Business

Copper prices on LME maintain upward curve

KALONDE NYATI, Lusaka
THE price of copper recorded an increase, rebounding from the lowest level in four weeks, after United States (US) jobs data burnished sentiment toward the world’s biggest economy, Bloomberg reports.
Bloomberg says the price of Zambia’s main export earning commodity, copper, yesterday held its gain even after data showed imports by the world’s biggest consumer China shrank in July to the lowest level for 11 months.
The price of the commodity increased to US$4,829 per tonne on the London Metal Exchange (LME), while it traded at US$4,812 on the Shanghai Futures Market.
“The metal used in wires and cables rose as much as 0.9 percent to US$4,829 a metric tonne on the LME and traded at US$4,812 at 3:11 p.m. in Shanghai, after closing on Friday at US$4,789, the lowest since July 11. Nickel, zinc and aluminum also climbed,” Bloomberg reports.
The rebound of copper comes after lagging gains in most other base metals this year due to concern that miners are adding production, with Goldman Sachs Group Inc. saying in a report last week that copper was set for a “supply storm”.
On Monday, Asian equities followed a rally in their US counterparts, rising with oil following the bigger-than-estimated increase in US payrolls Friday.

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