Copper price on LME sours


By Nation Reporter

THE price of copper on the London Metal Exchange (LME) fell by a massive $130.50 on Monday to push the selling price of the red metal to $4,817.50 a tonne.

According to Cavmont Bank Zambia daily market report, similarly the price of Brent crude oil suffered the same fate as it dropped by $0.95 and the commodity was currently trading at $38.85 a barrel.

The bank further reported that the price of gold also went down by US$2.42 and the precious metal was now selling at $1,216.15 an ounce.

On the local scene the bank reported that on Monday, the Kwacha maintained its bullish run against the US dollar which has continued to come under pressure against a number of emerging market currencies.

The currency pair posted a gain of 0.46% after touching an intra-day high of K10.930 / K10.950 from the day’s opening rate of K10.980 /K11.000.

Current trends seemed to suggest that the local unit is poised to make further gains should the market witness further dollars inflows from exporters.

On money markets, Cavmont reported that commercial banks’ aggregate current account balance increased by K437.56 million to K1,801.47 million while the overnight borrowing and lending rate declined by 0.28 percent to 27.90 percent.

Total funds traded on Interbank were K297.00 million.

Meanwhile the Lusaka Stock Exchange (LuSE) reported that 48,884 shares were transacted in 28 trades, resulting in a market turnover of K57,758.

A share price loss of K0.02 was recorded in AIRTEL while trading also occurred in CEC, LAFARGE, MFIN and PUMA. Others were SCZ, ZAMBREW and ZANACO.

The LuSE All Share Index (LASI) closed at 5,525.97 points, a decline of 0.01 percent from the previous close of 5,526.48 points.

The market dropped to a capitalization of K63,431,000,000 including Shoprite Holdings and K29,192,000,000 excluding Shoprite Holdings.

Categorized | Business

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