Electricity sector demand drives up copper concentrate export reference prices

Jakarta — Indonesia’s Ministry of Commerce (Kemendag) has attributed the rise in the export reference price (HPE) for copper concentrate to increased global demand for electrical applications in the second half of March 2026.

During a statement in Jakarta on Monday, Kemendag’s Director-General of Foreign Trade, Tommy Andana, announced that the HPE for copper concentrate has been set at $6,792.97 per Wet Metric Ton (WMT) for the second period of March 2026. This price represents a 1.63 per cent increase compared to the first period of March 2026, which was valued at $6,684.18 per WMT.

Gold’s HPE also rose to $165,118.45 per kilogramme, up from $161,568.53 per kilogramme. The gold reference price (HR) similarly increased to $5,135.76 per troy ounce from $5,025.35 per troy ounce.

“The increase in the HPE for copper concentrate in the second period of March 2026 is due to rising global demand for copper, particularly from the electricity, manufacturing, and technology sectors,” Andana said.

The establishment of HPE and HR was formalised through Ministry of Commerce Decree (Kepmendag) Number 422 of 2026 concerning Export Reference Prices and Reference Prices for Mining Products subject to Export Duty. The decree is applicable for 15-31 March 2026.

Andana further noted that the rise in prices of minerals comprising copper concentrate served as the basis for calculating the HPE for copper concentrate in the second period of March 2026. Throughout the data collection period, copper prices increased by 0.62 per cent, gold by 2.20 per cent, and silver by 5.76 per cent.

“For gold, the increase in HPE and HR is attributed to growing demand for precious metals for industrial and investment purposes,” Andana added.

The HPE and HR were determined based on technical input from the Ministry of Energy and Mineral Resources (ESDM), which referenced data from the London Metal Exchange (LME) for copper and the London Bullion Market Association (LBMA) for gold and silver.

The determination of HPE and HR was carried out through inter-ministerial coordination involving the Ministry of Economic Affairs Coordination, the Ministry of Commerce, the Ministry of Energy and Mineral Resources, the Ministry of Finance, and the Ministry of Industry.