Copper price rises on LME


By Nation Reporter

THE price of copper on the London Metal Exchange (LME) continued to show positive signs as it posted a rise of US$83.50 to push the selling price of the red metal to US$4,674.50 a tonne, according to Cavmont Bank Zambia daily market report.

The bank reported that the same was true of gold whose price went up by US$55.71 and the precious metal was currently trading at US$1.318.71 an ounce.

But the story was different for Brent crude oil whose price dropped by US$2.56 and the commodity was presently selling at US$48.28 a barrel.

On the local scene Cavmont reported that the Kwacha continued its positive run against the US dollar on Friday, posting intraday gains of 1.19 percent following increased dollar supply from corporate sellers.

The local currency began trading at K10.900 / K10.950 but was later being quoted at K10.770 / K10.820 by noon.

The Kwacha closed the day at K10.770 / K10.820, 1.64 percent stronger than the week’s opening level of K10.950 / K11.000 and was largely unaffected by the United Kingdom’s decision to leave the European Union.

The bank further reported that commercial banks’ aggregate current account balance increased by K671.05 million to K1,354.43 million while the overnight borrowing and lending rate decreased by 0.30 percent to 17.60 percent.

Total funds traded on Interbank were K371.70 million.

Meanwhile, Thursday’s Treasury Bill auction was over-subscribed by 12.58 percent, with K709.28 million being bid for out of K630 million which was on offer by the central bank. However, yield rates were unchanged.

The Lusaka Stock Exchange (LuSE) All Share Index remained unchanged at 4,780.22 points.