Copper prices continue to rise on LME

COPPER price has continued to show some positive signs of recovery on the international market with the recent jump by $24.50 during Tuesday’s trading session.

Cavmont Bank Zambia daily market report showed that a tonne of the red metal was currently trading at $4,654.50.

It was Zambia’s hope that the mining industry would buy more goods from local suppliers which would improve the domestic economy if copper prices continued gaining.

The increase in price of the red metal would also encourage the Zambian industry to continue growing.

According to the report, gold price also registered an increase of US$ 6.31; this meant that an ounce of the precious metal was now trading at $1,079.52.

Brent crude oil price went down by $0.83 making the commodity trade at $37.21 a barrel.

Meanwhile, the bank reports that the Kwacha on Tuesday was little changed against the dollar as it opened for trading at K11.000 / K11.020 with minimal activity being seen from market players.

The bank further reported that the local unit had continued to remain firm despite major convertibles and other emerging market currencies coming under pressure against the greenback.

The Kwacha closed at K11.010 / K11.030 and is expected to maintain a tight range in the short-term.

On the money market, commercial banks’ aggregate current account balance decreased by K209.72 million to K929.30 million

Furthermore, the overnight borrowing and lending rate decreased by 0.10 percent to 26.00 percent making total funds traded on Interbank were K930.00 million.

Categorized | Business

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