Copper in dramatic price recovery

COPPER made a dramatic one-day recovery of US$99.00 on the international metal exchange – raising speculation that the red metal has begun to  find its feet once again.

According to Cavmont Bank Zambia daily market report, copper made a surprise riposte when it registered an increase of US$99.00  – pegging its new selling price at US$4,682.00 a tonne.

And here at home, the Kwacha came under some slight pressure against the US dollar on Friday as it opened at K10.920 / K10.940 on Interbank following a pick in demand from corporate buyers and importers.

According to Cavmont Bank Zambia daily market report, supply was largely thin despite anticipated inflows from exporters looking to meet mid-month statutory obligations.

The Kwacha closed at K10.920 / K10.940, unchanged from its morning levels.

On local money markets, the bank reported that commercial banks’ aggregate current account balance decreased by K73.64 million to K480.73 million while the overnight borrowing and lending rate increased by 0.10 per cent to 25.35 per cent.

Total funds traded on Interbank were K613.50 million.

Meanwhile, Thursday’s Treasury bill auction was under-subscribed by46.8 per cent, with only K478.68 million being bid for out of K900 million which was being offered.

Yields on most of the tenors were largely unchanged.

On the international scene, the bank reported that the price of copper made a surprise riposte when it registered an increase of US$99.00 to peg its selling price at$4,682.00 a tonne.

On gold, Cavmont reported the price of the precious metal went down by US$9.66 and it was now trading at $1,064.31 an ounce.

The price of Brent crude oil went down by US$1.22 and the commodity was currently trading at US$39.22

The Lusaka Stock Exchange (LuSE) All Share Index remained unchanged at 5,760.25 points.

Categorized | Business

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