DRC Central Bank Reports Copper Price Rise Amid Global Trade Adjustments
The Central Bank of Congo (BCC) has released its latest economic outlook, covering the period from January 31 to February 7, 2025. The report highlights fluctuations in key commodity prices, reflecting global market dynamics and geopolitical influences.
Copper prices rose to $9,412.75 per tonne, marking a 3.68% weekly increase. The report attributes this rise to improved market confidence following the U.S. administration’s decision to postpone new customs duties on imports from key trade partners, including Canada, Mexico, and China. On a year-to-date basis, copper prices have gained 7.10%.
In contrast, cobalt prices fell 2.87% week-on-week to $23,346.00 per tonne, amid persistent oversupply. Since the end of December 2024, cobalt prices have declined by 2.93%.
Gold prices increased by 3.92% weekly, reaching $2,868.78 per ounce. The surge is driven by ongoing geopolitical tensions and economic uncertainties worldwide, reinforcing gold’s status as a safe-haven asset.
The BCC’s report underscores how global trade policies, weather patterns, and geopolitical risks continue to shape commodity markets, impacting the DRC’s key exports.
