Business

Copper price keeps soaring

KABANDA CHULU, Lusaka

THE price of copper on the London Metal Exchange (LME) has continued rising and getting closer to US$10,072 a metric tonne, the highest it reached since October last year. And the Investing News Network (INN) reports that analysts and market watchers have projected a positive outlook for copper with prices likely to remain high in 2022. According to Absa Bank Zambia Plc’s treasury newsletter, the price of copper on LME went down by 1.1 percent to trade at US$9,949.5 a metric tonne.
“But the price still held closer to US$10,072, its highest level since October 21, 2021,” Absa Bank stated. Copper is Zambia’s major foreign exchange earner. And after speaking to industry experts on what lies ahead for copper this year, the INN publication reports a positive outlook for the red metal mainly used as a transmission conductor. “We are in a really hot time for copper. You can make some really nice money if you are in the right place at the right time. The intermediates you are going to do very well, and the big guys are already doing very well,” said Byron King, of St Paul Research. Managing partner at Goehring & Rozencwajg Adam Rozencwajg said the CLICK TO READ MORE



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