COPPER PRICES HIT ALL-TIME HIGH

LONDONcopper prices reached an all-time high of US$10,232 a tonne, boosted by tight supply outlook.

This was also boosted by hopes for strong demand in the new energy sectors, as major economies recover from the pandemic, says Absa Bank Zambia.

"Three-month copper on the London Metal Exchange increased by 1.4 percent to hit an all-time high of US$10,232 a tonne. The contract has risen by more than 30 percent since the beginning of the year," Absa Bank said.

Absa indicated that the most-traded June copper contract on the Shanghai Futures Exchange climbed by 2.3 percent to 74,630 yuan (US$11,552.99) a tonne.

This, Absa explained, was its highest since May 2006 and also close to its record level of 76,160 yuan.

Gold prices also rose to a 2-1/2-month high on Friday and were on track for their best week in six months, boosted by a weaker dollar and a pullback in Treasury yields as investors cautiously await United States non-farm payrolls report due later in the day.

Spot gold was up 0.3 percent at US$1,820.35 per ounce after hitting its highest since February 16 earlier in the session.

Bullion up nearly three percent so far this week while

United States gold futures rose 0.3 percent to US$1,820.70.

Meanwhile, oil prices recovered after a one percent dip in the previous session, on buoyant economic data from China and the United States even as the surging pandemic in India capped prices.

Brent crude futures for July were at US$68.47 a barrel, up 38 cents, or 0.6 percent, while United States West Texas Intermediate ( WTI) crude for June rose 38 cents, or 0.6percent, to US$65.09.