Kwacha stable

INFLOWS from the mining sector and other corporates matching light demand from merchant importers have stabilised the kwacha, Barclays Bank daily report has indicated. According to the report, the market opened with commercial banks quoting the Kwacha at K13.140/13.190 per dollar on Tuesday, the same as Monday’s close and ended the day 1 ngwee weaker at K13.150/13.200 on the bid and offer respectively. “The local unit is anticipated to post gains in the days to come,” the report says. The report said the liquidity levels reduced significantly to K . million from K1,253.95 billion on Tuesday mainly due to Treasury Bill settlements with the volumes of funds traded on the interbank also dropping to K317.00 million from K . million. “The cost of borrowing funds was at 10.45 percent from 10.42 percent on the day. The local markets remained relatively unchanged on Tuesday with yields closing the day almost at on the day,” the report said. Oil prices have risen as investors pinned hopes on a potential Brexit deal between Britain and the European Union and on signals from O EC and its allies that further supply curbs could be possible. The report said gains were limited due to lingering concerns of a global economic slowdown. “Global benchmark Brent crude oil futures had risen 21 cents to $58.95 up about 0.3 percent from the previous day’s close. US West Texas Intermediate (WTI) crude had gained cents or .3 percent to $52.97 a barrel,” the report said. According to the report, gold steadied on Tuesday, moving in a tight range, after hopes of progress in US-China trade talks were tempered and ahead of a summit that will determine how Britain leaves the European Union. “Spot gold was little changed at $1,492.91 per ounce. U.S. gold futures was at at , 7. ,” the report said. Meanwhile, copper on LME three-month was bid down .7 percent in official rings at $5,778 a tonne on concerns about economic growth following the weak Chinese data.