Export benchmark prices for copper, gold rise in early February
Monday, February 2 2026 - 01:44 PM WIB
By Rara Suratmi
The Ministry of Trade has set the Export Benchmark Price (HPE) for copper concentrate (Cu ≥ 15%) at US$6,422.91 per wet metric ton (WMT) for the first period of February 2026, up 4.73% from US$6,133.11 per WMT in the second period of January.
The HPE for gold also increased to US$148,818.84 per kilogram in the first half of February, from US$141,972.92 per kilogram previously. Meanwhile, the gold reference price (HR) rose to US$4,628.79 per troy ounce, up from US$4,415.85 per troy ounce.
The HPE and HR were stipulated under Minister of Trade Decree No. 68 of 2026 on Export Benchmark Prices and Reference Prices for Mining Products Subject to Export Duties, which applies from Feb. 1–14, 2026.
Director General of Foreign Trade at the Ministry of Trade Tommy Andana said the rise in the copper concentrate HPE was driven by strong global industrial demand, particularly from the renewable energy sector, electric vehicles, and electronics manufacturing.
Read also: Copper, gold concentrate HPE rise for early January 2026 on stronger global demand
In addition to robust demand, limited global copper supply due to production disruptions at several major mines, as well as exchange rate movements, also contributed to the higher benchmark price, he said.
Tommy added that higher prices for minerals used in calculating the copper concentrate HPE supported the increase. During the data collection period, copper prices rose 4.01%, gold 4.82%, and silver 17.99%.
Rising global demand for gold, influenced by shifts in interest rate expectations, monetary policies in advanced economies, and stronger physical demand from the jewelry and industrial sectors, also supported higher copper and gold benchmark prices, he said.
The HPE and HR were set based on technical input from the Ministry of Energy and Mineral Resources, using data from the London Metal Exchange for copper and the London Bullion Market Association for gold and silver. The prices were determined through inter-ministerial coordination involving the Coordinating Ministry for Economic Affairs, the Ministry of Trade, the Ministry of Energy and Mineral Resources, the Ministry of Finance, and the Ministry of Industry.
Editing by Reiner Simanjuntak