Indonesia plans to begin trading on its new commodity exchange on Jan. 4, 2027, with tin and ferronickel among the first products to be traded, the exchange's chief regulator said on Tuesday.
Citing a slide presented by chief regulator Sarjito at a parliamentary hearing, state-owned mining companies are expected to be among the first participants in the exchange.
The exchange, known as ICOMEX, is one of President Prabowo Subianto's initiatives to expand state control over the country's rich natural resources and the proceeds from them.
Subianto last month gave an impassioned speech saying Indonesia would rather keep its resources than sell them cheaply.
Friderica Widyasari Dewi, chair of the Financial Services Authority (OJK), said the exchange would help combat under-invoicing and end transfer pricing practices in commodity exports.
Indonesia's OJK expects to issue exchange regulations on Sept. 17, when the exchange will be officially established. The exchange's license will be issued on Jan. 1.
"The mineral and strategic commodities exchange is expected to start trading on Jan. 4, 2027 (early January) through the ICOMEX entity," Sarjito said, referring to the planned exchange's name.
