COPPER PRICES UP BY 3.3 PERCENT
...to settle at US$9,507.50 a metric tonne on the LME, the biggest gain in two months. All metals advanced on the LME.”
COPPER prices have surged 3.3 percent on the London Metal Exchange (LME), the biggest gain in two months.
The red metal surged as one of Peru’s biggest mines started winding down operations after failing to reach a deal to end community protests, delivering another blow to the local industry and global metal supplies.
This is according to Access Bank Zambia daily market update which indicated that: “copper jumped 3.3 percent to settle at US$9,507.50 a metric tonne on the LME, the biggest gain in two months. All metals advanced on the LME.”
Still on metals, Gold headed for the first weekly advance since the middle of November after the United Stated dollar tumbled overnight following several central bank announcements
on monetary policy.
According to Access Bank, the Bank of England unexpectedly raised interest rates on Thursday for the first time in three years, setting aside concerns over the coronavirus to tackle the highest inflation in more than a decade.
“A day earlier, Federal Reserve officials decided to double the pace of tapering
while projecting a series of rate increases in coming years, starting with three hikes in 2022. Spot gold rose 0.2 percent to US$1,803.08 an ounce in Singapore, and is set for a 1.1 percent gain this week,” it stated.
Meanwhile, the bank indicated that demand had remained high whilst the foreign exchange influx euphoria on account of the In
ternational Monetary Fund (IMF) deal news dies down.
“As at close of trading on Thursday, the Kwacha was headed for a weekly loss. Against the United States Dollar, the local unit was ended the session trading at 16.3746/16.4246 posting further losses from the Wednesday closing levels at 16.3478/16.3978,” it indicated.