Copper Prices to Fall 2.85% in November 2024, Impacts DRC Economy
Copper, a key mineral for the Democratic Republic of Congo’s (DRC) economy, is expected to experience a notable price decline on international markets.
Between November 25 and 30, 2024, copper is forecast to trade at USD 8,924.05 per ton, marking a 2.85% decrease from the previous period when it was priced at USD 9,186.25.
This drop is part of a broader trend in which several other metals, including zinc, tin, gold, and silver, have also seen price reductions. Zinc is now trading at USD 29,490.05, down 0.64%, while gold has decreased by 2.72%, currently priced at USD 1,083.78.
Despite the decline in many metals, two notable commercial mining products have seen price increases: cobalt and tantalum. Cobalt is trading at USD 24,049, up by 0.05%, while tantalum has risen to USD 226.80, reflecting a 0.35% increase.
Commodity price fluctuations are driven by supply and demand dynamics in international markets, with the DRC, one of the world’s largest copper producers, directly impacted by these changes.
The fall in copper prices could have serious repercussions for the DRC, which heavily relies on mineral exports for its revenue. A prolonged decline in copper prices may affect mining sector investments and hinder overall economic growth.
Analysts suggest that a key factor in the copper price drop is an economic slowdown in China, the world’s largest copper consumer. This has reduced demand for copper across various industrial sectors.
However, experts maintain a positive long-term outlook for copper, expecting demand to rise with the global shift towards green technologies and energy transition, which require large quantities of copper.
For the DRC, it is essential to implement strategies to stabilize copper revenues while diversifying the economy. This could include expanding investments in other sectors or improving the supply chain to maximize profits from mineral exports.
