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.
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.
Source: Africabusinessinsider