Copper prices rising slowly on LME

 

COPPER prices which have been fluctuating in the last few months on the London Metal Exchange (LME) have continued to show positive signs with a tonne currently trading at US$4,873.00.

According to Cavmont Bank Zambia daily market report, prices for the red metal have continued to recover on LME after registering an increase of US$45.00.

It is anticipated that the recent gains of the red metal would assist Zambia recover economically since it is the major foreign exchange earner.

Organisations such as the World Kank have also projected Kwacha recovery.

And Cavmont Bank also reported that prices of Brent crude oil equally went up by U$0.84, making a barrel of the oil to trade at U$49.12.

An ounce of gold was also currently trading at U$1,323.21, this was after the commodity registered an increase of U$0.84.

The bank further reports that the all-share index on the Lusaka Stock Exchange (LuSE) were at 1.82 percent after registering 4,320.71 points.

Meanwhile, Cavmont reports that the Kwacha closed the month of September at K9.950 / K10.000, 3.42 percent weaker than the month’s opening level of K9.620 / K9.670.

According to the bank, the local currency traded on the back foot against the dollar, posting an intra-day depreciation of 1.53 percent.

It explained that movements in the local currency were mostly on the back of reduced supply and increased buying from corporates after a day’s opening level of K9.800 / K9.850.

It also showed that commercial banks’ aggregate current account balance decreased by K133.11 million to K1,211.65 million while the overnight borrowing and lending rate increased by 0.29 percent to 16.61 percent.

Total funds traded on Interbank were K285.21 million.

Cavmont further said Thursday’s Treasury bill auction was over-subscribed by 14.10 percent.

It reports that K718.81 million was bid for out of the K630.00 million which was offered by the Central Bank.

Yield rates remained relatively unchanged.

Categorized | Business

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