Africa’s copper powerhouses poised for revenue gains as prices hit 17-month high

Copper prices have surged to their highest levels in over 16 months, bringing renewed optimism to Africa’s top producers – the Democratic Republic of Congo (DRC) and Zambia as global supply disruptions and speculative inflows fuel a rally in the red metal.

Driven by a weaker U.S. dollar, tight global supply, and recent mining disruptions, copper prices surged by 3.45% on Monday, October 13, 2025, reaching $10,775 per metric ton, the highest level since May 2024.

Reuters reports that on Thursday, benchmark three-month copper on the London Metal Exchange (LME) climbed 3.1% to hit $11,000 per metric ton, just shy of its all-time high of $11,104.50 set in May 2024, before easing slightly to $10,970 by midday trading.

The metal has already gained more than 21% in 2025, buoyed by strong demand, a weakening U.S. dollar, and falling global interest rates.

However, the rally accelerated in recent weeks following a series of incidents at major mining sites, including a deadly mudslide at Indonesia’s Grasberg mine, one of the world’s largest copper producers. Analysts say the combination of disrupted output and increasing speculative investment has intensified upward pressure on prices.

According to Ecofin Agency, ING analyst Ewa Manthey noted that copper’s recent rally reflects “a perfect storm of tight supply and favorable currency dynamics.”

However, she warned that sustaining the momentum would depend heavily on stronger industrial demand, particularly from China, the world’s largest consumer of refined copper. Manthey added that “the pace of China’s industrial recovery and infrastructure stimulus will be decisive in determining how long this rally lasts.”

Higher export revenues could strengthen foreign exchange reserves and support local economies heavily reliant on mineral income. In Zambia, where copper contributes nearly 70% of export earnings, the rally could bolster the government’s efforts to stabilize its kwacha and meet debt obligations.

Meanwhile, the DRC, already Africa’s top copper producer, may attract renewed foreign investment into its Katanga and Kamoa-Kakula mining belts.

However, the outlook for African copper exports remains uncertain amid rising global trade tensions. The United States, under President Donald Trump’s renewed “America First” policy, has intensified tariff disputes with China and other major economies, leading to fears of slowed industrial output and reduced demand for raw materials.

Such trade frictions could weaken global copper consumption just as African producers ramp up supply.

Despite these risks, analysts remain cautiously optimistic. As the global economy transitions toward electrification and renewable energy (both copper-intensive industries) Africa’s role as a key supplier of the metal is expected to grow.

For DRC and Zambia, the current rally may be just the beginning of a longer-term shift, positioning the continent at the heart of the world’s green industrial future.