COPPER PRICE CONTINUES TO SLIDE ON LME
Written by Millennium on June 3, 2019
BUSINESS REPORTER writes
@SunZambian
THE price of copper on the London Metal Exchange (LME) continued on its slippery foot and posted a further drop of US$27 to push its trading price to US$5,861 a tonne.
This is according to Cavmont Bank Zambia daily market report which also said the price f gold suffered the same fate by recording a drop of US$2 and the precious metal was not selling at US$1,280 an ounce.
The bank however reported that the price Brent crude oil enjoyed a marginal rise of US$0.14 and the commodity was trading at US$68.95 a barrel.
On the local scene Cavmont reported that last week’s trading session saw the Kwacha begin the day trading at K13.450 /K13.500, a level it traded at until noon.
Corporate activity was mostly flat as a number of players were seen trading the currency pair cautiously.
By afternoon, after an increase in supply on the back-foot of some month-end conversions, the local unit went on to close at K13.400 / K13.450 on the interbank bid and offer respectively.
In the interim, most players will remain cautious and importers will be looking to take advantage of any positive movements in the Kwacha.
On money marker, the bank reported that commercial banks’ aggregate current account increased by K212.27 million
to K864.33 million while the overnight borrowing and lending rate increased by0.03%to 10.15%.
Total funds traded on Interbank was K449.50million.
