Copper price at LME soars

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BUUMBA CHIMBULU writes

@SunZambian

The price of copper on the London Metal Exchange (LME) shot up by US$16 to start trading at US$6,337 a tonne, according to Cavmont Bank Zambia daily market report.

Similarly, the same report said the price of Brent crude oil posted a rise of US$1.34 and the commodity was selling at US$68.10 a barrel.

But the price of gold fell by $0.90 and the precious metal was currently trading at US$1,318 an ounce.

The bank further report that the Kwacha came under further pressure against the dollar on Tuesday as supply of the vehicle currency dwindled further on the interbank, pushing the currency pair to an intra-day low of K12.075 / K12.125 from its opening levels of K12.035 / K12.085.

The Kwacha’s movement also mirrored that of other emerging currencies like the South African Rand (ZAR) which touched an intra-day low of $1/ZAR14.4300.

The next resistance level for the Kwacha was expected to be around $1/K12.200 in the short to medium term, though this maybe unlikely given the weak demand from corporate buyers.

On money markets, the bank reported that commercial banks’ aggregate current account increased by K31.11 million to K1,487.99 million while the overnight borrowing and lending rate decreased by 0.01% to 9.91%.

Total funds traded on Interbank was K293.40 million.

On the Lusaka Stock Exchange (LuSE), Cavmont reported that the burse points went up by 52.91 to close trading at 5,619.47 points.

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