THE price of copper on the London Metal Market (LME) posted a rise of US$82.50 to push the selling price of the red metal to $4,447.50 a tonne, according to Cavmont Bank Zambia daily market report.

It also reported that the price of Brent crude oil rose by US$3.09 and the commodity was currently trading at US$30.75 a barrel.

However the price of gold suffered a marginal fall of US$3.38 and the precious metal was now selling at US$$1,096.62 an ounce.

On the local scene, the bank reported that Friday’s trading session saw the Kwacha close off the week unchanged at K11.220 / K11.240 against the US dollar with minimal activity being seen from most corporates.

The Interbank market however saw most players selling the greenback but this had very little impact on the local unit.

Current trends seem to indicate that the USD/ZMW currency is likely to continue trading between K11.200 and K11.290 with some resistance being expected above K11.300/$1 level

Commercial banks’ aggregate current account balance decreased by K228.70 million to K538.80 million while the overnight borrowing and lending rate decreased by 0.02 per cent to 26.60 per cent.

Total funds traded on Interbank were K378.00 million.

Meanwhile, Thursday’s Treasury bill auction was under-subscribed by 39.98 per cent, with K486.16 million being bid for out of K810.00 million which was on offer.

The 364 days yield increased from 26 per cent to 27 per cent.

The Lusaka Stock Exchange (LuSE) All Share Index remained unchanged at 5,600.96 points.

Categorized | Business

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