THE price of Zambia’s most dependable metal in generating foreign exchange, has continued to decline with the latest drop of $8.50, according to Cavmont Bank Zambia daily market report.
The bank reports that on Friday last week, price of the red metal went down by $2.50 while this week’s Monday’s report shows that it went down by $8.50.
Copper price has been going down by more than $2 on almost daily basis hence recording a very poor performance on the international scene; the red metal is now trading at $5,165.00 a tonne.
Cavmont also reports that Brent crude oil registered a decline of $0.03 and the commodity is trading at $49.15 a barrel.
Gold is currently trading at $1,118.03 an ounce after registering a decline of $0.10.
Meanwhile, the bank reports that on Monday, the Kwacha came under further pressure against the US dollar due to strong demand on Interbank.
The local unit opened at K7.915 / K7.935, K0.065 weaker than Friday’s opening levels but could not sustain its resilience later touching an intra-day low of K8.000/K8.020.
The Kwacha later closed at K7.970 / K7.990, K0.055 weaker than its opening levels.
On the money market, Cavmont reports that commercial banks’ aggregate current account balance decreased further by K130 million to K528.23 million.
The overnight borrowing and lending rate increased by 0.04 percent to14.85 percent making total funds traded on Interbank K531.50million