Low copper prices pressurise Kwacha

The Kwacha on Thursday came under some slight pressure against the US dollar following the waning of supply from exporters coupled with the drop in copper prices.

 According to Cavmont Bank Zambia daily market report,the local unit opened at K10.440 / K10.460 but later traded at K10.490 / K10.510 during noon trading.

The Kwacha closed at K10.490 / K10.510, 1.35percent weaker than Wednesday closing levels.

The bank further  reported that commercial banks’ aggregate current account balance decreased by K281.27 million to K448.11 million while the overnight borrowing and lending rate increased by 0.12percent to 25.24percent.

Total funds traded on Interbank were K394.20 million.

On the international scene, the bank reported that the price of copper went down by $72.00 and the red metal was currently selling at$4,527.00 a tonne.

In the same report, the bank reported that the price of gold also went down by US$17.00 to push the selling price of the precious metal to $1,050.74 an ounce.

The same fate was suffered by Brent crude oil whose price went down by $0.36 to post a new selling price of $43.58 a barrel.

The Lusaka Stock Exchange (LuSE) All Share Index remained unchanged at 5,752.74 points.