BUUMBA CHIMBULU writes
COPPER price rose on the London Metal Exchange (LME) rose 0.5 percent on Wednesday, rebounding from a two-year low level hit earlier this week, Barclays Bank Zambia has said.
The bank indicated in its daily market update that copper prices rose on after a media report announced that a senior official from the United States said the Donald Trump administration was still planning for talks with China.
“London copper rose 0.5 percent to US$5,711 a tonne, after hitting its lowest in over two years on Monday and was barely unchanged on Tuesday,” said the bank.
Copper prices fell to their lowest in more than two years on Monday, hit by the escalating trade dispute between the United States and China.
The bank reported that benchmark copper on the LME ended 0.8 percent down at US$5,685 a tonne.
Prices of the metal used widely as a gauge of economic health earlier hit US$5,640 a tonne, its lowest since June 2017.
Still on the metal market, Gold prices jumped one percent on Wednesday to their highest in more than six years.
This was despite the trade war between China and the United States showing no signs of abating, spurring investors to seek refuge in safe-haven assets.
Spot gold was up 1.1 percent at US$1,490.57 per ounce, its highest since April 2013.
Oil prices tumbled on Wednesday, with both crude benchmarks sliding over US$2.5, as the market was rattled by an unexpected surge in U.S. inventories amid on-going anxiety over ebbing global energy demand.
Brent crude for October delivery fell US$2.71 to close at US$56.23 s a barrel on the London Futures Exchange.