Copper prices surge to $9,000

COPPER prices yesterday extended gains to cross the US$9,000 threshold for the first time since September, 2011 driven by a weaker United States dollar.
The commodity is Zambia’s major export earner, was also supported by hopes that demand in top consumer China will pick up after the Lunar New Year holiday break.
Reuters reports that three-month copper on the London Metal Exchange climbed as much as 3.3 percent to US$9,199 a tonne, the highest since September 2011.
“The contract is now 10 percent below the all-time high of US$10,190 a tonne touched in February 2011,”Reuters reports.
On the local currency market, the Kwacha is anticipated to trade steady in the short term mainly on the back of CLICK TO READ MORE

Facebook Feed