Global Copper Prices Soar

Copper prices on the London Metal Exchange rose by one percent to $9,650 per tonne on Tuesday.

This is the highest price of the metal since 2011 and comes as the world’s largest economies announce stimulus programs and climate pledges as they rebuild from the coronavirus shock.  

Vaccine rollout and the United States dollar weakening has also encouraged this increased price, according to Bloomberg analysts, with expectations that a years-long era of low inflation in major economies may be coming to an end.  

The increased copper price is potentially good news for Zambia, with copper being country’s main export, exporting over US$5.3bn in raw copper in 2019. That same year Zambia was named the largest exporter of copper in the world.

However, Zambia’s copper trade is known to be ridden with poor management and corruption.

Copper exports have decreased over the last ten years, with reports of corruption and allowances of illegal mining by the Chinese adding to the woes of the country’s copper mining industry and decreasing the opportunities which the country has through utilising this resource correctly.

Photo: Mining For Zambia