Kwacha unmoved against the dollar
Written by Millennium on August 16, 2019
SUN BUSINESS REPORTER writes
THE Zambian Kwacha remained unmoved against the dollar for a third consecutive day on Wednesday helped by low dollar demand offset by supply from exporters.
According to Barclays Bank Zambia daily market report, the Kwacha was quoted at K13.030/13.080, the same level as Tuesday’s close.
The local unit is anticipated to trade stable with a bias to post minor gains in the short term.
On the money market, the bank reported that the liquidity levels in the money market marginally increased to K241 million from K148.26 million with the volumes of funds traded on the interbank little changed at K125.00 million from K165.00 million.
The daily weighted average interbank lending rate pushed up to 10.49percent from 10.48percent.
It further reported the local market activity picked up slightly in yesterday’s session as market participants prepared for the Treasury Bill auction that takes place today
On international commodity markets, the bank reported that London copper prices dropped on Wednesday as weak Chinese data indicated slowing demand for the red metal, while concerns over supplies eased as some of Peru’s top mines have resumed exports.
Three-month copper on the London Metal Exchange was down 0.6percent at $5,792 a tonne, snapping a jump of 1.5percent in the previous session supported by news that the United States would delay some tariffs on Chinese goods.
Gold prices rose 1percent on Wednesday, after falling as much as 2percent in the previous session, as an inversion in U.S.
Treasury yields and a slew of weak economic data from China and Germany raised fears of a global recession.
Spot gold was up 0.9percent at $1,514.33 per ounce, after rising about 1 percent earlier. U.S. gold futures were up 0.8percent at $1,525.70.
Oil prices again slipped losing some earlier gains on reports of weak economic data from China and a rise in US inventories. Brent crude dropped $0.46 to $60.84 a barrel.
