Business

Kwacha to trade steadily

KABANDA CHULU, Lusaka
THE Kwacha is expected to trade steadily in the range of K9,800 and K9,900 against the United States dollar as companies return from their holidays to resume business for the year.
And the price of copper at the London Metal Exchange has declined to US$5,501 per tonne from the previous price of US$5,558 per tonne.
According to United Bank for Africa newsletter, the local currency opened the New Year’s trading session at K9,850 and K9,900 on bid and offer, respectively.
“The local unit has held steady on its first day of trading in 2017. We expect the Kwacha to trade steady as corporates return from their holidays to resume business for the year. Trading range is expected between K9,800 and K9,900 in the near term,” it stated.
And Reuters reports that global markets marched confidently into 2017 on Tuesday, with Asian stocks extending gains after European shares increased to their highest in a year, while the dollar resumed its climb after last week’s stumble.
It stated that the markets were sustained by signs of solid factory growth in China and Europe, giving the global manufacturing sector a solid boost heading into the New Year.

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