Copper price picks up on international markets

COPPER prices  on the international markets yesterday posted a marginal rise of $2.50 and the metal is now trading at $5,833.50 a tonne, according to Cavmont Bank Zambia daily market report.

On Tuesday copper price fell by $76.50 and was selling at $5,831.00 a tonne.

The bank reports that the price of crude oil too rose by $1.48 and is now selling at $61.02 a barrel while that of gold went down by $3.24 and is trading at $1,205.88 an ounce.

Locally, Cavmont reports that the Kwacha on Wednesday made some positive movements in early trade against the ollar.

Despite gaining 1.15 percent compared to the day’s opening rate of K6.970 / K 6.990, the local currency resisted breaching the K6.900 support level.

Better-than-expected dollar inflows from corporate sellers seemed to be the major driving force behind the currency pair’s appreciation.

Most corporates who were sitting on the fence took advantage of the low rates resulting in a marginal pick-up in demand.

The Kwacha closed at K6.960 / K6.980 K0.03 stronger than the previous day’s closing levels.

On money markets, the bank reports that commercial banks’ aggregate current account balance increased by K37.16 million toK1,604 million while the over night lending rate declined by 0.05 percent to 12.45 percent.

Total funds traded on Interbank were K151 million.

Categorized | Home News

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