17 January 2013

Zambia: Copper Loses Ground

COPPER prices fell on Tuesday to a two-week low, dragged down by a slight rebound in the dollar against the Euro, with uncertainty about the outlook for demand from a top consumer China, also weighing on prices.

According to Reuters, three-months copper on the London Metal Exchange (LME), was untraded in official rings and was bid at $7,970 a tonne, down from Monday's close of US$8,000 in its third straight session of falls.

And the local unit, the Kwacha,traded flat against the greenback but demand for the dollar later in the day, pushed the Kwacha back to KR5.275/5.295, a level at which it closed off the day on Tuseday.

According to Zanaco Daily newsletter, the kwacha traded flat on yesterday against the dollar in what was comparatively light trading on the day.

The local unit remained unchanged as a steady inflow of the dollar matched demand on the day opening interbank trading at KR5.275/5.295 and thereafter touched a day's high of KR5.270/5.290.

The report said the local unit was expected to remain suscesptible to losing ground against the dollar, albeit marginally.

In the short term, the Kwacha is expected to trade between KR5.250 and K5.315 on the interbank.

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