Copper price sours at LME


By Nation Reporter

COPPER price on the London Metal Exchange remained depressed as it plunged further by US$27.50 to put the selling price of the red metal at US$4,922.50 a tonne.

But, according to Cavmont Bank Zambia daily market report, the price of gold posted a marginal rise of US$11.70 and the metal was now trading at US$1,257.38 an ounce.

The bank also reported that the price of Brent crude oil posted a trifling US$0.54 to push the selling price of the commodity to US$47.16 a barrel

On the local scene the bank reported  that Thursday’s trading session saw the Kwacha remain under pressure against the US dollar despite opening at K9.550 / K9.570, owing to inadequate dollar supply.

The currency pair dipped to a low of K9.600 / K9.620 by mid-day, with buyers still looking to buy the vehicle currency.

Recent trends seem to suggest that the current performance of the Kwacha is likely to continue in the short term in the absence of improved supply.

The Kwacha closed at K9.620 / K9.640, K0.07 weaker than the day’s opening rate.

The bank further reported that on local money markets, commercial banks’ aggregate current account balance increased by K245.80 million to K2,217.26 million while the overnight borrowing and lending rate increased by 0.03percent to 25.98percent.

Total funds traded on Interbank were K230.70 million.

The Lusaka Stock Exchange (LuSE) All Share Index remained unchanged at 5,014.82 points.

Categorized | Business

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