Economy

Stability Returns on Forex Market as Copper Prices Rise

There was stability in the foreign exchange market during Tuesday’s trading, with the Kwacha closing the day at between K11.80 and K11.92.

The dollar, however, posted some slight gains by day end, closing at K11.95 to K11.98, inching closer to breaching the K12 psychological barrier.

“The volatility of the currency is due to the timing of flows and what volumes are being dealt,” FNB Zambia has said in its market update. “We are of the view that the unit will open where it closed, albeit with a bearish feel. Resistance can be placed at 12.00.”

Meanwhile, London copper prices rose for a sixth consecutive session today.

This struck a fresh two-month high of over $6,300 per tonne on hopes of a trade deal between China and the United States, experts say.

2 Comments

  1. Razor

    What stability? Today it’s already trading at over K12.

  2. Christopher CJ Mutambo

    We can do much better than this.

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