The Democratic Republic of Congo and Zambia are reaping the benefits of a historic surge in global copper prices, providing both nations with a rare economic windfall.
Copper, a cornerstone of their exports and government revenue, has soared nearly 50% since January 2025, surpassing $13,000 per ton for the first time.
The rally has been driven in part by concerns over potential US tariffs on refined copper, widely used in wires and cables, which have prompted a surge in shipments to America.
The United States holds roughly half of global inventories, according to Swiss bank UBS.
“Inventories used to act as a buffer, but now they’re locked in the US,” said Li Xuezhi, head of research at Chaos Ternary Futures. “So the buffer is gone, and everyone will have to scramble.”
Congo, now the world’s second-largest copper supplier after Chile, has tripled production over the past decade following a wave of investment. Zambia is seeking to emulate that success, targeting more than a threefold increase in output by the early 2030s.
Analysts say the rally has further to run as demand from high-growth sectors such as renewable energy, data centres and power grids is expected to rise sharply, while supply constraints persist due to limited investment in new mines and occasional disruptions at existing operations.
Investors are already responding, as the Congolese franc has appreciated nearly 28% against the US dollar over the past year. In comparison, Zambia’s kwacha rose by 26%, while yields on its dollar-denominated bonds dropped to historic lows.
Despite the optimism, experts caution that effective governance will be critical to translating the copper windfall into tangible benefits for citizens.
Both governments face the challenge of managing revenues prudently to ensure that their populations share in the gains from their countries’ growing significance in a rapidly shifting global economy.
With global markets signalling sustained demand and prices remaining high, Congo and Zambia’s copper sectors are set to remain key drivers of African growth and bellwethers of resource-driven prosperity on the continent. – Business Insider Africa