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.
