Trade Ministry Sets Copper Concentrate Reference Price at USD 5,868 per WMT
Wed 31 Dec 2025, 02:32 AM
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The Ministry of Trade (Kemendag) has set the Export Benchmark Price (HPE) for copper concentrate with Cu content ≥ 15 percent at USD 5,868.51 per Wet Metric Ton (WMT) for the first period of January 2026.
Acting Director General of Foreign Trade, Tommy Andana, explained that this figure represents a 4.54 percent increase compared to the second period of December 2025, which was recorded at USD 5,613.83 per WMT.
“In addition to copper, there was also an increase in the gold commodity,” he said in a written statement on Wednesday (31/12/2025).
Kemendag noted that the HPE for gold rose to USD 138,324.41 per kilogram, from the previous USD 133,912.59 per kilogram. Meanwhile, the Reference Price (HR) for gold increased to USD 4,302.37 per troy ounce, compared to the previous period’s USD 4,165.15 per troy ounce.
These provisions are stipulated in Minister of Trade Decree No. 2404 of 2025 on Export Benchmark Prices for Mining Products Subject to Export Duty. The regulation is effective for the period 1–14 January 2026.
The HPE determination serves as an important reference for calculating export duties on mining products, while also reflecting developments in international mineral prices.
Global Demand Rises
Tommy Andana went on to say that the increase in the HPE for copper concentrate was driven by growing global demand for strategic minerals.
“The price increase of the minerals that make up copper concentrate was driven by rising global demand, particularly to meet the needs of power industry development, the electric-vehicle ecosystem, and strategic infrastructure projects in various countries,” Tommy explained.
According to him, this situation has been further reinforced by the weakening of the U.S. dollar, which has prompted investors to shift interest toward commodities as a hedging instrument.
“This condition is reinforced by the weakening U.S. dollar, which has triggered a shift in investor preference toward commodities as a hedge amid global economic uncertainty,” he added.
These global dynamics have led to a sustained strengthening trend in mineral commodity prices.
All Mineral Prices Rise
Tommy also said that the strengthening of the copper concentrate export reference price was driven by simultaneous increases in the prices of all its component minerals.
“During the data-collection period, copper (Cu) prices rose 5.75 percent, gold (Au) rose 3.29 percent, and silver recorded the highest jump of 16.46 percent. The combined increase of these three metals has had a direct impact on the export market selling value of copper concentrate,” he said.
He emphasized that the setting of HPE and HR is based on technical input from the Ministry of Energy and Mineral Resources (ESDM), referring to international market prices. Copper prices reference the London Metal Exchange (LME), while gold and silver reference the London Bullion Market Association (LBMA).
The pricing process involves cross-ministerial and inter-agency coordination, including the Coordinating Ministry for Economic Affairs, the Ministry of Trade, the Ministry of Energy and Mineral Resources, the Ministry of Finance, and the Ministry of Industry.
“This collaborative effort ensures that price setting is conducted credibly and transparently to guarantee business certainty for industry players,” Tommy concluded.
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