Oil price sours on international market


The price of oil  on the international market has soured  further by US$2.36 and is now selling atUS54.11 a barrel, according to Cavmont Bank Zambia daily market report.

The bank has also reported a drop in the price  of gold by US$9.54 and is now selling at US$1,206.28 an ounce.

The same report says that the price of copper has gone up by US$46.50 and is now selling at US$6,396.50 a tonne.

On the local scene, the bank reports that early on Friday the Kwacha held its own against the Greenback; trading at K6.230 / K6.250 levels.

The local currency however failed to sustain its recent gains owing to increased demand from most corporate buyers who took advantage of the strong Kwacha.

With the marginal pick-up in demand,the currency touched intra-day lows of K6.325/K6.345.

As at close of trade, the Kwacha had managed to retrace these losses by 0.71 per cent (K0.045 to close at K6.280/K6.300. )

On Money markets , the bank reports tht commercial banks’ aggregate current account balance increased by K768.87 million to K2,111.85 million while the cost for Interbank borrowing and lending remained unchanged at 12 per cent.

Total funds traded on Interbank were K265 million.