VOI - Voice of Indonesia | RRI - Radio Republik Indonesia

The price of palm oil declined by a sharp 10.15 percent in August 2022 compared to the year-ago period, Deputy for Distribution Statistics and Services at Statistics Indonesia (BPS) Setianto informed on Thursday.

"The prices of several commodities at the global level are lower than in the past few months. One of them is the change in the price of palm oil in the past few months, which has experienced a very sharp decline," he said during a press conference in Jakarta.

The price of palm oil fell by 10.15 percent to US$1,026 per metric ton (mt) in August 2022 from US$1,142 per mt in August 2021. Meanwhile, compared to July 2022, the price of palm oil declined by 2.90 percent.

Setianto also pointed to the price of another leading commodity, namely iron ore, which slid by 32.87 percent to US$108.9 per dry metric ton (dmtu) in August 2022 from US$162.2 per dmtu in the corresponding period of the previous year.

Furthermore, the prices of commodities such as nickel and crude oil also experienced a decline, though they were still higher compared to August 2021.

"For example, the price of nickel in August 2022 was still 15.23 percent higher. Then, the price of crude oil was 39.36 percent higher," Setianto said.

The price of nickel in August 2022 stood at US$22,100 per mt, higher than the previous year, when it was recorded at US$19,100 per mt. Meanwhile, the price of crude oil in August this year was US$96 thousand per barrel, up from US$68,900 per barrel in August 2021.

According to Setianto, the prices of other leading commodities, namely coal, still showed an increasing trend in the past few months compared to the previous year. Coal prices were still 110.30 percent higher in August 2022 compared to the previous year.

“(The price of) Natural gas has shown an increasing trend in the past few months. If we compare it with the same month last year, the price of natural gas is 117 percent (higher),” he said. (Antaranews)

Russian President Vladimir Putin said on Thursday that a delegation of 80 large companies will visit Iran next week, Russian state-owned news agency RIA reported.

President Putin and Iranian President Ebrahim Raisi are at a summit of the Shanghai Cooperation Organisation in Samarkand, in Uzbekistan. Earlier, Iran's foreign minister said that Tehran had signed a memorandum to join the bloc. (Reuters)

Indian Prime Minister Narendra Modi and Chinese President Xi Jinping will come face-to-face on Friday for the first time since deadly border clashes in 2020 frayed ties between the Asian rivals.

Modi will fly to the Uzbek city of Samarkand on Thursday for a summit of the regional security group known as the Shanghai Cooperation Organisation (SCO), which will also be attended by Xi and Russian President Vladimir Putin. (Reuters)

Russia's President Vladimir Putin told Chinese leader Xi Jinping on Thursday that Moscow backs Beijing's "One China" policy, opposes "provocations" by the United States in the Taiwan Strait, and values China's "balanced position" on Ukraine.

The two leaders were meeting on the sidelines of the Shanghai Cooperation Organisation summit in Uzbekistan. It was their first face-to-face meeting since Russia launched its "special military operation" in Ukraine in February.

In televised opening remarks at the bilateral meeting, Putin told Xi: "We highly value the balanced position of our Chinese friends when it comes to the Ukraine crisis. We understand your questions and concern about this. During today's meeting, we will of course explain our position."

Russia has moved closer to China since sending its armed forces into Ukraine in February, a decision that triggered an unprecedented barrage of Western sanctions against Moscow.

Putin also threw his weight behind Beijing's key positions in the brief public statement, aligning the two countries in what analysts see as a fledgling anti-U.S., anti-Western alliance.

Putin referred to Beijing's insistence that other countries do not recognise Taiwan, a self-ruled island that Bejing claims as part of China, as an independent country.

"We intend to firmly adhere to the principle of 'One China'," Putin said.

He added that Russian "condemns provocations by the United States and their satellites in the Taiwan Strait", a possible reference to U.S. Navy warships sailing through international waters in the Taiwan Strait on Aug. 27.

The United States has no formal diplomatic relations with Taiwan but is bound by law to provide the island with the means to defend itself.

China has never ruled out using force to bring Taiwan under its control. (Reuters)