Indonesia cuts copper, gold export benchmark prices for late April

By Romel S. Gurky

Indonesia has lowered its export benchmark prices (HPE) for copper concentrate and gold for the second half of April, extending declines seen earlier in the month as global metal prices remain under pressure.

The Ministry of Trade set the HPE for copper concentrate with a minimum copper content of 15% at $6,174.75 per wet metric ton (WMT) for April 15–30, down 4.97% from $6,497.50 per WMT in the April 1–14 period.

The HPE for gold was also reduced to $147,550.12 per kilogram from $157,267.62 per kilogram previously. Meanwhile, the gold reference price (HR) fell to $4,589.33 per troy ounce from $4,891.57 per troy ounce.

The latest benchmarks are stipulated in Trade Minister Decree No. 624 of 2026 on export benchmark and reference prices for mining products subject to export duties.

Tommy Andana, Director General of Foreign Trade at the Ministry of Trade, said the continued decline in copper concentrate prices was driven by macroeconomic pressures, including a stronger U.S. dollar and persistently high global interest rates, which have weighed on commodity demand.

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He added that rising copper inventories and weaker import demand in China also contributed to the downward pressure on prices.

During the pricing period, copper prices fell 2.93%, while gold declined 6.18% and silver dropped 9.65%.

“The decline in gold and silver prices was mainly influenced by the stronger U.S. dollar and elevated bond yields, which reduced the appeal of precious metals as non-yielding assets,” Tommy said, noting that silver prices were also affected by heightened volatility, a correction following earlier gains, and subdued industrial demand.

The ministry said the HPE and HR were determined based on technical inputs from the Ministry of Energy and Mineral Resources, referring to international benchmarks from the London Metal Exchange for copper and the London Bullion Market Association for gold and silver.

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.

The latest adjustment follows an earlier cut in benchmark prices for the first half of April, when the ministry reduced copper and gold HPEs after a correction in global metal markets, reversing gains recorded in the second half of March.

Editing by Reiner Simanjuntak