Business

Copper price fluctuates below $4,700 mark

COPPER cathodes.

TRYNESS TEMBO, Lusaka
ZAMBIA’S top export currency earner, copper on the international market posted a marginal change, trading at US$4,629.50 a tonne on Friday.
From Thursday’s trade of US$4,632 a tonne, price copper was, however, expected to trade above US$4,600 a tonne.
According to Reuters, three-month copper on the London Metal Exchange (LME) was little changed at US$4,629.50 a tonne by 01:18 GMT, after closing a tad higher in the previous session.
“London copper held steady on Friday, while lead and zinc hovered near year-to-date highs ahead of a key United States (US) jobs report later in the session that could dictate short-term direction in metals markets.
“Prices appear to be forming a floor above US$4,600 a tonne, the nine-week low plumbed on Tuesday,” Reuters reports.
On Tuesday, prices fell to their weakest since June 24, at US$4,600 a tonne amid mounting supply.
Meanwhile, London zinc and lead floated near 15 and 14 and half month highs hit the day before at US$2,342.50 and US$1,938 a tonne respectively.
On oil, crude prices rose on Friday after losses of over three percent a day earlier, with investors treading cautiously ahead of key US employment data that will help gauge the health of the world’s largest economy and oil consumer.
However, gold traded in a narrow range on Friday after touching its lowest in over two months the session before, with the greenback volatile after weak US manufacturing data raised doubts on the economy’s strength ahead of closely-watched payroll numbers.
Last week, US factory activity contracted in August for the first time in six months as new orders and production tumbled, but a low level of lay-offs continued to point to a pickup in economic growth in the third quarter.

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