Indonesia is moving ahead with a new strategic mineral and commodity exchange targeted to begin full operations on January 1, 2027, as President Prabowo Subianto pushes for domestic benchmark prices for resources such as nickel, tin, copper, bauxite and gold rather than relying on foreign exchanges. The government has said the venue will be called the Indonesia Commodity Exchange, or Icomex, with crude palm oil (CPO), nickel and coal seen as likely flagship products, though the final list has not been set. The initiative has drawn support from the Indonesian Nickel Miners Association, or APNI, which said the plan aligns with its long-running proposal for an Indonesia Metal Exchange. APNI argues that moving exchange oversight from the Commodity Futures Trading Regulatory Agency, known as Bappebti, to the Financial Services Authority, or OJK, could help link financial markets with physical commodity trade, deepen liquidity and strengthen Indonesia's role in price formation for critical minerals. Officials say OJK is preparing two regulations to underpin the market: one covering the phased transfer of strategic mineral and commodity trading to the new exchange, and another governing its operating model, including organization, staffing and budget. A presidential regulation will formally determine which commodities must or may be traded there. The government is also considering whether Icomex should be merged with the existing Indonesia Commodity and Derivatives Exchange, or operate separately, while the pricing formula is still being developed to reflect costs and global market conditions. The exchange is intended to give Indonesia more control over pricing, transaction data and risk management in commodities where it is a major producer. APNI said a domestic market could support transparent price discovery, auditable transaction trails, downstream pricing curves, better visibility on stockpiles, local hedging tools and more accurate state revenue collection. Analysts and market participants will be watching whether the new venue can build enough liquidity and credibility to challenge established overseas benchmarks such as the London Metal Exchange and the Shanghai Futures Exchange.