PT-FI is currently mining the final phase of the Grasberg open pit, which contains high copper and gold ore grades. (Photo: Freeport Indonesia)

JAKARTA (TheInsiderStories)—Indonesia’s government has set the benchmark copper concentrate price in May at US$2,431 per WE, increased by 1.22 per cent from that of April 2018, said trade ministry on Wed (03/05).

Director General of Foreign Trade for Trade Ministry Oke Nurwan said in a press release on that the decreased price was driven by the fluctuation in the mineral price in the April 2018. This price is stipulated in Regulation of the Minister of Trade No. 57 of 2018, signed on April 24, 2018.

Prices of some mining products have decreased due to the fluctuation of international prices. Only prices of manganese concentrate products, ilmenite concentrate, and bauxite wre increasing.

This benchmark price calculation for iron concentrate commodities, laterite iron concentrate, iron sand concentrate, manganese concentrate, ilmenite concentrate, and rutile concentrate are sourced from Asian Metal. Copper concentrates, pellets of iron sand concentrate, lead concentrate, zinc concentrate, nickel, and bauxite are sourced from the London Metal Exchange (LME).

According to Nurwan, the benchmark copper in May 2018 period is set after taking into account various written inputs and coordination from various related agencies.

Meanwhile, the copper price has declined more than six per cent in the first quarter of 2018 due to the surging warehouse inventories and a weaker Chinese demand. Copper’s lowest price in the first quarter of this year was recorded in March at US$6,499 per tonne.