Copper price continues soaring

TRUCKS with copper at the Zambia-Botswana Kazungula Border Post. PICTURE: EDDIE MWANALEZA

COPPER prices recorded a marginal increase yesterday as the United States (US) dollar softened on news about a potential coronavirus vaccine, making the greenback-priced metals more attractive to holders of other currencies.
According to Reuters, three-month copper on the London Metal Exchange rose 0.2 percent to US$6,946, hovering near its highest since June 2018 hit on Monday at US$7,054 a tonne.
“The dollar, which is considered a safe haven and so typically falls on positive news, was flat as investors remained optimistic about progress towards a COVID-19 vaccine,” Reuters reports.
Copper is Zambia’s main source of export revenue.
Similarly, oil prices climbed over one percent yesterday after an industry report showed US crude inventories have fallen more than expected, while hopes of an effective COVID-19 vaccine continued to bolster sentiment.
Brent crude futures were up 48 cents, or 1.1 percent to US$44.09 a barrel, while US West Texas Intermediate (WTI) crude futures also rose CLICK TO READ MORE

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