000 per metric ton on the London Metal Exchange (LME) yesterday.
The surge in world tin prices occurred due to threats to supply from major producers and demand prospects that turned positive.
"Despite recent tax policy changes in Myanmar, tin mines in the Man Maw mining region remain closed. Meanwhile, Indonesian exports are now severely delayed as there is still no trading activity on the ICDX (Indonesia Commodity Derivatives Exchange) or JFX (Jakarta Futures Exchange) since the turn of the year," said Tom Langston, Tom Langston, Senior Market Intelligence Analyst, International Tin.
He said that uncertainty regarding the licensing situation is further complicated by ongoing police investigations and the 2024 general elections.
On the other hand, the demand for tin tends to rise, but the supply of tin is still limited, thus pushing up the global tin price.
In addition to the soaring world tin prices, the rise of TINS shares was also caused by legal action from the Attorney General's Office to improve tin commodity governance, which affects the potential for increased production from the company.
"The efforts to improve the governance of tin commodities affect the potential increase in tin production by the company," said Timah Corporate Secretary Abdullah Umar.
Image source: CNBC Indonesia / Andrean Kristianto
Source: https://www.cnbcindonesia.com/market/20240308132408-17-520739/harga-timah-global-melonjak-saham-tins-terbang-22-lebih
