SUN BUSINESS REPORTER writes
COPPER prices fell to their lowest level in nearly five months on Thursday after a Chinese diplomat ramped up rhetoric that could stoke the trade conflict between the United States and China and possibly erode metals demand.
According to Barclays Bank Zambia market update,three-month copper price on the London Metal Exchange (LME) ended 0.5 percent lower at $5,852 a tonne, its lowest since Jan.
On gold, the bank reported that prices eked out gains on Thursday as recession fears dented risk sentiment, with traders tracking the latest on a bruising U.S.-China trade war as well as global central banks for direction on interest rates.
Spot gold rose 0.3percent to $1,542.77 per ounce.
The bank further reported that Brent oil prices held above $60 a barrel on Thursday, withstanding pressure from concerns about economic growth, while a sharp fall in U.S. inventories boosted West Texas Intermediate (WTI) crude futures.
International benchmark Brent crude was up 2 cents at $60.51 a barrel.
On the local market front, Barclays reported that the Zambian Kwacha held steady against the dollar on Thursday helped by dollar inflows from corporate month end conversions and tightening liquidity in the money markets but was expected to strengthen.
Opening the trading session at its previous day’s close of K13.050/13.100 per dollar, the Kwacha traded flat throughout the day until closure.
The local unit is anticipated to remain firm as we head into next week.
On money market, liquidity levels in the money markets decreased to K488.28 million from K661.99 million seen yesterday while the volumes of funds traded on the interbank increased to K395.00 million from K240.00 million.
The overnight interbank rates pushed up to 10.82 percent from 10.71 percent.
The local market remained relatively unchanged in yesterday’s trading session.
