COPPER prices rose by 0.61 percent in early trading on the London Metal Exchange (LME) to touch $6,106 a tonne, according to Cavmont Bank Zambia daily market report.
And elsewhere Reuters reports that copper edged up on Tuesday, supported by a weaker dollar and expectations that China may adopt fresh measures to shore up its struggling manufacturing sector.
In three months copper on the London Metal Exchange had risen 0.2 percent to $6,077.50 a tonne, after closing a little stronger in the previous session, when it reached its highest since April 20 at $6,122 a tonne. Cavmont reports that the price of gold during the same period under review rose by US$13.79 and is currently trading at US$1,200.90 an ounce. The bank further reports that the price of Brent crude oil marginally fell by US$0.38 and the commodity is trading at US$64.73 a barrel.
On the performance of the local currency, the bank reports that the Kwacha traded on the back foot against the dollar onTuesday; failing to track other currencies which strengthened against the world’s reserve currency.
Demand and supply dynamics have been key factors affecting the local unit’s current trends. The Kwacha closed at K7.4 0 / K7.4 0 – K0.0 than 4 6 15 softer the day’s opening level. On mioney markets, the bank reports that commercial banks’ aggregate current account balance increased by K138.25 million to K1,341.40 million while the overnight lending rate increased by 0.09 percent t0 14.50 percent.
Total funds traded on Interbank were K479.50million.