Copper price drops on LME


By Nation Reporter

THE price of copper on the London Metal Exchange suffered a slight jolt when it fell by a marginal US$11.50 to push the selling price of the red metal to US$4,796.50 a tonne.

According to Cavmont Bank Zambia daily market report, the same fate was suffered by Brent crude oil whose price fell by US$2.13 and the commodity was now selling at US$41.34 a barrel.

The bank further reported that the price of gold on the other hand rose by US$9.53 and the precious metal was trading at US$1, 230, 22 an ounce.

On the local scene, Cavmont reported that the Kwacha opened the week on a steady note against the US dollar, trading between of K9.190 and K9.250 for most of the sessions.

The local currency seems to have maintained its two-day stable run after a slow-down in supply from exporters and sellers.

The Kwacha closed at K9.220 / K9.240 on Interbank, K0.03 weaker than the day’s opening rate and is likely to maintain these levels in the short term.

Commercial banks’ aggregate current account balance decreased by K794.05 million to K1, 196.08 million while the overnight borrowing and lending rate declined by 1.44 per cent to 27.06 per cent.

Total funds traded on Interbank were K413.30 million.

The bank also reported that the Lusaka Stock Exchange (LuSE) All Share Index dropped by 0.39 per cent to post 5,162.27 points.


Categorized | Home News

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