Copper Prices Extend Gains, Strengthening Zambia’s Mining Outlook

Copper prices on the international market continued to edge higher this week, offering a positive outlook for Zambia’s mining industry as the country seeks to expand production and increase export earnings.

Data from the Zambia Extractive Industries Transparency Initiative (ZEITI) Mineral Commodity Prices Dashboard shows that copper closed the week at US$13,326 per tonne, up from US$13,270 per tonne recorded a week earlier. The increase represents a weekly gain of 0.42 per cent.

Since the beginning of the year, copper prices have risen by 7.27 per cent, climbing from US$12,423 per tonne on 2 January. The steady upward trend is expected to support Zambia’s mining sector, which remains a key contributor to the country’s economy.

The favourable price movement comes as Zambia works towards its target of producing three million metric tonnes of copper annually by 2031. Higher global prices are expected to enhance export revenues and contribute to sustained economic growth.

Meanwhile, cobalt prices remained unchanged during the week, closing at US$56,290 per tonne, the same level recorded the previous week. Despite the stable weekly performance, cobalt has gained 5.5 per cent since the start of the year, increasing from US$53,355 per tonne in early January.

The mineral continues to attract strong international demand because of its vital role in the manufacture of rechargeable batteries used in electric vehicles and energy storage systems, reinforcing its importance in the global transition to cleaner energy technologies.