Copper prices rebound at LME

Thu, 24 Nov 2016 12:47:18 +0000

COPPER prices on the London Metal Exchange (LME) continued to rebound and on Tuesday posted a rise of $52.00 to push the selling price of the red metal to $5,627.00 a tonne.

This is according to Cavmont Bank Zambia daily market report which also stated that the price of gold too went up by $1.49 to drive the selling price of the precious metal to $1,216.92 an ounce.

There was also good news for Brent crude oil whose price went up by $1.20 and the commodity was currently trading at $49.04 a barrel.

The Lusaka Stock Exchange (LuSE) All Share Index remained unchanged 4,369.33 points.

And Cavmont further reported that the Kwacha traded in positive territory against the US Dollar on Tuesday tracking other major currencies.

The local unit continued to show resilience and posted some brief gains after a day’s opening level of K9.850 / K9.900.

The currency pair is expected to maintain these levels in the short term with a bias towards appreciation as corporates continue to convert to meet local currency month-end obligations.

The Kwacha closed at K9.800 / K9.850, K0.05 stronger than the day’s opening levels of K9.850 / K9.900.

On local money markets, the bank reported that commercial banks’ aggregate current account balance increased by K214.95 million to K1,389.31 million while the overnight borrowing and lending rate increased by 0.05 percent to 16.05 percent.

Total funds traded on Interbank were K238.30 million.