Title: Trends in mining products exported from the DRC: a week of decline on international markets
Subtitle: Analysis of price fluctuations of copper, cobalt and other Congolese minerals on the world market
Introduction :
The Democratic Republic of Congo (DRC) is known for its vast mineral reserves, which make it one of the world’s leading exporters of minerals such as copper, cobalt, zinc, tin, gold, silver and tantalum. This week, we take a look at the latest trends in mining products exported from the DRC to international markets.
Price fluctuations:
According to data from the National Mercurial Commission of the Ministry of Foreign Trade, the general trend of Congolese mining products is bearish during the period from August 14 to 19, 2023.
Copper, one of the main export products of the DRC, is experiencing a drop in price. The copper price is expected to fall from $8,613.75 per ton to $8,417.15 per ton, a loss of $196.6. This reflects the drop in global demand and the economic uncertainties that are influencing the markets.
In contrast, cobalt appears to be resisting this downward trend. Experts predict price stability for cobalt, which would trade at USD 32,730.00 per ton this week. This resistance is attributed to the growing demand for cobalt in the vehicle technology and electrification sectors.
The other mining products exported from the DRC are also affected by this decline. Zinc is expected to trade at $2,477.85 per ton, down from $2,519.70 per ton the previous week. Tin also registers a decrease in price, from 28,671.25 USD per ton to 27,720.00 USD per ton. As for gold and silver, the two precious metals are also seeing a decline in their values, with respective prices of 62.64 USD per gram for gold and 0.77 USD per gram for silver. Finally, tantalum is also losing value, with a price pegged at $317.40 per kilogram this week.
Economic implications:
These fluctuations in the prices of Congolese mining products have economic implications for the DRC. As a country heavily dependent on the export of natural resources, price changes can affect the nation’s trade balance and the economy as a whole.
Moreover, this drop in prices could also highlight the need to diversify the Congolese economy and develop other industrial sectors, so as not to be too dependent on the mining sector and its volatility.
Conclusion :
The week of August 14 to 19, 2023 is marked by a general downward trend in mining products exported from the DRC. Copper records a notable loss in value, while cobalt maintains its stability. Other Congolese minerals are also experiencing a drop in their prices on international markets.
These fluctuations underscore the importance for the DRC to diversify its economy and develop other sectors to reduce its dependence on the export of natural resources. This would strengthen the country’s economic resilience in the face of fluctuations in world prices and promote more sustainable and balanced development