Copper prices tumble on the London Metal Exchange

Date:

Share post:

SUN BUSINESS REPORTER writes

@SunZambian

COPPER prices on the London Metal Exchange (LME) slid to one-week lows on Tuesday as the spotlight fell on gloomy prospects for economic growth and demand after a batch of weak manufacturing activity data from around the world.

According to Barclays Bank Zambia market update, benchmark copper on the LME traded down 0.5percent at $5,925 a tonne in official rings.

The price of the metal used widely in power and construction earlier touched $5,901.50, the lowest since June 19.

On Gold prices, the bank reported that these gained on Tuesday after a steep fall in the previous session, as investors fretted about an economic slowdown amid weak global manufacturing data and U.S.-European trade ructions.

Spot gold was up 0.6% at $1,392.91 per ounce at 0733 GMT, after falling 1.8% in the previous session, its biggest one-day percentage decline since November 2016.

The bank further reported that oil prices edged up as the Organization of the Petroleum Exporting Countries (OPEC) and its partners are set to extend output cuts until at least the end of 2019 at their meeting in Vienna.

Brent crude futures for September delivery increased $1.89 as high as $66.75 a barrel.

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.