The Central Bank of Congo (BCC) has released its economic report for the second week of December 2024, highlighting diverse trends in the prices of major commodities as of December 12, 2024.
Performance of Key Commodities
- Copper: A vital export for the Democratic Republic of Congo (DRC), copper prices fell 0.41% week-on-week to $9,094.50 per tonne. However, they have shown a strong year-to-date increase of 6.61% compared to December 2023.
- Cobalt: Prices remained steady at $24,050.00 per tonne since late November 2024. Despite this stability, cobalt has experienced a significant year-on-year decline of 26.57%.
- Gold: Gold prices rose by 0.61% over the past week, reaching $2,677.25 per ounce. Year-on-year, gold has surged by an impressive 29.31%, reflecting strong market demand.
International Food Commodity Trends
Global food prices generally trended downward:
- Rice: Declined 0.92% weekly to $331.35 per tonne, marking a 14.49% drop compared to December 2023.
- Wheat: Fell 0.43% weekly to $204.38 per tonne, representing a 10.52% year-to-date decrease.
- Corn: In contrast, corn prices rose 1.55% weekly to $162.46 per tonne, driven by increasing demand projections in the U.S. following reports of reduced stock levels. However, corn prices remain 5.56% lower than at the end of 2023.
Economic Insights
The BCC report underscores the mixed performance of raw materials, with commodities like gold and copper exhibiting strong year-on-year growth, while cobalt and staple food prices have experienced notable declines. These fluctuations reflect evolving global market conditions and their implications for the DRC’s economy.
