Business

Copper price goes up, investors make profits

KALONDE NYATI & ESTHER MSETEKA, Lusaka
THE price of  copper  on the global market returned early gains on Thursday as some investors took profits following a price surge overnight on a brightening outlook for Chinese metals demand.
Reuters reports that three-month copper on the London Metal Exchange eased 0.05 percentage point  to US$5,616 a tonne at 0204 GMT, after climbing nearly one percent at the open.
The contract posted a 2.6 percent rise overnight after China unveiled a metals-intensive railway construction plan that would require massive amounts of copper wiring.
Meanwhile, the most-traded copper contract on the Shanghai Futures Exchange gained 0.88 percent to 45,760 yuan (US$6,607) a tonne.
On the local currency market front, the Kwacha has been stable since the first day of transaction in 2017, trading in the range of K9, 900 and K9, 950 against the United States dollar, Zanaco Bank has said.
The bank says matched flows and slow market activity continued to keep the currency range-bound.
It says trading is expected to be capped between a K9.900 and K10.000, but could get support from corporates converting their dollars to participate in yesterday’s treasury bill auction.
“Commercial banks posted the local currency at K9.900/9.950, unmoved from Tuesday’s closing rate. The market was dull on the day with very little activity seen from both the interbank and the corporates which saw the Kwacha close at its opening levels on the bid and offer, respectively,” Zanaco says.

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