Govt lifts copper, gold benchmark prices for late March
Tuesday, March 17 2026 - 07:14 AM WIB
By Romel S. Gurky
The Ministry of Trade has increased its export benchmark prices (HPE) for copper concentrate and gold for the second half of March, reversing the earlier trend for copper as global demand strengthens.
The HPE for copper concentrate with a minimum copper content of 15% was set at $6,792.97 per wet metric ton (WMT) for March 15–31, up 1.63% from $6,684.18 per WMT in the first half of the month.
The ministry also raised the HPE for gold to $165,118.45 per kilogram from $161,568.53 per kilogram previously. Meanwhile, the gold reference price (HR) climbed to $5,135.76 per troy ounce from $5,025.35 per troy ounce.
The new benchmarks are stipulated in Trade Minister Decree No. 422 of 2026 on Export Reference Prices and Reference Prices for Mining Products Subject to Export Duties, effective from March 15 to March 31, 2026.
Tommy Andana, Director General of Foreign Trade at the ministry, said the increase in copper concentrate prices was driven by stronger global demand, particularly from the electricity, manufacturing and technology sectors.
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He added that rising prices of underlying minerals also contributed to the higher HPE during the calculation period, with copper prices increasing by 0.62%, gold by 2.20% and silver by 5.76%.
“For gold, the increase in both the HPE and HR is driven by stronger demand for precious metals for industrial use and investment,” Tommy said.
The latest adjustment marks a turnaround from the first half of March, when the ministry slightly reduced the copper HPE while raising gold prices.
The ministry said the HPE and HR are determined based on technical inputs from the Ministry of Energy and Mineral Resources, referring to international market benchmarks. Copper prices are based on the London Metal Exchange, while gold and silver prices refer to the London Bullion Market Association.
The pricing process involves coordination among several government bodies, including 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