Indonesia Increases Export Reference Prices for Gold and Copper

New Export Reference Prices for January 2026

The Indonesian government has officially announced an increase in the Export Reference Price (HPE) for copper concentrate and gold for the second half of January 2026. The HPE for copper concentrate (Cu ≥ 15%) has been set at US$ 6,133.11 per Wet Metric Ton (WMT), representing a 4.51% increase from the previous period's US$ 5,868.51 per WMT. Similarly, the HPE for gold has been raised to US$ 141,972.92 per kilogram, up from US$ 138,324.41 per kilogram in the previous period.

Economic Rationale Behind the Price Adjustments

The increase in HPE is primarily attributed to the rising prices of constituent minerals, including copper, gold, and silver. According to Tommy Andana, Acting Director General of Foreign Trade at the Ministry of Trade, the strengthening of HPE for copper concentrate reflects robust global demand driven by the development of electric power industries, electric vehicles, and strategic infrastructure projects worldwide.

Regulatory Framework and Implementation

The revised HPE and Reference Price (HR) for gold, now set at US$ 4,415.85 per troy ounce, were formalized through the Minister of Trade Decision No. 31/2026. This regulation is effective for the period from January 15 to January 31, 2026. The adjustment in HPE is expected to have significant implications for Indonesia's mining and export sectors, particularly for commodities like copper and gold.

Market Impact and Industry Response

The increase in HPE is likely to positively impact Indonesia's export earnings from copper and gold, as it reflects higher global commodity prices. This move aligns with the government's efforts to maximize revenue from the mining sector while supporting the global transition to cleaner energy and electric vehicles.