Sulfuric acid problems increase supply-side risk
The rise in copper prices is being driven not only by strong demand prospects, but also by concerns over the availability of raw materials needed for its processing. Particular market attention is focused on sulfuric acid, which is used in the copper refining process. The conflict in the Middle East has disrupted supplies of this component, while China has introduced an export ban from May until at least December.
Beijing’s decision could reduce the global seaborne sulfuric acid market by around 3 million tonnes. Chile, Indonesia and India are the most exposed to the effects of these restrictions. The significance of the problem is highlighted by the situation in Chile, where copper production fell by around 6% year on year in the first quarter of 2026. Restrictions on access to sulfuric acid could therefore further hamper efforts to increase refined copper supply at a time when the market expects rising demand.
Congo could strengthen its position in the global copper market
Against the backdrop of growing supply tensions, the Democratic Republic of Congo is gaining increasing importance. Chinese state-owned company China Railway Group Ltd., known as CREC, plans to develop one of the potentially largest copper projects in the world there. Company representatives met with Congo’s Minister of Mines, Louis Watum, to discuss the investment, which is being carried out in cooperation with a CREC subsidiary and Congolese state-owned diamond company MIBA.
The planned mine would be located in Kasai-Oriental province, outside the traditional copper-mining region of Katanga. Its target output could range from 200,000 to 500,000 tonnes of copper per year. This scale would make the project one of the more significant mining ventures in the global copper market.
Chinese investment has strategic significance
The project in Congo has not only economic but also geopolitical significance. President Félix Tshisekedi is expected to support the rapid launch of the investment, which could further strengthen the country’s position as the world’s second-largest copper supplier after Chile. Copper production in Congo has more than tripled over the past decade, and Chinese companies currently account for the majority of the country’s output.
The development of a new mine would demonstrate the further strengthening of China’s influence in Africa’s raw materials sector. At the same time, the United States is trying to increase its presence in Congolese mining, indicating that access to copper is becoming an increasingly important element of global economic competition. This commodity is crucial for energy, electromobility, industry and infrastructure, which is why control over its sources is gaining strategic importance.