Copper Prices Expected to Decline in DRC
The price of copper is anticipated to decrease during the first week of April 2024, disappointing hopes for producing countries like the Democratic Republic of Congo (DRC).
Projections from experts at the National Mercurial Commission of the Ministry of Foreign Trade of the DRC suggest that copper will be priced at USD 8,763.30 per tonne from April 1 to 6, down from USD 8,866.65 per tonne the previous week, marking a significant drop of 103 USD per tonne.
In 2023, mining companies in the DRC produced 2,842,022 million tonnes of copper, as reported by the Central Bank of Congo (BCC).
Gécamines, in particular, saw its production increase to 6,210 tonnes of copper compared to 4,674 tonnes in 2022. Additionally, partner companies of Gécamines and others operating in the sector collectively produced around 2,835,812 tonnes in 2023, up from 2,389,956 tonnes in 2022.
Alongside copper, other mining products exported from the DRC, including zinc and tin, are expected to experience slight price declines in the markets during the same period.
Zinc is forecasted to trade at 2,497.00 per tonne, while tin is projected at 27,437.00 US dollars. However, silver and tantalum prices are anticipated to remain stable on international markets during the review period.
