COPPER prices yesterday went up to US$7,530 per tonne as compared to $7,396.75 per tonne the previous day. Zambia’s economy, mainly driven by the mining activities is Africa’s largest producer of copper. The Standard Chartered Bank daily news said that the price of Gold has slightly increased to $1,248.35 from $1.234.5 while the price of Brent has gone down to $74.95 from $75.80.
The local currency yesterday opened higher at K4,900 and K4,920 against the United States Dollar from the previous day’s close of K4,885 and 4,805 before finally closing the day at K4,930 and K4,950.
The Interbank market appeared to have been oversold with some corporate demand driving the Kwacha weakness. According to Standard Chartered Bank Head of Global Markets Stanley Tamele, the Kwacha was yesterday expected to be range bound and trade within K4,870 and K4,970 band with a bias to a stronger local currency.
“Today (yesterday), we expect the Kwacha to be range bound and trade within the K4,870 and K4,970 band with a bias to a stronger Kwacha,” he said.
On the money market, the bank said the Bank of Zambia (BOZ) daily statistical release, overnight rates on the interbank market yesterday was at 1.91per cent. Liquidity on the interbank was approximately K417 billion.
[Times of Zambia]