Congo's Copper Export Controls Drive Prices Near Record High

Copper prices have been rising steadily in recent days, nearing their record high set in January 2026. The surge is attributed to the Democratic Republic of Congo's (DRC) decision to reconfirm and tighten its control over copper concentrate exports. According to reports, the DRC government signed a joint ministerial order on June 29, banning the export of copper concentrates and cobalt concentrates effective immediately.

This move is not entirely new, as the DRC had already implemented strict approval management for copper concentrate exports. However, it represents a tightening of existing measures, which could lead to an accumulation of concentrate inventory and delays in copper product exports if smelting capacity, power supply, and logistics infrastructure do not improve.

In China, refined copper trading decreased on August 6 due to continuously rising prices. Spot premiums fell across major markets amid weak consumption, while refined copper inventory slightly increased due to increased imports and sluggish demand.