TRYNESS TEMBO, Lusaka
COPPER price on Friday hit its third week highs on the international market stimulated by possibility of monetary policy easing in Britain and China.

Last week, Bank of England governor Mark Carney said the central bank would probably need to pump more stimulus into Britain’s economy over the summer after the shock of last week’s decision by voters to leave the European Union.

The commodity, which is Zambia’s top export, has gained over seven percent in the past three weeks.

According to Reuters, copper was trading up 0.2 percentage point at US$4,855 a tonne.

“London copper was on track on Friday for a third week of gains as expectations of monetary stimulus and lower interest rates underpinned the market, although gains were capped by concerns over growth in top consumer China,” Reuters reports.

Three-month copper on the London Metal Exchange has gained over seven percent in the past three weeks.

Commenting on the development, Singapore’s United Overseas Bank analyst Alan Liew said, “We had Brexit and there is market expectations of interest rates to remain low. It’s good for the commodities such as copper and zinc.”

Meanwhile, prices in minor metal cobalt climbed 99.3 percent representing a 10 percent increase over the last week, because of supply problems combined with production cutbacks.

The highest grade of cobalt, which is 99.8 percent, rose to around US$15 and US$17 a pound versus US$15 and US$16 a pound last week. Cobalt for a battery which is 99.3 climbed to about US$14.50 and US$16.50 a pound, from US$14 and US$15 a pound.

On Zinc, prices on Friday climbed to over one-year high, rising for a fourth straight session on expectations of shortages .The price increased by 1.1 percent to trade at US$2,128 a tonne the highest since June, 2015.

Expectations of potential shortages have fuelled buying in zinc but an inventory overhang means the metal is readily available for consumers.

Source: The Daily Mail

GOVERNMENT is in the process of developing a national industrial policy aimed at promoting manufacturing to create jobs for the people.

Minister of Commerce, Trade and Industry Margaret Mwanakatwe said during a business forum in Ndola yesterday that Government has started implementing a number of initiatives in the national industrial policy.

She said Government has availed K220 million through the Citizens Economic Empowerment Commission to facilitate the implementation of the policy.

Mrs Mwanakatwe also said there is need to scale up the local processing of goods and value addition to agricultural products so that Zambia can start exporting high value finished products.

“Engaging in value addition and processing of our agricultural products will enable us as a country to reduce dependency on export of copper ore and primary agricultural products, which leaves us vulnerable in most cases to external shocks,” Mrs Mwanakatwe said.
MUBANGA NONDO
Ndola

Source: The Daily Mail

Zambia’s kwacha rose to a near six-week 6 high against the dollar on Wednesday, after companies exchanged greenbacks for the local currency to meet quarterly tax payments and the copper price firmed.

The metal’s price hit an 8-week high with investors betting on more global stimulus measures after Britain’s shock vote to leave the European Union, extending gains for Africa’s No. 2 copper producer’s currency.

The kwacha reached a session high of 10.2100 per dollar before pulling back to 10.4000 by 0814 GMT in volatile trade, but was still up 3.17 percent from Tuesday’s close.

Traders said company tax was due on July 14.

“Firms are buying kwacha to comply with quarterly tax obligations on top of the usual salary payments at month-end,” said NKC Economics southern Africa analyst Irmgard Erasmus.

The kwacha was also supported by the copper price that was more resilient to the results of the Brexit vote than expected, said Erasmus.
Some traders said the kwacha was also buoyed by a shortage of the local currency.

“Apart from dollar conversions by companies preparing to pay month-end obligations, the kwacha is also getting support from the central bank’s open market operations which entail reducing the amount of kwacha in circulation,” independent financial analyst Maambo Hamaundu said.

Source: The Guardian Nigeria

NKWETO MFULA, Chingola
ZAMBIA has remained economically viable through continued operations of the mining industry, United Nations (UN) resident coordinator Janet Rogan has observed.

And Ms Rogan has urged mining companies to conduct their operations in a sustainable manner that is beneficial to both humans and the environment.

“The mining sector has a future in Zambia and the country has remained economically viable through operations of the industry,” she said.

Ms Rogan was speaking on Wednesday after touring Konkola mine in Chililabombwe, Nchanga smelter and the leach plants in Chingola.

“Mines in Zambia were built some years back but they are still READ MORE

Source: Zambia Daily Mail

The currency of Africa’s second-biggest copper producer was up 2.7 percent at 10.4500 by 0630 GMT.

Zambia’s kwacha firmed more than 2 percent against the dollar on Wednesday as the price of copper rose to an 8-week high as investors bet on more global stimulus measures after Britain’s shock vote to leave the European Union.

The currency of Africa’s second-biggest copper producer was up 2.7 percent at 10.4500 by 0630 GMT.

Source: Pulse.ng

LUSAKA, June 30 (Reuters) – Zambia’s inflation slowed to 21 percent in June from 21.3 percent year-on-year in May, the central statistical office (CSO) said on Thursday.

The monthly inflation rate inched up to 0.3 percent from 0.2 percent in May, the statistics agency said.

“The decrease in the annual rate of inflation was mainly attributed to decreases in the price of food items,” the CSO said. (Reporting by Chris Mfula; Editing by James Macharia).

Source: Reuters Africa