Business

Zambia gets copper price boost

NANCY MWAPE, Lusaka
ZAMBIA’s major foreign exchange earner, copper, hit a more than two-year high on Friday, buoyed by a weaker United States dollar and strong fund buying on hopes that Chinese stimulus would spur demand in the world’s biggest metals consumer.
As at July 2020, the country’s traditional exports earnings stood at K8,802.3 million while the volume of refined copper exported was 78,023.1metric tonnes.
Reuters reports that prices on the London Metal Exchange (LME) were up 0.7 percent at US$6,828 a tonne by 03:04 hours on Friday, after hitting US$6,850, its highest level since June 2018 earlier in the session.
Likewise, the Zambia Extractive Industries Transparency Initiatives (ZEITI) mineral commodity prices dashboard reports that copper closed trading at US$6,761 a tonne, representing a slight upward price change of 0.75 percent from US$6,710.5 percent a tonne recorded the CLICK TO READ MORE



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