Business Reporter
14 April 2004
COPPER prices at the London Metal Exchange appreciated again at the close of March after registering a 2.3 per cent decline in mid-March 2004.
According to the latest Bank of Zambia (BoZ) economic statistics, prices rose by 1.9 per cent to 138.47 cents per pound as at March month-end from 135.95 cents per pound recorded mid way through the month.
The BoZ statistics also reveal that copper and cobalt production between January and February this year took a downward trend recording an average of eight per cent and 12.8 per cent decline respectively.
This translated into falling production figures of 29,235 tonnes in February from 31,764 tonnes in January for copper and 150 tonnes from 170 tonnes for cobalt.
The BoZ also says weekly indicative overall inflation remained static at 0.2 per cent at the close of March as was recorded mid-way through the month.
Meanwhile, weekly average currency in circulation declined by 3.8 per cent to K616 billion at the close of the month from K640.4 billion recorded for the week ending March 12, 2004.
The market had in the preceding fortnight recorded a 5.1 per cent increase in currency in circulation to hit the K640 billion mark from K609 billion at the end of February 2004.
Commercial banks' foreign currency deposit liabilities were also on a declining side at 0.3 per cent to US$361.9 million from US$363.1 million recorded for the week ending March 12.
Foreign currency deposit liabilities had also registered a 0.4 per cent increase during the preceding fortnight to US$363.1 million by March 12, 2004 from US$361.5 million at the end of February 2004.
On Government securities market, the yield rates on the 91, 182 and 273 days treasury bills declined to seven per cent, 7.9 per cent and 9.4 per cent respectively at the end of March, 2004 from 7.3 per cent, 8.7 per cent and 10.6 per cent respectively recorded mid-way through the month.
The yield rates have maintained a downward trend now dropping from 10.2 per cent for the 91 days treasury bills, 11.7 per cent for the 182 days and 13.9 per cent for the 273 days treasury bill rates recorded at the end of February 2004.
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