Maravi

International market records increase in copper prices

International market records increase in copper prices
Written by Florence Bupe
Saturday, June 13, 2009 3:20:01 PM

COPPER prices on the international market on Wednesday hit an eight-month high to reach US $5,170 per tonne amid expectations of increased demand by investors.
According to the Standard Chartered Bank daily newsletter, a break in the US dollar’s rally on Tuesday pushed up commodity prices as investors bet on higher demand for the metal amid an improving global economy.

Copper for three months delivery closed at US $5,170 from the previous US $4,980 per tonne during the previous trading session.

The metal had earlier hit an intra day high of US $ 5,199, the highest since October 15, 2008.

Oil was quoted at US $69.99 per barrel, a slight reduction from the previous US $70.04.

Demand for oil is expected to decline by about three percent from last year.

On the local scene, the kwacha tumbled two per cent against the greenback to trade at K5,050 and K5,070.

It was the first time the market breached the K5,000 level after steadily holding around K4,950 for the last one week.

The K5,000 plus rally was triggered by corporate demand, mainly from the telecommunications and agriculture sectors.

The local currency is expected to continue trading within similar levels in the short to medium term.

Labels: COPPER

posted by MrK @ 2:23 PM