Indonesia Raised Copper Concentrate Export Reference Price by 4.54% for Early Jan-26

MACROECONOMY 
Indonesia Manufacturing PMI Slowed to 51.2 in Dec-25 
Indonesia’s Manufacturing PMI eased to 51.2 in Dec-25 (vs Nov-25; 53.3), signaling a moderation in manufacturing expansion while remaining firmly in expansionary territory (>50). The slowdown indicates softer momentum toward year-end after a strong November print, likely reflecting normalization in new orders and production following earlier demand strength. Historically, Indonesia’s PMI has averaged 50.1 since 2012, with the latest reading still above the long term mean, suggesting manufacturing activity remains resilient despite cooling growth momentum. (Trading Economics) 

INDUSTRY 
Indonesia Raised Copper Concentrate Export Reference Price by 4.54% for Early Jan-26 
Indonesia’s Ministry of Trade raised the Export Reference Price (HPE) for copper concentrate (Cu ≥15%) to USD 5,868.51/WMT for the 1–14 Jan-26 period, up 4.54% from USD 5,613.83/WMT in late Dec-25, as stipulated under MoT Decree No. 2404/2025. The increase was driven by stronger global demand linked to power infrastructure, EV ecosystem development, and strategic projects, alongside a weaker USD that supported commodity prices. During the assessment period, underlying mineral prices rose in tandem, with copper up 5.75%, gold +3.29%, and silver surging 16.46%, reinforcing higher export pricing for copper concentrate. (Kontan) 

COMPANY 
Chandra Daya Investasi (CDIA) Secured USD 200 mn Loan Facility, Announced Interim Dividend 
CDIA signed a term-loan facility agreement with Bangkok Bank on 29 Dec-25, securing USD 200 mn (IDR 3.35 tn) to support general corporate purposes, including operations and business expansion. The transaction qualifies as a material transaction (>20% of equity) under POJK 17/2020 but is exempt from an independent valuation requirement as the funding is sourced directly from a foreign bank. Separately, CDIA approved an interim dividend for FY25 of IDR 167.67 bn (IDR 1.34/sh), sourced from 1H25 attributable net profit, with cum date on 08 Jan-26 (regular/negotiated), record date on 12 Jan-26, and payment on 29 Jan-26. (Investor.id)