COPPER PRICE RECOVERS ON LME

Date:

Share post:

BUSINESS REPORTER writes

@SunZambian

THE price of copper on the London Metal Exchange (LME) showed signs of recovery when the red metal posted a rise of $11.00 to trade at $5,966 a tonne, according to Cavmont Bank Zambia daily market report.

But experts elsewhere believe the metal was still under pressure from a technical perspective.

They said if it was unable to defend the $6,000 mark, technical selling was likely to send the price into a further tailspin.

Cavmont further reported that the price of gold suffered a slight jolt when the precious metal recorded a drop of US$8.00 to trade at US$1,278 an ounce.

In the same report the bank said the price of Brent crude oil slightly went up by $0.59 and the commodity was currently selling at US$69.70 a barrel.

On the local scene the bank reported that the Kwacha was resilient on Tuesday after having opened trading at K13.525/K13.575 on the bid and offer respectively.

The morning session was characterized by minimal activity as players traded the currency pair cautiously and watching for the next move.

By midday, the currency pair rebounded to be seen traded at K13.350/ K13.400 following an improvement in inflows on the interbank.

The local unit will continue to be traded cautiously in the short term with demand and supply levels determining its trading levels.

On money market news, the bank reported that the commercial banks’ aggregate current account decreased by K 504.01 million  to K820.13 million while the overnight borrowing and lending rate maintained at 10.15 percent.

Total funds traded on Interbank were K504.01 million.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img

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.