Copper price slumps on international markets

THE price of copper on the international markets has fallen  by US$3.00 to trade atUS$6,857.50 a tonne.

According to Cavmont Bank Zambia daily market report,  similarly the price of crude oil fell by about US$0.05 to end up trading at US$81.45 a barrel while that of gold dropped by US$7.26 to sell at US$1,223.30 an ounce.

And the same bank reports that on Wednesday, the Kwacha touched lows of K6.500 / 6.520 in early trade against the dollar.

This development was on the back of increased demand as most retailers look to stock up for the festive period as year-end approaches.

The Kwacha eventually managed to recover its earlier losses from sellers looking to convert at the higher rates and by close of trade the local currency stood firm at K6.410/K6.430.

On money market the bank reports that commercial banks’ aggregate current account balance increased by K152.02 million to K1,560.48 million while the cost for Interbank borrowing and lending increased by 0.05 percentage points to 10.89 per cent.

The total funds traded on Interbank were K131million.

Meanwhile the  Lusaka Stock Exchange LuSE All Share Index maintained yesterdays’ close of 6,182.94 points as the market recorded no price movements.

According to its daily commentary,trading activity was also recorded in AELZ, BATZ, CEC, ATEL, LAFARGE,REIZ, PRIMA RE,SCZ, ZAMBEEF and MFIN. A total of 41,104 shares in 28 trades resulting in a turnover of K239,708.

The LuSE market cap was recorded at : K65,656, 000,000 including Shoprite and K31,417,000 ,000 .