Copper prices up slightly
By Business Reporter
Copper prices slightly rose on Friday though trading below US$6,000 a tonne on the international market.
In London, copper for delivery in three months rose $30, or 0.5 per cent to $5,990 a tonne on the London Metal Exchange (LME).
Among other metals for three-month delivery traded on the LME include tin, lead and zinc that also gained.
However, nickel and aluminum fell.
On Thursday last week, copper slipped to its lowest in over a month falling below $6,000 a tonne.
Copper for three-month delivery on the LME ended at $5,950 a tonne from $6,126 at the close on Wednesday.
The metal, used in power and construction, earlier touched $5,930 a tonne representing its lowest level since August 19.
Copper export earnings form the mainstay of the Zambian economy, but copper mining companies in Zambia, have recently endured turbulent times occasioned by dropping copper prices starting in the second half of last year and copper mining companies have been shutting down operations and retrenching workers.
But the rebound on prices have seen a rebirth in confidence and turnaround by Mopani Copper Mines on an earlier decision to place Mufulira and Nkana mines under care and maintenance, while Luanshya Copper Mine, which was earlier placed under care and maintenance has also stirred back to life.
