Copper price maintains recovery path


THE price of copper has continued on its recovery path and on Wednesday posted an increase of US$46.00 to raise its selling price to $5,177.00 a tonne.

This is according to Cavmont Bank Zambia daily market report which has also stated that the price of gold also enjoyed a slight rise of US$6.88 and pushed its selling price to$1,138.11 an ounce.

The bank further reported that the price of Brent crude oil rose by $1.51 and the commodity was currently selling at$50.63 a barrel.

On the local scene the bank report that Wednesday’s trading session saw the Kwacha continue trading aboveK12.500/$1 mark while most corporate players traded the currency pair cautiously.

The local unit opened at K12.540 / K12.560 but was later seen trading at K12.580 / K12.600 for most the day following a surge in dollar demand on interbank.

The Kwacha closed at K12.610 / K12.630, K0.07 weaker than Tuesday’s closing levels.

On money markets, Cavmont reported that commercial banks’ aggregate current account balance decreased further by K258.02 million to K540.16 million while the overnight borrowing and lending rate increased by 3.20percent to 17.90percent.

Total funds traded on Interbank were K429.00 million.

The bank further reported that the Lusaka Stock Exchange (LuSE) All share Index dropped by 0.09% to register 5,766.87 points.

Categorized | Business

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