Judul: Hedging (Lindung Nilai) Harga Kakao Menggunakan Strategi Opsi
Abstrak: Harga kakao yang sulit diprediksi dapat menjadi risiko tersendiri bagi produsen pengolah kakao. Hedging (lindung nilai) dapat menjadi solusi untuk mengurangi risiko kerugian di masa depan. Dalam penelitian ini diaplikasikan tiga strategi opsi pada harga kakao, yaitu strap, long strangle, dan short put ladder. Berdasarkan hasil penghitungan, strap lebih menguntungkan pada kondisi bullish, long strangle pada kondisi neutral, dan short put ladder pada kondisi bearish. Pada strategi strap dan long strangle, keuntungan maksimum bernilai tak terhingga dengan kerugian maksimum sebesar biaya opsi yang dikeluarkan. Pada strategi short put ladder, keuntungan maksimum bernilai sebesar penjumlahan strike price yang telah disesuaikan dengan biaya opsi, sedangkan kerugian maksimum bernilai sebesar penjumlahan strike price yang lebih tinggi dan telah disesuaikan dengan biaya opsi. Ketika opsi dieksekusi, harga jual lindung nilai akhir bernilai sebesar penjumlahan strike price yang telah disesuaikan dengan biaya opsi. Ketika opsi tidak dieksekusi, harga jual lindung nilai akhir akan meningkat seiring dengan kenaikan spot price., The unpredictable price of cocoa can be a risk for cocoa processing producers. Hedging can be a solution to reduce future losses. In this study, three option strategies were applied to cocoa prices, namely strap, long strangle, and short put ladder. Based on the calculation results, the strap is more profitable in bullish conditions, long strangle in neutral conditions, and short put ladder in bearish conditions. In the strap and long strangle strategy, the maximum profit is infinity with the maximum loss is the initial cost. In the short put ladder strategy, the maximum profit is the sum of strike price that has been adjusted for the option cost, while the maximum loss is the sum of higher strike price that has been adjusted for the option cost. When the option is exercised, the final hedging selling price is the sum of the strike price that has been adjusted for the option cost. When the option is not exercised, the final hedging selling price will increase as the spot price increases.
Keyword: cocoa, long strangle, option, short put ladder, strap

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: DNA Extraction and Characterization of Salmonella‟s Lytic Bacteriophage Genome
Abstrak: Bacteriophages are ubiquitous in nature and are known to proliferate wherever their bacterial hosts exist. Their virion particles can exist independently outside the host, however all phages are need their host to propagate. Several phages are highly specific to host cell surface receptors and any slight changes in structure results in little or no interaction between the phage and its host. Salmonella‟s phage isolated from sewage water where their bacteria exist. Three isolated of phages (phages 15, 19 and 38) were used in this research that concentrated using three types of methods. PEG/ NaCl method was firstly used to concentrate the phages based on their molecular weight to precipitate the phage particles during centrifugation. The second method was Scraping Plaque method. In this method, overlay plaques were scraped and collected in SM buffer to get phage concentrates. Enrichment method was the last method used to concentrate the phages. Phage genome isolation was done using two methods i.e. EDTA/SDS and Proteinase K methods. The first method was done using DNase I to eliminate bacterial DNA followed by SDS/EDTA treatment to release phages DNA and phenol-chloroform-isoamyl alcohol to extract the DNA. DNA was collected by isopropanol extraction. While in Proteinase K method, bacterial DNA was eliminated by DNase I and Proteinase K/SDS was used to degrade phages capsids and ethanol for DNA precipitation. The result showed that PEG/NaCl method resulted the highest phage concentration for phage 15 and phage 19, while scrapping method was the highest for phage 38. The quantity and purity of extracted DNA were low for PEG/NaCl and Scraping methods, while Enrichment method was higher indicated higher purity. Run on agarose gel electrophoresis of extracted DNA confirmed that Enrichment method results were the best while scraping and PEG/NaCl method was appeared smear background. Based on DNA genome size determination, the bacteriphages of Salmonella sp were comparable with other study of Salmonella phages. Phage P15 with genome size of 39,5 kb was close to phage epsilon15. Phage P19 with genome size of 41 kb was close to phage ST160. And phage P38 with genome size of 48,5 kb was close to phage Gifsy-1.
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