Business

Copper price stuck near 2-month lows

TRYNESS TEMBO, Lusaka
COPPER prices on the international market was stuck near two-month lows on Friday ahead of an annual gathering of central bankers in the United States and was facing its biggest weekly drop in seven weeks as global stocks jump.
The commodity, which is Zambia’s major export currency earner fell to trade at US$4,632 a tonnes.
According to Reuters, central bankers converge on the mountain resort of Jackson Hole Thursday for an annual conference on monetary policy, a couple of top Federal Reserve officials took the chance to renew a push for interest-rate hikes, citing improvement in employment and inflation.
“London Metal Exchange (LME) copper had edged up 0.1 percentage point to US$4,632 a tonne by 00: 58 Green Meridian Time, after closing little changed in the previous session when it fell to its weakest since June 24 at US$4,620 a tonne,” Reutesr reports. BBC

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