By BUSINESS REPORTER? -
COPPER prices slipped on Wednesday from nearly five-month highs after weak United States data revived concern about global economic growth.?According to Reuters, three-month copper on the London Metal Exchange (LME) fell nine per cent to US$6,420 a tonne, paring more than one per cent gains from the previous session when it scaled its highest level since December 15, at $6,481 a tonne.
Meanwhile, the local currency was yesterday trading in the range between K7.300 and K7.550.
A check by the Times in Lusaka yesterday revealed that the Kwacha was trading at K7.00 and K7.55 at Just-In-Time Bureau de Change, while at Structs the local currency was selling and buying at K7.30 and K7.50, respectively.?Meanwhile, the Gulf stock markets were yesterday expected to rise after Brent Oil hit a fresh 2015 high above $68 per barrel, continuing a month-long rally that was supported by a weaker dollar and a disruption to crude exports in Libya.
Brent rose 1.2 per cent to $68.31 per barrel in Asian trade on Wednesday morning, continuing a month-long rally that had been supported by a weaker US dollar and disruption to crude exports from Libya.?On the other hand Gold extended gains to a third session on Wednesday, boosted by weakness in the dollar and more mixed US economic data that added to speculation the Federal Reserve would not raise interest rates soon.
Spot gold was steady at $1,193.86. The metal climbed to a session high of $1,199.60 on Tuesday.