Copper price stabilises

COPPER price on the international market recovered on Monday and posted an increase of US$44.00 to trade at US$6,065.00 a tonne while at home the Kwacha has maintained its weak trend, according to Cavmont Bank Zambia daily market report.

The rise in copper price has been attributed to a sudden upsurge in dem and for the  red metal.

The bank reports that the price of gold during the same period under review marginally dropped by US$4.89 and  sell at US$1,187.11 an ounce.

The price of Brent crude oil slightly shot up by US$7.37 and the commodity was presently selling at US$765.11 a barrel.

On the local sceme Cavmont reports that the Kwacha opened the week at K7.410 / K7.430 against the US dollar remaining largely unchanged from last Friday’s trading levels.

Market activity was mainly flat as most players traded the currency pair cautiously.

The local currency touched an intra-day low of K7.460 / K7.480 but soon recovered; trading at K7.430/7.450 by noon.

The Kwacha closed at K7.420 / K7.440 – K0.01 weaker than its opening levels.

Commercial banks’ aggregate current account balance increased by K38.04 million to K1,203.15 million while the overnight lending rate increased by 0.17 percent to 14.41per cent

Total funds traded on Interbank were K455 million.

Categorized | Home News

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