Central Bank of Congo Reports Mixed Trends in Commodity Prices for December 2024
The Central Bank of Congo (BCC), in its economic report for the second week of December 2024, highlighted varied price trends for major commodities as of December 12, 2024.
Key Commodities Performance
- Copper: A critical export for the Democratic Republic of Congo (DRC), copper’s price stood at $9,094.50 per tonne. This marks a weekly decline of 0.41% but a notable 6.61% increase compared to the end of December 2023.
- Cobalt: The price of cobalt remained stable at $24,050.00 per tonne since late November 2024. However, the year-to-date figures show a significant drop of 26.57%.
- Gold: Gold prices increased slightly by 0.61% over the past week, reaching $2,677.25 per ounce. Compared to the end of 2023, gold has risen sharply by 29.31%.
International food commodity prices generally showed a downward trend:
- Rice: Declined by 0.92% weekly to $331.35 per tonne, representing a 14.49% decrease since the end of December 2023.
- Wheat: Dropped 0.43% weekly to $204.38 per tonne, a 10.52% decrease compared to the end of last year.
- Corn: Contrastingly, corn prices rose 1.55% weekly to $162.46 per tonne, driven by increased demand forecasts in the U.S. following announcements of reduced American stock levels. However, year-to-date figures show a decline of 5.56%.
The BCC report underscores the diverse performance of raw materials, with some commodities like gold and copper maintaining year-on-year growth, while others like cobalt and staple foods have seen declines. These trends reflect shifting global market dynamics and their impact on the DRC’s economy.
