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Kwacha to trade steady, copper price rises

THE Kwacha is anticipated to trade steady in the near term supported by improved supply from corporates converting for their month-end tax obligations while copper prices on the London Metal exchange (LME) rose to US$9,903 a tonne. On Monday, the local unit traded in a tight band as United States (US) dollar demand from corporate importers and other market players gradually built up outweighing foreign currency inflows. According to Absa Bank Zambia Plc market update, the local unit was quoted at K16.95 and K17.00 and traded at these levels for most of the morning. “By mid-day the local unit took a turn and was down five Ngwee at K17.00 and K17.05 on the bid and offer, respectively, where it closed off,” Absa Bank stated. Similarly, Zanaco Plc said the Kwacha is anticipated to be stable with

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