Copper prices rise

COPPER prices rose yesterday after touching their lowest in more than two years in the previous session, the Barclays Bank daily report says.

According to the report three-month copper on the London Metal Exchange rose 0.4 percent to $5,633 a tonne.

“ e contract dropped to $5, 518 a tonne in the previous session, its lowest since May 2017, as weak U.S. economic data stoked global recession fears,” the report said.

Oil prices, the report said, recovered some ground after touching their lowest in close to a month on concerns that a weakening global economy could depress demand.

“Brent crude was up 12 cents, or 0.21 percent, at $58.38 a barrel,” the report said. e report said gold rose more than one percent after weak manufacturing data from the United States reinforced fears of an economic downturn, while uncertainties over U.S.-China trade ties and Brexit further boosted bullion’s safe-haven appeal.

“Spot gold rose 1 percent to $1, 546.30 per ounce, not far o more than six-year high of $1,554.56,” the report stated.

And the report stated that the Zambian Kwacha barely moved against the dollar amid subdued dollar buying and selling activity from importers and exporters.

“ e Kwacha opened its trading session at K13.050/13.100 per dollar and closed 1 ngwee lower at K13.060/13.110 on the bid and o er respectively in a market that seemed to be in equilibrium.

In the short term, the local unit is likely to remain stable as market participants stay on the fence to watch the currency’s next move,” the report said.