Kwacha gains
Published On April 15, 2015 » 2293 Views» By Davies M.M Chanda » HOME SLIDE SHOW, SHOWCASE
 0 stars
Register to vote!

KwachaBy JAMES KUNDA –
THE Kwacha has gained more ground against the United States Dollar aided by tight liquidity conditions and increased foreign currency supply in the interbank market.
Meanwhile, Copper yesterday hit a four-week low as investors grew concerned about demand in top consumer China, which is today expected to issue its first economic update of 2015.
According to Zanaco Bank, the local currency was buying at K7.1 and selling at K7.3, against the greenback.
At Finance Bank, the Kwacha was buying at K7.1 while selling at K7.3, with the local currency expected to remain bullish in near term trading.
Three month Copper on the London Metal Exchange (LME) dropped to US$5,905 per tonne, its weakest since March 20, as the Chinese central government prepares to announce economic data for the first quarter of 2015.
China, which consumes around 45 per cent of the world’s copper, could report a Gross Domestic Product (GDP) below 7 per cent.

Share this post
Tags

About The Author