Copper price continues to carve out gains

Copper prices have continued to inch higher in the wake of weakening dollar and have posted a gain of $136.00 from Monday’s increase of US112.00 and are now trading at $5,393.00 a tonne, according to Cavmont Bank Zambia daily market report.

A weaker dollar, which has lately retreated against other currencies, helped copper futures recover from earlier losses.

The bank reports that the same trait has been witnessed in the price of gold which havs kept rising and on Monday posted a marginal gain of$0.66  to raise the selling price of the precious metal to $1,166.39 an ounce.

Similarly, the price of Brent crude oil has shot up by $0.66 and the commodity is now selling at $52.50 a barrel.

The bank however reports that the Lusaka Stock Exchange (LuSE) All Share Index dropped by 0.05 percent to record 5,793.61 points.

On the local market the bank reports that on Monday, the Kwacha continued to recover against the US dollar following increased dollar supply from exporters.

The local unit opened at K11.760 / K11.780 and by mid-day was seen trading at K11.690 / K11.710.

On the other hand, demand for the greenback from importers was largely subdued as most of them traded the currency pair cautiously.

The Kwacha closed at K11.715 / K11.735, K0.065 stronger than Friday’s closing rate.

On money markets, the bank reports that commercial banks’ aggregate current account balance decreased by K20.26 million to K1,164.94 million while the overnight borrowing and lending rate remained unchanged at 14.60 percent.

Total funds traded on Interbank were K216.00 million.

Categorized | Business

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