Energy Ministry sees copper prices rising through 2032
Wednesday, April 8 2026 - 08:09 AM WIB
The Ministry of Energy and Mineral Resources (ESDM) expects copper prices to continue rising through 2032, driven by a growing imbalance between global supply and demand.
“Until 2032, supply will not keep pace with demand, so prices will inevitably rise,” said Tri Winarno, Director General of Minerals and Coal at the ministry, speaking at the “Unlocking Growth in the Middle Income Trap” event in Jakarta on Tuesday, as reported by Antara.
Data from the London Metal Exchange show copper prices ranged between $7,000 and $8,000 per ton in 2022, compared with around $13,000 per ton in January–February 2026.
Tri said similar trends are expected across other commodities, underscoring long-term growth prospects for the mining sector, particularly through downstream industrialization. He noted that developed economies, including G7 countries, have leveraged their demographic advantages to drive industrial growth.
“Raw materials will remain essential for countries worldwide. Unless recycling fully replaces them, mining will continue to play a critical role,” he said.
Read also: Indonesia cuts copper, gold export benchmark prices for early April
Tri’s remarks come amid concerns over potential deindustrialization, which could undermine Indonesia’s downstream policy agenda. However, he expressed optimism that Indonesia remains well-positioned to capitalize on future opportunities.
Beyond resource endowment, he emphasized the importance of improving human capital to support industrialization and avoid the middle-income trap.
“Human resource development is already underway and continues to gain momentum,” he added.
Separately, Chusnunia Chalim, Deputy Chair of Commission VII of the House of Representatives (DPR), warned that deindustrialization — marked by slowing industrial growth, layoffs, and rising import dependence — could hamper economic expansion.
She noted that premature deindustrialization risks weakening long-term growth, as productivity in the services sector typically lags behind manufacturing. To address this, she called on the government to strengthen vocational education and industrial workforce training policies.
Editing by Reiner Simanjuntak