Copper prices tumble at LME

COPPER prices on the London Metal Exchange (LME have continued to sour and on Thursday the price dropped by $32.50 to push the red metal selling price to $4,583.00 a tonne.

This is according to Cavmont Bank Zambia daily market report which also reported that the price of gold suffered the same fate as its price fell by $5.87 to sell at$1,073.97 an ounce.

The bank however reported that the price of Brent crude oil rose marginally by $0.42 and the commodity was now selling at$40.44 a barrel.

The Lusaka Stock Exchange (LuSE) All Share Index remained unchanged at 5,760.25 points.

On the local front, the bank reported that Thursday’s trading session saw the Kwacha continue trading above the K10.900/$1 psychological barrier while other emerging market currencies continued to come under pressure due to the continued slump in commodity prices.

The local unit opened at K10.900 / K10.920 on interbank and traded here for most of the session until close of the market.

The local unit is expected to remain range bound in the short term should demand remain subdued.

Commercial banks’ aggregate current account balance decreased by K310.81 million to K554.37 million while the overnight borrowing and lending rate increased by 0.25percent to 25.25percent.

Total funds traded on Interbank were K428.70 million.