SUN BUSINESS REPORTER writes
THE price of copper on the London Metal Exchange (LME) has shot to nearly US$6,000 a tonne mark when it went up by US$ 7 to set the selling price of the red metal at US$ $5,971 a tonne.
This is according to Cavmont Bank Zambia daily market report obtained by the Sun yesterday.
But in the same report, the price of gold suffered a jilt after it fell by US$24 to push the trading price of the precious metal to US$1,461 an ounce. The same was true in respect of Brent crude oil whose price fell by US $1.32 and the commodity was presently selling at US $61.26 a barrel.
On the local scene the bank reported that Friday’s trading session saw the local unit continue to come under pressure against the U.S dollar as it opened at K13.650 / K13.700 from its previous day closing levels ofK13.525 / K13.575.
The wane in supply has continued to affect the performance of the Kwacha having begun the week trading at K13.330 / K13.380.
By afternoon, the currency pair was seen being quoted at K13.700 / K13.750, a level it maintained until close of business.
Cavmont reported that it expected the local unit to make a rebound in the short term once there is an increase in supply.
On money market news, the bank reported that he commercial banks’ aggregate current account increased by K643.90 million to K1,871.o1 million while the overnight borrowing and lending rate increased by 0.09% to 10.71 percent K515 %.
Total funds traded on the Interbank were K515 million.