COPPER PRICES STEADY
COPPERprices in London yesterday rose on track for a weekly gain, as a United States infrastructure deal boosted hopes for stronger demand of the red metal.
According to Absa bank Zambia daily report, three- month copper on the London Metal Exchange advanced 0.5 percent to US$9,461.50 a tonne.
“This was while the most-traded August copper contract on the Shanghai Futures Exchange eased 0.1 percent to 68,960 yuan (US$10,666.34) a tonne,” it indicated.
This was after the red metal fell for the first time this week on Thursday as mixed signals from the United States Federal Reserve triggered investor jitters about the timing of interest rate increases, which could
2021
13, sap demand for metals.
Three-month benchmark copper on Thursday was down 0.6 percent at US$9,420.50 per tonne in official trading.
Prices for the metal used in the power and construction industries have eased about 12 percent from a record high of US$10,747.50 a tonne reached in May.
Still on commodity prices, Gold gained on Friday and was set to post its first weekly rise in four as the dollar weakened, with investors awaiting United States.
Inflation data after mixed signals from Federal Reserve officials on interest rate hikes.
Spot gold was up 0.2 percent at US$1,778.48 per ounce.
It has risen more than 0.8 percent so far this week, after last week's six percent drop.
United States gold futures rose 0.1 percent to US$1,778.30.
Meanwhile, the Zambian Kwacha was relatively stable
trading session closing the day at K22.58/22.63 per dollar compared to its previous day’s close of 22.58/22.63 on the bid and offer respectively.
The market expect activity in the near term and the direction of the local unit is likely to be determined by how much inflows the market will receive from corporates looking to convert dollars to settle pay
roll obligations.
Elsewhere, South Africa's rand was little changed early on Thursday, tracking the dollar which lolled below an 11-week high amid conflicting signals from the United States Federal Reserve.
The rand traded at 14.22 against the dollar, less than 0.1 percent stronger than its previous close.