Oil price plummets at world markets

THE price of crude oil on the international markets has slumped further by US$1.18 and the commodity is now selling at US$48.84 a barrel, according to Cavmont Bank Zambia daily market report.

The bank reports that in similar fashion the price of gold went down by US$13.75 and is now selling at US$1,223.00 an ounce.

But the price of copper went up by US$104.25 and the metal is now selling at US$5,649.75 a tonne.

On the local market, the bank reports that on Thursday, the Kwacha traded on the backfoot against the greenback in early trade as the currency pair opened at K6.680/K6.700 before touching intra-day lows of K6.690 / K6.710.

The local unit managed to recover its earlier losses following improved dollar inflows on Interbank to touch intra-day highs of K6.650/K6.670.

The Kwacha closed at K6.670/K6.690 which was K0.01 stronger than the day’s opening rate.

Commercial banks’ aggregate current account balance increased by K12.97 million to K1,840.52 million while the cost for Interbank borrowing and lending declined by 0.42 percent to 12.08 percent

Total funds traded on Interbank  were K192million.

Categorized | International News

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