Zambia has emerged prominently in global financial circles following a sustained surge in copper prices that has lifted the country’s stock market performance and strengthened its currency, according to reports cited by Business Insider.
Copper prices have risen to consecutive record highs of approximately US$13,000 per metric tonne, positioning Zambia’s primary export at the centre of renewed international investor attention. The increase has coincided with notable gains on the Lusaka Securities Exchange, whose benchmark index has reportedly risen by about 17 percent in dollar terms this year.
According to Business Insider, the Lusaka Securities Exchange currently ranks among the world’s top-performing stock markets, edged out only by Bulgaria among 92 markets tracked globally. Other markets posting double-digit gains this year include Colombia, South Korea, and Turkey, while Nigeria recorded an increase of about 8 percent.
The surge in copper prices has been identified as a key driver of Zambia’s market performance, reinforcing the country’s profile as Africa’s second-largest copper producer. The price rally has been attributed to strong global demand, constrained supply, and continued interest in metals linked to energy transition and infrastructure.
Alongside stock market gains, Zambia’s currency has also recorded a strong performance. Since the beginning of the year, the Zambian kwacha has appreciated by nearly 12 percent against the United States dollar, making it the best-performing currency globally among those monitored by Bloomberg.
Business Insider reports that the improved performance has been supported by a combination of factors, including improved domestic energy supply and a recovery in farm output following a severe drought experienced in previous years.
The International Monetary Fund has projected that Zambia’s economic growth could rise to 6.4 percent this year, up from an expected 5.8 percent in 2025, with higher copper prices cited as a major contributor to this outlook.
Mutisunge Zulu, chief risk officer at Zambia National Commercial Bank Plc, is quoted as saying that the stock exchange is increasingly serving as a barometer of the country’s economic trajectory, reflecting resilience and improving investor confidence.
She stated that the index now tells a coherent story of mining and energy interdependence, balance-sheet strengthening, and renewed market optimism.
Market growth has been driven by strong performances from listed companies including Zambia Sugar Plc, Pamodzi Hotels Plc, and Standard Chartered Bank Zambia.
Business Insider also notes that Zambia experienced a similar surge in August last year, when the Lusaka Securities Exchange All Share Index climbed by 14.3 percent on the back of a copper price rally.
During that period, Copperbelt Energy Corporation Plc played a central role in driving market gains. In 2025, the company’s stock reportedly increased by more than 75 percent, making it the first Zambian firm to be valued at over US$1 billion.
Copperbelt Energy Corporation has since indicated that it expects a 42 percent increase in earnings per share for the first half of 2025.
The copper price boom has therefore not only strengthened Zambia’s export earnings but has also reinforced its position within global financial markets.
