Copper prices rise on LME
Written by Millennium on April 10, 2019
BUUMBA CHIMBULU writes
COPPER prices on the London Metal Exchange rose as much as one percent on Monday, snapping two days of declines as investors hoped for more stimulus measures in top metals consumer China.
This is according to the daily market brief by the Standard Chartered Bank Zambia.
The bank explained that the increase in prices was as a result of more stimulus measures in top metals consumer China and a key copper conference which was set to begin in Chile.
On Friday last week, most London base metals advanced on hopes that the United States and China could soon strike a trade deal, while copper fell due to pressure from rising supply.
Copper traded on the LME fell 0.1 percent to US$6,447 a tonne on track for a weekly loss of 0.6 percent.
Meanwhile, Barclays Bank Zambia in its market update indicated that the Zambian Kwacha traded flat on Friday with very little activity seen on the day.
“The local markets opened at K12.050/12.100 per dollar on the buying and selling and traded at these levels until closure in a matched market.
“The Kwacha is likely to strengthen further in the near term as corporates continue to convert dollars to settle tax obligations due on the 10th of every month,” said the bank.