Copper prices hit 9 month high

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BUUMBA CHIMBULU writes

COPPER prices hit a nine-month high on Wednesday as firmer-than-expected Kwacha continues to hold strong against the dollar.
According to Barclays Bank Zambia daily market update, copper prices hit a nine-month high on Wednesday as firmer-than-expected economic growth figures from China boosted expectations for higher demand in the world’s top metals consumer.
The bank indicated that the benchmark copper touched its highest since July 3 at $6,608.50 per tonne before finishing up 0.9 percent at US$6,556.
Meanwhile, the Zambian Kwacha held firm against the dollar on Wednesday after a series of gains but was expected to strengthen further due to increasing demand for the local currency from corporates settling their month end obligations.
At 08:30, said the bank, commercial banks quoted the Kwacha at K12.230/12.280 per dollar and traded flat in both the morning and afternoon sessions to close at its opening levels.
“We anticipate the local unit to post more gains as we head into next week,” said Barclays bank Zambia.
On the money market, the bank said “we saw the liquidity levels increase on Wednesday to K1.093 billion from K916 million see the day before.
The volumes of dropped slightly to K267 million from K310 million with the cost of borrowing funds on the interbank closing unchanged at 9.89 percent.”
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