The sharp rises in copper and iron ore prices this month will have given a much-needed boost to African producers such as Zambia and South Africa. Gold also traded higher in April compared to March, supporting recoveries in the likes of Côte d’Ivoire, Ghana, Rwanda, Tanzania and Uganda. And while the rebound in oil prices stalled a bit this month, Brent crude has risen a long way from last year’s trough. Balance sheet strains in the region’s key oil producers Nigeria and Angola are probably easing already. Nonetheless, we expect that metals prices will begin to fall back later this year, and oil in 2022, removing this prop to the recovery.
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