Congo Export Ban Sends Copper Prices Soaring
Copper prices rose to near six-month highs on Friday after the Democratic Republic of Congo banned exports of copper and cobalt concentrates.
The ban, which took effect immediately but allows for one-year waivers in strategic circumstances, pushed benchmark three-month copper prices up 0.73% to $14,206.50 a metric ton on the London Metal Exchange (LME).
The Congo's export of most copper as cathode, with 696,725 tons shipped in the first quarter compared to 18,863 tons of concentrates containing copper metal, is expected to limit the direct impact on refined copper supply.
However, the announcement reinforced an already tight market backdrop characterized by low inventories, tight concentrate availability, and ongoing supply disruptions. LME copper inventories continued to fall, while COMEX copper stocks rose as uncertainty over possible U.S. import tariffs drew metal into the country.