Copper slips on fragile markets

COPPER slipped by 0.4 percent to $5,777.50 a tonne on Friday as markets remained fragile with barely any signs of progress in the year-long trade negotiations between the United States and China, the Barclays bank daily report says.

According to the report Oil prices continued to rise on Friday, wrapping up the week with a two-day rebound, as the number of U.S. active oil rigs declined sharply this week.

“Brent crude for October delivery rose 1.15 dollars to close at 58.53 dollars a barrel on the London ICE Futures Exchange,” the report says.

e report states that Gold was on course for its biggest weekly gain in more than three years on Friday as it held above $1,500 an ounce on heightened trade tensions between Washington and Beijing.

“Spot gold was up 0.2 percent at $1,502.64 per ounce, having risen above $1,500 for the first time since April 2013 earlier this week,” the report says.

And the report says the Kwacha was unchanged against the dollar on Friday but was expected to trade on the back foot mainly due to increased importer dollar demand amid thin inflows from exporters.

e report says the market opened with commercial banks quoting the Kwacha at K13.030/13.080 per dollar and traded at these levels throughout the day until closure.

“ e local unit is anticipated to trade within a tight band in the short term,” the report says.

The report says the liquidity levels in the local money markets was little changed on Friday at K229.37 million from K220.99 million and the volumes of funds traded on the interbank was down to K365.00 million from K471.50 million.

“ e cost of borrowing funds was flat at 10.40 percent,” the report says.

e report says the local market was relatively unchanged on Friday with yields remaining almost the same on the day.