Mining and Palm Oil Transactions to Be Mandatory Through Mineral Exchange from 2027
All transactions involving strategic commodities, including mining products and palm oil, are targeted to be conducted through the Mineral and Strategic Commodities Exchange starting 1 January 2027. The exchange will be single and mandatory.
Sarjito, the prospective Chief Executive of the OJK’s Mineral and Strategic Commodities Exchange (BMKS) supervisory body, said the trading scheme will be mandatory and use a single exchange model under the supervision of the Financial Services Authority (OJK).
“In my view, a single exchange. The London Metal Exchange, Singapore Futures Exchange, Chicago Mercantile Exchange, Shanghai Futures Exchange — they are also single. More efficient,” Sarjito told reporters at the Parliament Complex in Jakarta on Monday (24/8/2026).
Regarding existing business players and market participants, Sarjito said all parties will still be evaluated during the process of establishing the new exchange ecosystem. However, he stressed that the transition period must run smoothly and must not cause any delayed transactions or processes.
“The market players may all be re-evaluated. But the transition must be smooth. And nothing should be pending. What has happened elsewhere is carry-over. But of course with improvements in line with the president’s direction. So this exchange is very credible,” he said.
As context, Indonesia currently has a crude palm oil (CPO) exchange through the Indonesia Commodity & Derivatives Exchange (ICDX). Its appointment was made by the government through the Ministry of Trade in 2023.
Sarjito also opened the possibility of re-evaluating the suitability of players and managers who will be involved in the exchange ecosystem. The process may even include conducting fit and proper tests again on certain parties.
This step is necessary to ensure there are no more trading practices that do not comply with regulations, including the existence of illegal brokers.
Regarding exchange leadership, Sarjito affirmed that the OJK will have authority in the process of selecting the leadership, including the Chief Executive Officer of the exchange. This model is in line with the supervisory system for exchanges that places the OJK as regulator and supervisor.
Previously, Minister of State Secretary Prasetyo Hadi revealed that the mineral and strategic commodities exchange will officially operate on 1 January 2027. The exchange will be named the Indonesia Commodity Exchange (Icomex).
“Everything is being prepared,” he said when met at the Merdeka Palace in Central Jakarta on Monday (17/8/2026).
Prasetyo Hadi emphasised that the commodities in question are certainly Indonesia’s main natural resource commodities, including CPO, nickel, and coal.
“Not yet, it has not been decided. What is certain is that these are commodities that are our most important production. For example CPO, nickel, coal,” he said.
“More or less, Indonesia Commodity Exchange or Icomex,” he said.
The government has not ruled out the possibility of merging ICDX into the state-owned commodity exchange, Icomex. However, Prasetyo Hadi declined to explain the mechanism that will be used in the exchange.
“We will see later, it could be that they merge, or they could operate separately,” he said.
As is known, President Prabowo Subianto wants to establish an Indonesia Reference Price so that reference prices for Indonesia’s export commodities are set domestically, rather than referring to foreign exchanges.