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Zambia: Tsunami Threat Boosts Copper Prices

COPPER prices rose to its highest in more than three weeks on Wednesday after a powerful earthquake off the coast of top miner Chile triggered a tsunami alert, raising concerns about supply.

According to Reuters, three-month copper on the London Metal Exchange (LME), untraded at the close, was last bid at US$6,675 a tonne after hitting $6,734, the highest level since March 10. On Tuesday, copper closed at $6,660 per tonne.

Meanwhile, the Kwacha was little changed against the United States dollar on Wednesday with markets appearing more settled after strong bouts of volatility in recent sessions.

Zanaco daily newsletter said the local currency markets opened with the Kwacha to trade at K6.20/K6.22 against the US dollar with activity on the day driven largely by corporate flows.

Source – AllAfrica