Business

Copper price on rise

KALONDE NYATI, Lusaka
THE price of copper yesterday hit its highest level last recorded in February 2013 on hopes of further stimulus measures from the United States after Democrats won control of the Senate.
Copper, which is Zambia’s main source of export revenue rose to US$8,169 a tonne on the London Metal Exchange (LME).
On Wednesday, the price of the commodity was pegged at US$8,037.50 a tonne.
“Copper prices advanced on Thursday (yesterday), hovering near an eight-year high. Three-month copper on the London Metal Exchange rose 0.5 percentage point to US$8,077 a tonne, hovering around US$8,169 a tonne, its highest since February 2013, hit in the previous session,” Reuters reports.
The development could help cushion the Kwacha further, which on Wednesday held firm against the US dollar for a third consecutive day.
However, Absa Bank Zambia Plc reports that demand for the greenback continues to dominate the markets as corporates from various sectors of the economy continued to hunt for foreign currency.
In its market update, Absa Bank reports that the local unit opened and closed at CLICK TO READ MORE




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