By MAIMBOLWA MULIKELELA -
THE Kwacha lost further ground against the green back on Monday, as it broke above the K5.500 level.
According to Zanaco daily newsletter, the Kwacha began the day at K5.45/5.46 on the bid and offer respectively.
The report said early morning demand for the greenback pegged the local unit on the back foot which saw it rapidly depreciate to a days’ trough of K5.51/5.52.
Some respite in demand saw the Kwacha move to K5.49/5.50 where it eventually closed of the day.
The report said the local unit was expected to trade range bound between K5.45 and K5.55 as we head into the Christmas holiday.
Copper prices rose to their highest level in nearly 10 months on Monday, the biggest gainer in the base metals complex, lifted by tightening supplies and robust imports from China.
According to Reuters, three-month copper on the London Metal Exchange was at US$7,250.75 a tonne, up from US$7,238.