Kwacha gains

THE Kwacha has posted some gain e to ollar in o

from exporters and the local currency has room to rise further on improved dollar selling, Barclays Bank daily report says.

According to the report, the Kwacha closed at its day’s high of K13.150/13.200, strengthening by 2 ngwee compared to its opening levels of K13.170/13.220.

“The local unit is likely to trade on the front foot in the days to come as corporates continue to convert dollars to settle their traditional month end obligations.

“The liquidity levels pushed up on Friday to K1, 198.66 billion from K1,091.82 billion with the volumes of funds traded also increasing to K321.50 million from K260.00 million. The cost of borrowing funds on the interbank was at 11.09 percent from 11.06 percent,” the report said.

The report stated that the local markets were subdued on Friday with yields on different tenors remaining relatively the same.

Meanwhile, oil prices declined on Friday despite dropping of the US rig count. In the week ending September 20, the number of US active oil rigs dropped by 14 to 719.

“Brent crude for November delivery erased 0.12 dollar to close at 64.28 dollars a barrel on the London ICE Futures Exchange,” the report said.

According to the report. gold prices inched higher on Friday on a softer dollar and caution about Sino-U.S. trade talks, while investors looked for clarity on the future path of US interest rates.

“Spot gold was up 0.2percent at $1,501.35 per ounce, as of 0142 GMT, adding nearly 1% so far this week in what would be its first wee ly gain in four the report said.

The report said copper prices inched higher in early trade on Friday, boosted by US data showing August home resales at a 17-month high, while the num er of meri ans filing for unemployment enefits rose less than expected last week.

According to the report, copper widely used in construction and power, nonetheless remained on course for a 3 percent drop this week.

This, according to the report, would mark its steepest weekly fall since the week ended August 2 amid concerns over tepid demand in top copper consumer China.

“Three-month copper on the London Metal Exchange was up 0.2 percent at $5,797 a tonne, after closing lower in the previous four sessions,” the report said.

Copper prices inched higher in early trade on Friday, boosted by US data showing August home resales at a 17-month high, while the number of Americans ling for unemployment bene ts rose less than expected last week.