DRC: the price of copper exceeds the mark of 10,000 USD per tonne
The price of copper surged by 2.19% weekly, reaching USD 10,024.50 per tonne, marking its highest level in two years. Analysts at the Central Bank of Congo (BCC) attribute this increase to rising Chinese imports.
Year-to-date, copper prices have risen by 17.51% compared to December 31, 2023, and over the past twelve months, they have increased by 16.70%.
This uptrend presents an opportune moment for the Government of the Democratic Republic of Congo to capture more revenue from mining companies operating in the country, especially with the renegotiated Chinese contract stipulating increased revenues for the Congolese side if copper prices surpass the $10,000 per tonne mark.
Meanwhile, the price of cobalt experienced a decline of 1.41%, settling at USD 27,753.00. On a year-on-year basis, this represents a decrease of 18.99%.
Gold prices, on the other hand, saw a slight dip of 0.61%, reaching USD 2,360.80 per ounce. However, compared to its levels in April and December 2023, the price of gold has increased by 18.75% and 14.03%, respectively.
According to experts from the specialized site “Tribune des Metals,” renewed hopes of a rate cut by the Fed have impacted copper prices.
London copper surpassed the symbolic threshold of USD 10,000 per tonne on the LME, with copper for three-month delivery rising by 1.5% to USD 10,061.50 per tonne. In Shanghai, copper remained stable at 80,920 yuan/tonne or USD 11,213.35.
