SUN BUSINESS REPORTER writes
COPPER price on the London Metal Exchange (LME) was steady on Thursday as disappointing China data pointed to weak demand for the red metal, while worries of a supply disruption in Chile, the world’s biggest producer, lent some support.
According to Barclays Bank Zambia daily market update, three-month copper price on LME fell as much as 0.3% in early Asian trading hours before edging up 0.1% to $5,912 a tonne by 0429 GMT,
It has been on track for its biggest monthly gain since February after supply disruptions in Chile.
He bank further reported that gold prices edged higher on Thursday after the U.S. Federal Reserve cut interest rates as expected, even as the central bank dropped a previous reference in its statement that signaled future rate cuts.
Spot gold rose 0.3percent to $1,499.06 per ounce as. U.S. gold futures inched 0.3perent higher to $1,501.40 per ounce.
On oil the bank reported that prices fell on Wednesday as a possible delay in resolving the U.S.-China trade war overshadowed a drop in U.S. crude inventories.
Brent crude was down 18 cents, or 0.3percent, at $61.41 a barrel after gaining 2 cents on Tuesday.
Brent crude futures LCOc1 were up 24 cents, or 0.4percent, at $60.85 a barrel having fallen earlier in the session. They dropped by 1.6 percent on Wednesday.
On the local front Barclays reported that the Zambian Kwacha was steady against the dollar in yesterday’s trading session, the market appeared to be evenly matched.
The performance of the Kwacha in both the morning and afternoon session was flat closing unchanged at K13.25/13.30 per dollar. The local unit is anticipated to remain in a tight band in the near term.
On Money Market the bank reported that liquidity levels reduced slightly in yesterday’s Session to K529.00 million from K759.30 million on Wednesday.
The volumes of funds traded on the interbank reduced to K467.00 million from K562.00 million in the previous trading session.
The cost of borrowing funds on the interbank remained unchanged at 10.65perent.
The local unit was relatively subdued yesterday with yields remaining flat on the day.