Commodities on Mineral Exchange Not Yet Finalised
The government has not yet determined the list of commodities to be traded through the mineral exchange previously announced by President Prabowo Subianto. State Secretary Minister Prasetyo Hadi said the government is still preparing the exchange scheme, including deciding the main commodities to be included. “Not yet, it has not been decided. What is certain is that the commodities are our most important production, for example CPO, nickel, coal,” Prasetyo said at Merdeka Palace, Jakarta, Monday (17/8).
Prasetyo explained that the establishment of the mineral exchange is directed at strengthening Indonesia’s control over commodities produced domestically. The government wants the management and determination of trading mechanisms for strategic commodities not to depend entirely on the mechanisms that have been running so far.
According to him, the exchange concept being prepared by the government will more or less resemble the Indonesia Commodity Exchange or Icomex mechanism. However, the government is still arranging its institutional form and mechanism so that it can operate in accordance with the stated objectives. “Yes, more or less, Indonesia Commodity Exchange or Icomex,” Prasetyo said.
The existence of the Indonesia Commodity and Derivatives Exchange (ICDX) is also part of what the government is still reviewing. Prasetyo said there has been no decision on whether the institution will become part of the commodity exchange being prepared or operate under its own mechanism.
“That is why this is in process to be arranged in such a way. The point is not about this or that existing, no. The point is sovereignty over the goods we own must be determined by us. So far it has not been,” he explained.
He opened the possibility of a merger with ICDX or the establishment of an exchange with a separate structure. The decision on this matter is still awaiting further arrangement. “We will see later, it could possibly merge, or it could stand alone,” Prasetyo said.
Regarding the commodity pricing mechanism, Prasetyo confirmed that the government will prepare its own formula. Price setting will still consider a number of factors, including costs and commodity price developments on the world market. “There will be a mechanism. There are costs, and how the world price is,” he concluded. (Mir/P-3)
President Prabowo Subianto announced that the Mineral and Strategic Commodities Exchange will operate on 1 January 2027 to strengthen Indonesia’s reference prices.