DRC Central Bank Report Highlights Surge in Copper Prices and Oil Prices
The Central Bank of Congo’s economic report reveals that the price of copper soared by 4.56% to reach USD 9,050.00 on March 14, 2023.
Factors such as expectations of lower US interest rates, a weakening dollar, and copper supply issues for Chinese smelters contributed to this increase.
Compared to December 31, 2023, copper prices surged by 6.08%. Additionally, there was a 1.29% increase compared to March 2023.
In the same period, the price of oil also saw a notable rise, reaching USD 85.27 per barrel on March 14, 2024, marking a weekly increase of 2.08%.
This surge was driven by strikes on Russian refineries and the release of the first weekly data on US crude stocks, which indicated a decline in reserves. The International Energy Agency’s revision of global oil demand for the first quarter further influenced this trend.
In comparison to December 2023, the price of oil increased by 9.50%. Yearly, it experienced a 1.34% rise.
