Judul: Bear Spreads Strategy Using Barrier Option to Hedge Robusta Coffee’s Prices
Abstrak: Adanya pandemi covid-19 yang belakangan ini dialami di beberapa negara khususnya di Indonesia, memiliki dampak yang cukup tinggi bagi perekonomian di Indonesia. Menurunnya permintaan kopi di Indonesia juga berpengaruh akibat adanya kebijakan pemerintah dalam pembatasan atau penutupan aktivitas (lockdown) di berbagai wilayah di Indonesia, sehingga hal ini dapat mempengaruhi fluktuasi harga kopi khususnya kopi robusta di Indonesia. Lindung nilai menjadi solusi untuk menangani fluktuasi harga kopi robusta khususnya saat terjadinya penurunan harga kopi di masa depan. Opsi merupakan salah satu produk derivatif yang digunakan dalam aktifitas lindung nilai dan digunakan ke dalam berbagai strategi perdagangan. Pada penelitian ini dilakukan dua strategi dalam melindungi investor dari penurunan harga, yaitu strategi bear spreads menggunakan opsi vanilla dan strategi bear spreads menggunakan opsi barrier. Opsi barrier yang digunakan ialah up and knock-out. Berdasarkan hasil penghitungan, strategi bear spreads menggunakan opsi barrier merupakan strategi lindung nilai terbaik dalam menghasilkan keuntungan terbesar yang memiliki arus kas awal lebih murah jika dibandingkan dengan strategi bear spreads menggunakan opsi vanilla., The covid-19 pandemic, which has recently been experienced in several countries, especially in Indonesia, has had a fairly high impact on the economy in Indonesia. The decline in coffee demand in Indonesia also has an effect due to government policies in limiting or closing activities (lockdown) in various regions in Indonesia, so this can be affecting fluctuations in coffee prices, especially robusta coffee in Indonesia. Hedging is a solution to deal with fluctuations in robusta coffee prices, especially during the decline in coffee prices in the future. Options are one of the derivative products used in hedging activities and are used in various trading strategies. In this study, two strategies were carried out in protecting investors from falling prices, namely the bear spreads strategy using vanilla options and the bear spreads strategy using the barrier option. The barrier options used are up and knock-out. Based on the calculation results, the bear spreads strategy using the barrier option is the best hedging strategy in making the largest profit that has initial cash flow is cheaper when compared to the bear spreads strategy of using vanilla options.
Keyword: Bear Spreads, Kopi Robusta, Lindung Nilai, Opsi Barrier, Opsi Vanilla, Barrier Option, Vanilla option, Hedging, Robusta Coffee

Judul: Hedging for Crude Palm Oil's Price Using Bull Call Spread Strategy and Short Combo Straregy
Abstrak: Ketidakstabilan demand dan supply yang terjadi akibat adanya pandemi Covid-19 menyebabkan harga crude palm oil di Indonesia meningkat pesat. Lindung nilai menggunakan strategi opsi dapat menjadi solusi untuk mengurangi risiko jika menghadapi kenaikan harga atau kondisi bullish di masa depan. Penelitian ini menggunakan dua strategi opsi, yaitu strategi bull call spread dan short combo. Berdasarkan hasil penghitungan, biaya short combo merupakan yang terendah pada kondisi bullish. Pada kondisi bearish, biaya terendah dicapai ketika tidak dilakukan strategi opsi. Pada kondisi neutral, strategi short combo dan strategi bull call spread memberikan biaya terendah. Kedua strategi opsi memiliki kerugian maksimum pada saat spot price kurang dari strike price pertama dengan nilai yang berbeda-beda. Keuntungan maksimum bull call spread dan short combo terjadi pada saat spot price lebih besar dari strike price kedua. Keuntungan makimum short combo bernilai tak terhingga jika terjadi peningkatan spot price. Bull call spread lebih menguntungkan pada kondisi bearish, sedangkan short combo lebih menguntungkan pada kondisi bullish., The instability of demand and supply that occurred as a result of the Covid-19 pandemic caused the price of crude palm oil in Indonesia to increase rapidly. Hedging using an options strategy can be a solution to reduce risk if you face rising prices or bullish conditions in the future. This research uses two option strategies, namely the bull call spread and short combo strategies. Based on the calculation results, short combo costs are the lowest in bullish conditions. In bearish conditions, the lowest costs are achieved when no option strategy is implemented. In neutral conditions, the short combo strategy and the bull call spread strategy provide the lowest costs. Both option strategies have a maximum loss when the spot price is less than the first strike price by varying values. The maximum profit from the bull call spread and short combo occurs when the spot price is greater than the second strike price. The maximum profit of a short combo is infinite if there is an increase in the spot price. Bull call spreads are more profitable in bearish conditions, while short combos are more profitable in bullish conditions.
Keyword: crude palm oil, hedging, option, bull call spread, short combo, lindung nilai

Judul: Synthesis of Apatite - Chitosan Composite Using Duck Eggshell and Chitosan with Temperature and pH Control
Abstrak: Composite of apatite-chitosan was prepared by using chitosan as polymer matrix. Calcium phosphate was prepared from CaO and (NH4)2HPO4, which the ratio Ca : P had to be 1.67. Chitosan is produced by deacetilase from biopolymer chitin. Duck eggshell (95% CaCO3) as starting material was converted to be calcium oxide (CaO) through calcinations with temperature 1000oC for 5 hours. In-situ and ex-situ methods were prepared from apatite and chitosan (dissolved with acetate acid 2%). Calcium phosphate prepared for bone implantation, but it is too fragile and brittle to be implant into the body. So addition of chitosan can decrease crystalinity and increase mechanic characteristic (tougher). Composite apatite-chitosan was resulted by fast precipitation. Fast precipitation was held in a breaker glass with nitrogen atmosphere, under controlled temperature at 37oC and pH 7, in order to increase amount of hydroxyapatite. Precipitation with CaO which was dropped by (NH4)2HPO4. Hydroxyapatite and chitosan were appearing at samples with in-situ and ex-situ methods which indicating by peak matching of XRD (closed lattice parameter, crystal size), overlapping at FTIR spectra and supporting by SEM picture (homogenous and agglomerated particle). However, it still needs further research to examine biocompatibility osteoconductive degree of sample by in-vivo and in-vitro test.
Keyword: