African Commodities Focus: Oil Falls, Gold Holds and Cocoa Surges
African commodity markets moved sharply in early August as Brent crude fell 5.26%, gold remained above $4,000 per ounce and cocoa surged 9.44%. The contrasting moves highlight the growing importance of commodity prices for African exports, currencies and fiscal revenues
African Commodities Focus: Oil Falls, Gold Holds and Cocoa Surges
Executive Summary
Africa's key export commodities diverged sharply in early August.
Brent crude fell 5.26% to $79.36 per barrel, gold remained above $4,000 per ounce, while cocoa futures surged 9.44% to $5,903 per tonne.
Oil Prices Retreat
Brent crude fell 5.26% on August 4, settling at $79.36 per barrel.
The decline followed a period of stronger oil prices and highlights continued volatility in global energy markets.
Gold Remains Above $4,000
Gold traded around $4,052–$4,068 per ounce during August 3–4.
Although the metal remained well below its January record, gold continued to trade at historically elevated levels.
Cocoa Surges
Cocoa was the standout performer.
The September 2026 contract climbed 9.44% to $5,903 per tonne on August 3.
Cocoa was also up approximately 57.21% year-over-year, driven by concerns over West African production.
Market Data
Commodity | Price | Daily Change | YoY |
|---|---|---|---|
Brent Crude | $79.36/bbl | -5.26% | — |
Gold | $4,052–$4,068/oz | -0.07% | — |
Cocoa | $5,903/t | +9.44% | +57.21% |
Why It Matters
Commodity prices directly affect African export revenues, government finances, currencies and business costs.
Oil remains crucial for Nigeria, gold is strategically important to South Africa and cocoa is central to the economies of Ghana and Côte d'Ivoire.
