Copper price registers a marginal rise


Copper prices which have been under severe pressure last week showed some recovery signs and posted a rise of $93.50 to push the selling price of the red metal to $4,647.50 a tonne.

According to Cavmont Bank Zambia daily market report the opposite was true of gold whose price went down by US$7.66 and the precious metal was now selling at$1,056.82 an ounce.

The bank further reported that the price of Brent crude oil has continued to fall and at the weekend fell by $0.75 to trade at$36.83 a barrel

There was no change in the Lusaka Stock Exchange (LuSE) All Share Index which remained at 5,719.47 points.

On the local scene the bank reported that Friday’s trading session saw the Kwacha come under some slight pressure against the US dollar as it opened at K10.970 / K10.990 on Interbank following the waning of supply from sellers.

In terms  of market activity, the Interbank market was mostly subdued while a few corporates were seen trading the currency pair actively.

The Kwacha closed at K10.960 / 10.980, K0.01 weaker than Thursday’s closing levels.

On money markets, Cavmont reported that commercial banks’ aggregate current account balance decreased by K282.38 million to K563.72 million while the overnight borrowing and lending rate decreased by 0.06 percent to 25.50 percent.

Total funds traded on Interbank were K620.80 million.