SUN BUSINESS REPORTER writes
THE price of copper on the London Metal Exchange (LME) shot by $124 to push the selling price of the red metal to $5,808 a tonne, according to Cavmont Bank Zambia daily market report.
The bank similarly reported that the price of Brent crude oil also marginally went up by $1.01 to raise the commodity’s trading price to $59.83 a barrel. There was however bad news for gold whose price fell by $21.03 during the same period under review to put the selling price f the precious metal to $1,482.97 an ounce.
On the local money market, the bank reported that the Kwacha was still unchanged against the U.S dollar on Friday as it continued trading at K13.150 / K13.200 on the interbank bid and offer respectively. The local unit seems to have defied expectations of an anticipated rally as importers were hoping it would rebound below the $/K13.100 mark.
On money market Cavmont reported that commercial banks’ aggregate current account rose by K590.56 million to K2,088.47 million while the overnight borrowing and lending rate was unchanged at 10.47percent
Total funds traded on Interbank was K465 million. Meanwhile, last week’s T-bill auction on Thursday was over-subscribed by 31.2%% as total bids amounted to K1,246.46 million against an auction size of K950 million which was being offered.
Despite the over-subscription, yields were unchanged across all tenors from the previous auction.