Kwacha stuck as copper upswing continues
Published On December 31, 2013 » 2637 Views» By Hildah Lumba » Business, Stories
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By JAMES KUNDA –

THE Kwacha remained unchanged on Monday as it traded range bound against the greenback, Zanaco bank has said.

The local interbank market opened with the currency trading against the United States (US) dollar at K 5.51 / K 5.52 buying and selling respectively.

Dollar demand pushed the local unit to K5.52/K5.53.

However, selling interest at this level helped the Kwacha touch a session high of K5.50/K5.51 before eventually ending the day unchanged at K5.51/K5.52.

“As we end the year, we expect to see the Kwacha trade a narrow range with matched demand and supply expected to characterise the market,” said the Zanaco bank news letter.

Trading range for the Kwacha is expected to be between K5.48 and K5.53 on the interbank.

Meanwhile, copper edged higher on Tuesday to trade around a four-month high while aluminium hovered near a two-month top, as improved global economic outlook supported metals.

Three-month copper on the London Metal Exchange (LME) rose 0.2 percent to $7,386.50 a tonne by 02:51 GMT.

Copper climbed to $7,415.50 a tonne on Friday; it’s highest since August, 16.

 

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