Kwacha stabilises
Published On April 7, 2014 » 1741 Views» By Moses Kabaila Jr: Online Editor » Business, Stories
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ksBy KENNEDY MUPESENI-
THE Kwacha has continued to show some semblance of stability in the last one week trading opening this week at K6.22 and K6.30 against the United States dollar.
The currency has been facing a lot of pressure from the dollar in the last three months.
A check at some banks and Bureaux de change in Lusaka yesterday indicated that there were marginal improvements in the local currency exchange rate.
At Investrust Bank in Freedom Way the Dollar was selling at K6.22 and buying at K6.11 while at Golden Field Bureau De Change the dollar was being bought at K6.12 and Selling at K6.28 with Stuts Bureau De Change buying and selling at 6.10 and 6.30 respectively.
Last week the local currency markets opened with the Kwacha trading at K6.200/6.220 against the US dollar with activity on the day driven largely by corporate flows.
Internationally, the copper prices  sank to their lowest in more than a week due to ample supply and tepid buying interest, with markets in top consumer China closed for a holiday.
Worries about demand growth in China have waned in recent days as prospects for more stimuli have been priced in, lending support to copper.
According to Reuters the price for three-month copper on the London Metal Exchange (LME) slipped by 0.4 per cent to $6,590 a tonne, widening small losses from the previous session.
Copper earlier fell to its weakest since March 28  2014 at $6,585.25 a tonne, juddering back towards three-and-a-half year low of $6,321 a tonne touched on March 19 2014.

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