Indonesia can become global commodity price setter, with stronger data

Indonesia is poised to become a global benchmark for commodity prices in the coming months, provided the government enhances its data collection on domestic production, supply, demand, and transactions. This strategic strengthening of data infrastructure could elevate Indonesia's influence in international commodity markets.

Yazid Kanca Surya, CEO of the Jakarta Futures Exchange (JFX), stated that commodity prices can become a reference point when market players gain confidence in and utilize prices formed within Indonesia. "If everything is done well, in a few months we can become a price reference," Kanca said during a JFX Media Gathering in Jakarta on Wednesday (August 26, 2026).

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If everything is done well, in a few months we can become a price reference

Kanca highlighted that Indonesia possesses a strong foundation as a major producer of several key commodities. However, he emphasized that this production capacity must be supported by comprehensive and accurate data to ensure the domestic market conditions serve as a reliable guide for global players. The necessary data includes details on production volume, productivity, land area, crop age, and trade statistics.

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If we don't know how much supply we have, we can only see the demand. The price cannot be determined properly

"If we don't know how much supply we have, we can only see the demand. The price cannot be determined properly," Kanca explained. He cited the example of palm oil, where despite Indonesia being a top global producer, foreign market participants still rely on data from other countries. Kanca suggested the government establish a dedicated commodity data center to consolidate information from production to trade, enabling the market to better assess supply, demand, and pricing dynamics.

The JFX's experience with tin trading indicates that Indonesian reference prices are already gaining international attention. Buyers are increasingly looking at prices formed on the JFX, not just those from overseas exchanges. "If people from outside the country start using that price, it will become a benchmark," Kanca noted. He believes this model can be replicated for other commodities, including palm oil, positioning Indonesia not just as a producer but as a price-setting hub.

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If people from outside the country start using that price, it will become a benchmark