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Rising copper price cheers Chamber of Mines

COPPER cathodes.

ALVIN CHIINGA, Lusaka
THE Zambia Chamber of Mines is encouraged by and is closely monitoring the increase in the price of copper on the global market to US$5,027 a tonne last Friday.
The price of copper on the global market, which had in recent months dropped to record lows and put copper-driven economies such as Zambia under pressure, last Friday made a significant jump-trading at US$5,027.
The price of copper on the London Metal Exchange surged by 3.5 percent to close at US$5,027 a tonne after touching US$5,059, its highest since November last year.
Zambia Chamber of Mines communications manager Talent Ng’andwe said his organisation will closely monitor the significant jump of copper prices on the global market.
Mr Ng’andwe said in an interview that Zambia Chamber of Mines will in the near to medium term observe if this trend will resuscitate positive investments in the sector.
“We will closely monitor this new trend in the price of copper if at all, it will be able to add value to any investments in the sector,” he said.
Mr Ng’andwe hoped that the current trend should be able to hold so that it translates to more investments in the sector and the economy as a whole.
According to The Australian News, the price of copper has climbed to its lowest in four months after the US data showed strong jobs growth combined with low wages, lessening the threat of an early interest rise.
And Reuters reports that copper and zinc pulled back from their highest levels in more than four months on Monday, weighed down by a firmer dollar and as misgivings surfaced over China’s ability to shore up economic growth.
Three-month copper on the London Metal Exchange slipped 0.5 percent to close at US$5,000 a tonne, handing back some of last week’s rally, but off an earlier low of US$4,940.

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