The Times of Zambia (Ndola)

Zambia: Kwacha Running Steady, Copper Under Pressure

By Judith Namutowe, 29 July 2013

THE Kwacha broke a three-day bullish streak on Friday on healthy inter-bank demand for the greenback.

According to the Zanaco daily newsletter, the Kwacha opened trading on the day at K5.45/5.47.

The statement said that the inter-bank activity was relatively mild on the day with demand for the dollar outpacing seller activity.

It said this weighed on the Kwacha which sank to an intraday low of K5.48/5.50 where it also closed. The local currency was down 3 Ngwee on the day but only half a Ngwee on a weekly basis.

Copper fell for a second straight day on Friday, as concerns about growth in top consumer China weighed on the outlook for industrial metals demand, but a weak dollar prevented further losses. Three-month copper on the London Metal Exchange, untraded at the close was last bid at $6,870 a tonne from a last bid of $7,010 on Thursday.

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