Govt Raises Export Reference Prices for Copper and Gold

RRI.CO.ID, Jakarta – The Trade Ministry has raised export reference prices (HPE) for copper concentrate and gold for the second half of February, citing stronger global mineral prices.

Director General of Foreign Trade Tommy Andana said the increase reflected rising international prices and tightening global supply.

The government increased the export reference price for copper concentrate by 4.20 percent to USD 6,692.35 per wet metric ton (WMT). The rise was driven by limited global supply and growing demand from the global manufacturing sector.

“The HPE for copper concentrate strengthened due to higher global copper prices. Another factor was limited copper supply, followed by rising demand for industrial needs, particularly in the electricity, manufacturing, and energy sectors,” Tommy said in Jakarta on Friday, February 13, 2026.

A 9.61 percent increase in silver prices also contributed significantly to the calculation of mining export prices. During the data collection period, international market dynamics were positive across all minerals in copper concentrate.

The ministry recorded a 7.16 percent increase in gold prices compared with the previous period. The export reference price for gold now stands at USD 159,475.43 per kilogram.

“During the data collection period, copper prices rose 4.05 percent, gold increased 7.16 percent, and silver climbed 9.61 percent,” Tommy said.

The reference price (HR) for precious metals rose to USD 4,960.24 per troy ounce for the end-of-February period. Industrial demand and global jewelry demand were the main drivers of the increase in gold prices, he added.

The new export reference prices are stipulated in Trade Ministerial Decree No. 123/2026, which is valid from February 15 to 28.

“The determination of the HPE and HR is conducted through interministerial coordination, involving the Coordinating Economic Affairs Ministry, the Trade Ministry, the Energy and Mineral Resources Ministry, the Finance Ministry and the Industry Ministry,” Tommy said.

The Trade Ministry drafted the regulation based on technical input from the Energy and Mineral Resources Ministry. Reference price data are based on benchmarks from the London Metal Exchange and the London Bullion Market Association.

The interagency coordination aims to ensure that the export value of Indonesia’s mining products remains competitive in the global market and maintains balance in the mineral trade ecosystem. ***

This article is adapted from an Indonesian-language report written by Eliana Zahra Devina and edited by Mosita for RRI.