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 Arabica Coffee’s Prices in Indonesia Using Options Strategies
Abstrak: Meningkatnya konsumsi kopi di Indonesia yang disertai dengan adanya pandemi Covid-19 dan fenomena embun beku di Brazil menyebabkan harga kopi Arabika meningkat pesat. Lindung nilai menggunakan strategi opsi dapat menjadi solusi untuk mengurangi risiko jika menghadapi kondisi bullish di masa depan. Penelitian ini menggunakan tiga strategi opsi, yaitu long call, short combo, dan vertical ratio call back spread. Berdasarkan hasil penghitungan, biaya vertical ratio call back spread merupakan yang terendah pada kondisi bearish dan short combo pada kondisi bullish. Pada kondisi neutral, biaya terendah dicapai ketika tidak dilakukan strategi opsi. Ketiga strategi opsi memiliki keuntungan maksimum tak terhingga jika terjadi peningkatan spot price, sedangkan kerugian maksimum terjadi pada kondisi dan nilai yang berbeda-beda. Vertical ratio call back spread lebih menguntungkan pada kondisi bearish, sedangkan short combo lebih menguntungkan pada kondisi bullish., The increasing consumption of coffee in Indonesia, which is accompanied by the Covid-19 pandemic and the frost phenomenon in Brazil, caused the price of Arabica coffee to increase rapidly. Hedging using an option strategy can be a solution to reduce risk if facing bullish conditions in the future. This study uses three option strategies, namely long call, short combo, and vertical ratio call back spread. Based on the calculation results, the cost of the vertical ratio call back spread is the lowest in bearish conditions and the short combo in bullish conditions. In neutral conditions, the lowest cost is achieved when the option strategy is not carried out. The three option strategies have an infinite maximum profit if the spot price increases, while the maximum loss occurs at different conditions and values. The vertical ratio call back spread is more profitable in bearish conditions, while the short combo is more profitable in bullish conditions.
Keyword: Arabica coffee, hedging, long call, short combo, vertical ratio call back spread

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.
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