Copper prices touch a low of US$5,354 a tonne


DESPITE carving out some gains last week, copper prices are down again by US$26 and the industrial metal is now trading at $5,354.00 a tonne, according to Cavmont Bank Zambia daily market report.

Copper prices inched higher on Friday after a late-morning retreat in the dollar lent support to the red metal.

Wall Street Journal reports that a weaker dollar, which retreated against other currencies, helped copper futures recover from earlier losses.

Cavmont further reports that the price of gold, suffered the same fate after its value dropped by $5.93, to sell at $1,103.99 an ounce.

The bank further reports that Brent crude oil posted a marginal rise of $0.08 and the commodity is now selling at $47.77 a barrel.

On the local scene Cavmont reports that the Kwacha has continued to post some against the dollar as supply continued to outweigh demand while most corporates especially on the buy side traded cautiously.

“The Kwacha continued with its positive performance against the US dollar on Friday as supply continued to outweigh demand while most corporates especially on the buy side traded cautiously,” it says

The local currency opened at K9.860 / K9.880 and made a gain of K0.0800 during intraday trading, touching a high of K9.770 / K9.790.

The Kwacha closed at K9.7950 / K9.8150, 0.56 per cent stronger than Thursday’s closing level of K9.850 / K9.870.

On the local money markets, the bank reports that commercial banks’ aggregate current account balance decreased further by K139.65 million to K1, 073.81 million while the overnight borrowing and lending rate remained unchanged at 14.68percent.

Total funds traded on Interbank were K122.20 million.

Meanwhile  the Lusaka Stock Exchange (LuSE) reports that 2,231 shares were transacted in 5 trades, yielding a market turnover of K16,733.

According to LuSE daily commentary, trading was recorded in MFIN, NATBREW, SCZ and ZAMBREW.

There were no price movements and the LuSE All Share index (LASI) maintained the previous close of 5,821.57 points.

The Market Capitalization closed at K64, 639,000,000 including Shoprite Holdings and K30,399,000,000 .