Copper price sours at LME


The price of copper on London Metal Export(LME) fell by US$.9.50 on Wednesday and the red metal is currently selling at US$4,598  a tonne, according to Cavmont Bank Zambia daily market report.

The bank also reportS that the price of gold to the contrary posted a gain of US$3.73 and the metal was now selling at US$1,128.18 an ounce.

The troubled Brent crude oil suffered a marginal drop of US$1.84 and the commodity was presently trading at US$33.35 a barrel.

On the local money market, Cavmont reported that on Wednesday the Kwacha was largely unmoved against the US Dollar for most of the trading session.

The currency pair opened at K11.250 / K11.270 and despite most exporters staying out of the market, the local unit has remained stable.

Globally the US dollar strengthened against the South African Rand which has generally been in a see-saw.

The Kwacha closed K11.280 / K11.300, K0.03 weaker than the day’s opening rate.

Commercial banks’ aggregate current account balance decreased by  K430.56 million to K472.69 million while the overnight borrowing and lending rate remained unchanged at 26.60 percent.

Total funds traded on Interbank were K775.30 million.

The Lusaka Stock Exchange All Share Index remained unchanged at 5,557.58 points.


Categorized | Business

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