COPPER PRICE ON LME TUMBLES
Written by Millennium on May 22, 2019
BUSINESS REPORTER writes
COPPER price on the London Metal Exchange (LME) has dropped by US$ 47.31 and the metal was trading at $6,058 a tonne, according to Cavmont Bank Zambia daily market report.
The same was true with gold whose price fell by $6.00 and the precious metal was currently selling at $1,284 an ounce.
The bank reported that the same fate was suffered by Brent crude oil whose price went down by a minimal $0.23 and the commodity was currently trading at $72.66 a barrel.
On the local front, Cavmont reported that Friday’s trading session the Kwacha breach the $1/K14.000 mark as supply thinned further on the interbank, The local unit opened the day trading at K13.800 / K13.850 but was by mid-morning seen trading at K13.900 / K13.950.
By noon, most interbank players were seen protecting their offer side and were quoting the currency pair at K14.080 / K14.130.
Activity from corporates was largely minimal, with most trading the currency cautiously.
In the interim, most players will likely trade the currency pair cautiously.
However the bank reported that the Kwacha is likely to receive support as month end conversions begin starting next week
On money markets, the bank reported that commercial banks’ aggregate current account creased by K in 217.33 million to K million while the overnight borrowing and lending rate 825.10 increased by 0.01% to 3 340 9.9 %.
Total funds traded on Interbank was K million.
