The Weekly Pulse: July 7–11, 2026
Copper slips below $9,500 on Chinese demand data, the naira gives up ground, and the NGX All-Share holds a 14% year-to-date gain.
Copper was the week's main mover, falling through $9,500 to close near $9,420 per tonne on softer Chinese manufacturing data. For the DRC and Zambia, which together supply more than 12% of world production, a 1.87% weekly move is noise; the level matters more than the week.
Commodities
| Commodity | Price | Note |
|---|---|---|
| Copper | $9,420/t | Chinese PMI softer than expected |
| Cocoa | $4,180/t | Range-bound between $4,100 and $4,340 |
| Gold | $3,290/oz | Central bank buying continues to support |
| Natural gas (TTF) | $10.80/MMBtu | +3.85% on European storage draw |
| Cotton | 68.40¢/lb | −1.72%, pressuring Sahel producers |
Currencies
The naira weakened to approximately 1,590 to the dollar. The two CFA francs held at 612.40 on the euro peg. The Ethiopian birr firmed to around 57.80, continuing the stabilisation that followed the 2024 move to a market-determined rate.
The week's most significant development
The NGX All-Share held its year-to-date gain of approximately 14.2% despite the naira's slide, a divergence worth noting: in dollar terms the Nigerian market has returned considerably less than the index suggests. This is the single most common error in reading African equity performance, and Nigeria is where it costs the most.