THERE was little movement in the Kwacha during Monday’s trading session which saw the USD/ZMW currency pair open at K10.940 / K10.960, from Friday’s level of K10.920 / K10.940.
According to Cavmont Bank Zambia daily market report, the market remained subdued with most players sitting on the fence with sights on the Federal Reserve most anticipated hike in interest rates for the first time since 2006.
The Kwacha closed at K10.940 / K10.960, unchanged from its morning levels. The bank further reported that the local money markets saw commercial banks’ aggregate current account balance decrease further by K77 million to K403.91 million while the overnight borrowing and lending rate also decreased by 0.04percent to 25.31percent.
Total funds traded on Interbank were K566 million.
On the international scene Cavmont reported that the price of copper continued to enjoy a new upsurge and posted a rise of US$1.50 for the red metal to trade at$4,683.50 a tonne.
The price of gold too maintained a positive line by earning a rise of US$8.04 and the precious metal was currently selling at$1,072.35 an ounce. Perhaps the worst news was in crude oil whose prices on the international market was reported to have dived to low as $36.64 a barrel, the lowest level in 7 years.
Oil prices collapsed below $37 a barrel on Tuesday for the first time since the depths of the Great Recession in February 2009.
A massive supply glut has wiped out two-thirds of oil’s value after it peaked at nearly $108 a barrel in June 2014.