Average Prices of Mining Commodities Rise, Here's the Proof

Jakarta, CNBC Indonesia - The Ministry of Energy and Mineral Resources (ESDM) has noted an increase in the average Reference Mineral Price (HMA) for several national mining commodities at the start of 2026. These include copper, silver, nickel, and tin.

Based on data received by CNBC Indonesia, the following details the development of average mineral commodity prices throughout 2026 compared to the previous year.

Copper

According to ESDM records, since October 2025 Period II, the HMA for copper has surpassed 10,000 US$/dmt, placing the royalty rate under PP 19/2025 in the highest interval.

In 2026, the upward trend in copper prices continued, with the HMA for copper reaching 13,000 US/dmtinFebruaryPeriodII.TheaverageHMAforcopperin2026was12, 655.16US/dmt, far above the 2025 average of 9,819.48 US$/dmt.

Silver

Since November 2025 Period I, the HMA for silver has exceeded 50 US/toz.InFebruary2026PeriodII, theHMAforsilverhitahighof95.35US/toz before declining to 76.69 US$/toz in May 2026 Period I.

The average HMA for silver in 2026 was 79.27 US/toz, morethandoublethe2025averageof38.23US/toz.

Nickel

Throughout 2025, the HMA for nickel trended downward from 16,126 US/dmt(AprilPeriodI)to14, 599US/dmt in December 2025 Period II. During 2025, the HMA for nickel remained in the first layer under the PP 19/2025 scheme.

At the start of 2026, the HMA for nickel rose to a peak of 17,774 US/dmtinFebruary2026PeriodI, thendeclinedto16, 933.57US/dmt in May 2026 Period I. The average HMA for nickel in 2026 was 16,822.29 US/dmt, higherthanthe2025averageof15, 177.12US/dmt.

Tin

Since December 2025, the HMA for tin has surpassed 4,000 US$/ton, placing the royalty rate under PP 19/2025 in the highest interval.

At the beginning of 2026, tin prices remained above 40,000 US/dmt, evenrisingtoapeakof55, 205US/ton in March 2026. The average HMA for tin in 2026 was 51,101.46 US/ton, wellabovethe2025averageof34, 353.88US/ton.