Copper price at LME soars


Share post:



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.


Please enter your comment!
Please enter your name here


Related articles

Kenyan teachers held over video of pupils simulating sex

Kenyan police have arrested six teachers from a primary school in the western part of the country over a video shared widely showing pupils simulating sexual acts as the teachers watch.

Zambians face fines for using phone while crossing roads

The authorities in Zambia have passed a law that prohibits pedestrians from crossing the road while wearing headsets or talking on a mobile phone.

Kenya opposition leader faces lawsuit over secret video claim

Kenya's former electoral commission boss has threatened to take legal action against the opposition leader after the politician alleged that the poll team, including the chairman, visited his home during last year's closely fought election, local media report.

Fuel price rise in Cameroon as subsidies scrapped

Fuel prices in Cameroon will rise by about 15% from Wednesday after the government agreed to pressure from the International Monetary Fund (IMF) to cut fuel subsidies.