Copper prices hit five-week highs
Written by Millennium on June 29, 2019
BUUMBA CHIMBULU writes
COPPER prices hit five-week highs on Wednesday after the Unites States (U.S) indicated that its trade deal with China was 90 percent complete, Barclays Bank Zambia has reported
The bank in its daily market update said that standard copper on the London Metal Exchange (LME) closed down 0.9 percent high at US$5,988 a tonne.
The U.S Treasury Secretary, Steve Mnuchin, said a U.S.-China trade deal was 90 percent complete, but gains were capped by concern about demand in top consumer China.
Prices of the metal used widely in the power and construction industries earlier touched US$6,063.50, the highest since May 21.
On Tuesday, copper prices reached a one-month high as a strike at a major mine in Chile underlined a supply shortfall.
Benchmark copper on the LME ended up 1.4 percent at US$6,042 a tonne after touching US$6,051.50.
Barclays reported that the red metal edged upwards on Tuesday after prices slipped on Monday as doubts over the outcome of US.-China trade talks later this week overshadowed the effect of a weaker dollar and supply disruption in Chile.
It however indicated that despite the price pick up on Monday, investors were on edge ahead of US.-China trade talks later this week.
Benchmark copper on the LME on Monday closed 0.2 percent lower at US$5,960 a tonne, down from a one-month high of US$6,027 on Thursday.
