Jakarta,- The majority of mining stocks, including gold, coal, and oil and gas, were observed to weaken in the first trading session on Thursday (25/4/2024), amid sluggish global energy and mining commodity prices.

As of 10:43 WIB, in gold mining stocks, there were at least five stocks that weakened. While in the coal mining sector, there were eight stocks that languished, and in the oil and gas mining sector, there were four stocks that corrected.

In gold mining stocks, PT Aneka Tambang Tbk (ANTM) shares were the worst corrected in the first session today, reaching 2.98% to Rp 1,630 / share.

Next in coal mining stocks, PT Adaro Energy Indonesia Tbk (ADRO) shares were the worst corrected in the first session today, which fell 1.87% to Rp 2,630 / share.

As for oil and gas stocks, PT Medco Energi Internasional Tbk (MEDC) was the worst corrected in session I, which collapsed 2.38% to Rp 1,435 / share.

Mining stocks were observed to be sluggish amid the weakening prices of mining commodities such as coal, oil and gas and gold.

In oil and gas commodities, the price was observed to weaken. According to Refinitiv data, crude oil prices on yesterday's trading, April 24, 2024 Brent crude oil futures prices shrank 0.45% to US $ 88.02 per barrel. Meanwhile, West Texas Intermediate fell 0.66% to US$ 82.81 per barrel.

As of today, April 25, 2024. There was limited strengthening from Brent which rose 0.08% to US$ 88.06 per barrel. While WTI strengthened 0.01% to US$ 82.82 per barrel.

Oil prices are still influenced by the effects of geopolitical concerns in the Middle East easing and the possibility of delaying the US central bank's benchmark interest rate cut or the Fed.

Traders are still worried about the prospect that the Federal Reserve will keep interest rates high for a longer time amid a series of strong inflation and employment figures.

The same thing happened in global coal, where according to data from Refinitiv, the ICE Newcastle coal price for the May 2024 contract fell 0.91% to US$ 135.50 per ton. This depreciation continues the weakening trend for three consecutive days this week.

The depreciation of coal prices this week, one of which is influenced by the decline in demand for thermal coal through China's sea trade, this is due to low domestic prices, there is an increase in sea freight rates, and shipments for April purchase contracts are almost complete.

Meanwhile, global gold prices also slid 0.26% to US$ 2,315.82 per troy ounce, based on data from Refinitiv.

This depreciation has continued the weakening since the beginning of the week which marks the price of gold has been corrected for three consecutive days. This morning, until 06.42 WIB, the price of gold has not improved, with a slight weakening of 0.01% to US$ 2,315.49 per troy ounce.

The depreciation of gold prices is still attributed to the effects of geopolitics in the Middle East, which subsided after Iran did not retaliate against Israeli attacks last week.