Business

Copper hits highest level

KALONDE NYATI -Lusaka
THE price of copper on the global market yesterday hit the highest in more than two months, trading at US$6,203 owing to increased demand for the commodity driven by the weakening United States (US) dollar.
According to Reuters, the price of Zambia’s top export earner, copper, on the London Metal Exchange (LME) recorded the highest level on Tuesday, as a weaker dollar fuelled chart-based buying, before giving back most of its gains after a weak reading on factory health in top consumer China.
“Three-month copper on the LME jumped to US$6,203, the loftiest since January 5, before easing to US$6,139 a tonne by 02:30 hours GMT, up 0.3 percentage point,” Reuters reports.
In other markets, the most-traded June copper contract on the Shanghai Futures Exchange also struck its highest since early January before easing to 43,900 yuan (US$7,074) a tonne, still up 1.4 percent.
However, uncertainty over the US economy is also persisting with the Federal Reserve expected to begin raising interest rates this year, though the policy path remains uncertain.



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