Copper Prices Expected to Decline in DRC, Impacting Mining Sector
Copper prices are expected to fall in the first week of April, dashing the hopes of major producers like the Democratic Republic of Congo (DRC).
Experts from the DRC’s National Mercurial Commission predict a drop of $103 per tonne, with copper prices settling at USD 8,763.30 compared to the previous week’s USD 8,866.65.
This news comes despite a strong year for Congolese copper production. According to the Central Bank of Congo (BCC), the country’s mining companies produced a total of 2,842,022 million tonnes of copper in 2023.
Gécamines, the state-owned mining company, played a significant role in this increase, reaching 6,210 tonnes of copper production compared to 4,674 tonnes in 2022.
Partner companies and other mining entities in the DRC also saw a collective rise in production, from 2,389,956 tonnes in 2022 to 2,835,812 tonnes in 2023.
The price decline is not limited to copper. Other Congolese mining exports, including zinc and tin, are also expected to see slight dips. Zinc is forecasted to trade at $2,497.00 per tonne, and tin at $27,437.00.
Silver and tantalum prices, however, are expected to remain stable in international markets.
Additional source: CopperbeltKatangaMining
