JAKARTA - Coal commodity prices strengthened again amid the COP28 meeting. Meanwhile, crude palm oil (CPO) prices actually weakened, although Malaysia's November 2023 exports exceeded expectations The price of ICE Newcastle coal for the December 2023 contract on Friday (1/12/2023) strengthened 1.02% or 1.35 points to the level of US$133,500 per metric ton. Meanwhile, the contract for January 2024 2023 also strengthened 1% or 1.05 points to the level of US$134.55 per metric ton. Japan pledged to no longer build coal-fired power plants in the country. The commitment adds to international efforts aimed at curbing the largest source of global emissions. "In line with its path to net zero, Japan will end new construction of unsustainable domestic coal-fired power plants, while securing a stable energy supply," Prime Minister Fumio Kishida said through a translator at the COP2 8 Dubai meeting

Kishida continued that other countries' decisions on this issue should be handled by each country on its own path to net zero, reflecting national circumstances.  Coal accounts for nearly a third of electricity generation in Japan, and the country has been reducing its reliance on fossil fuels since a large amount of nuclear capacity was retired after the Fukushima disaster in 2011.

Convenient without ads. Convenient BusinessPro Subscription without ads. Subscribe to BisnisPro HOME BUREAU AND STOCK OBLIGATIONS AND GOLD REKSADANAS COMMODITY CREDITS CORPORATE RECOMMENDATIONS Conveniently without ads. Subscribe to BisnisPro Home Market Commodities Commodity Prices Today (2/12): Coal Strengthens, CPO Plummets Here is a list of the latest commodity prices today (2/12/2023). Coal prices strengthened, while CPO fell. Feni Freycinetia Fitriani - Bisnis.com Saturday, December 2, 2023 | 08:12 Share Enlarge Heavy equipment clears coal stockpile area./ Bloomberg - Nicolo Filippo Rosso Smallest Font Largest Font Bisnis.com, JAKARTA - Coal commodity prices strengthened again amid the COP28 meeting. Meanwhile, crude palm oil (CPO) prices weakened, although Malaysia's November 2023 exports exceeded expectations The price of ICE Newcastle coal for the December 2023 contract on Friday (1/12/2023) strengthened 1.02% or 1.35 points to US$133,500 per metric ton. Meanwhile, the contract for January 2024 2023 also strengthened 1% or 1.05 points to the level of US$134.55 per metric ton. Japan pledged to no longer build coal-fired power plants in the country. The commitment adds to international efforts aimed at curbing the largest source of global emissions. "In line with its path to net zero, Japan will end new construction of unsustainable domestic coal-fired power plants, while securing a stable energy supply," Prime Minister Fumio Kishida said through a translator at the Dubai COP28 meeting, quoted from Bloomberg on Saturday (2/12/2023).  Kishida continued that other countries' decisions on this issue should be handled by each country in their respective paths towards net zero, reflecting national circumstances.  Coal accounts for nearly a third of electricity generation in Japan, and the country has reduced its reliance on fossil fuels since a large amount of nuclear capacity was retired after the Fukushima disaster in 2011. ALSO READ Aneka Tambang (ANTM) Performance Forecast when Commodity Prices Are Still Volatile Commodity Prices Early Week: Crude Oil and Gold Gain, Coal and CPO Red However, the new pledge does not affect Japanese power plants that are already under construction. A Japanese government official told reporters ahead of the speech. Two coal-fired power plants came online this year and another outside Tokyo is scheduled to come online in February. Coal-fired power plants are typically built to operate for between 30 and 50 years. Kishida's pledge comes after several countries, including the UK and Canada, called on participants at the UN climate conference (COP28) in Dubai to agree to an immediate end to unsustainable coal-fired power generation. It also follows an agreement among G20 members to triple renewable energy generation capacity by 2030 and develop abatement and disposal technologies. Abated coal power plants typically refer to power plants that have technologies to reduce emissions, such as carbon capture and storage.

CPO Price

The price of the benchmark crude palm oil (CPO) contract on the Malaysian derivatives exchange in February 2024 fell 24 points to 3,871 ringgit per metric ton. Meanwhile, for the December 2023 contract, the price fell to 3,865 ringgit per metric ton. As noted, Malaysian palm oil futures prices rose on Thursday (30/11/2023), supported by November 2023 export volumes that exceeded expectations, although the lack of new orders from importers held back prices. Marcello Cultrera, director of Singapore-based commodity consultancy Apricus 8 Pte Ltd, said that rising margins and import parity in major buying countries such as China and India are restocking, as well as strengthening domestic consumption over the past 10 days.

"This has driven palm oil demand for the month of November better than previously expected," he explained. A few days ago, Intertek Testing Services and AmSpec Agri Malaysia showed that Malaysian palm oil product exports in November 2023 increased between 2%-11% from the previous month.  Head of research at Sunvin Group, a Mumbai-based edible oil brokerage, Anilkumar Bagani said that the increase in export duties and levies on palm oil exports from major producer Indonesia also helped support the market.  However, he noted that the lack of new purchases from major destinations due to high stocks and weak demand weighed on prices.  CPO prices are affected by price movements of related oils as they compete for a share in the global edible oil market. Reuters technical analyst Wang Tao said earlier that palm oil may retest the support of 3,840 ringgit per metric ton. If it declines below that. Hence, opening the way to 3,805 ringgit.

Sources: Bisnis.com,Dec 04.23