DRC Central Bank Reports Price Increases in Oil, Copper, and Gold Amid Global Uncertainties
The Central Bank of Congo’s observation barometer reported that as of August 14, 2024, the price of oil increased by 2.07% on a weekly basis, reaching USD 79.98 per barrel.
This rise was driven by concerns over potential conflict in the Middle East between Israel and Iran, along with a sharp drop in U.S. commercial crude reserves by approximately 5.2 million barrels. Since December 2023, the oil price has risen by 2.71%.
Copper prices surged by 3.12%, reaching USD 9,077.00 per ton, influenced by a strike at Chile’s Escondida mine, the largest copper mine globally.
A powerful union within the company is pushing for a greater share of profits, potentially curbing production. This mine accounts for 5.0% of global copper output. Since December 2023, copper prices have increased by 6.40%.
Cobalt prices remained steady at USD 25,930.00 per ton, unchanged from the previous week. However, this represents a 20.83% decrease compared to December 2023.
Gold prices rose by 3.43%, reaching USD 2,492.20 per ounce, fueled by expectations of lower U.S. interest rates and ongoing tensions in the Middle East.
Gold is traditionally viewed as a safe haven during geopolitical and economic turmoil. Since December 2023, gold prices have increased by 20.37%.
Wheat and corn prices experienced slight increases of 0.78% and 0.81%, respectively, with wheat at USD 199.93 and corn at USD 148.21.
These gains are mainly attributed to drought conditions. However, compared to December 2023, wheat and corn prices have decreased by 12.47% and 13.84%, respectively.
