THE price of copper on the global market, which had in recent months dropped to record lows and put copper-driven economies such as Zambia under pressure, last Friday made a significant jump, trading at US$5,027.
According to The Australian News, the price of copper has climbed to its highest in four months after US data showed strong jobs growth combined with low wages, lessening the threat of an early interest rate rise.
The price of copper on the London Metal Exchange surged 3.5 percent to close at US$5,027 a tonne after touching US$5,059, its highest since November last year.
Industrial metals have been bolstered by stronger equity markets around the world, firmer oil prices and a softer US currency.
“The upswing is overdue, we feel the cycle of copper restocking is just under way, but manufacturers will buy cautiously,” said SP Angel analyst John Meyer.
“We expect copper and zinc to lead the way, mainly due to production cuts. There will be some high cost players going out of business, which will cut supplies.”
Three-month zinc gained 0.8 percent to end at a five-month high of US$1,857 a tonne.
On the local currency market, the Kwacha was steady against the dollar on Friday, mainly due to limp demand for the US currency, Zanaco Bank says.
According to the daily treasury newsletter issued yesterday, commercial banks pegged the local unit at K11.37 and K11.39 per dollar, unchanged from the previous day’s close.
“Demand and supply for the greenback was seen to be matched on the day as the Kwacha traded flat to close at its opening levels,” the bank says.
Zanaco Bank projects that the local unit will in the short term continue trading between K11.33 and K11.45 due to limited liquidity locally after the central bank tightened monetary policy.
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But the people remain poor due to pathetic front (pf)
I told u people, NEZ lishilu. HH akawinisha banani while Canicias Banda fails rentals
Thats the problem with PF. Did Canisius write a rental exam which he failed. This is all campaign, cause fuel prices around the world has been reduced but Zambia is still at a dynamic expensive K10 per liter what improvement will increased copper prices bring, we are borrowing heavily and will need to repay heavily. U u U u u PND for future
Ifintu ni Lungu!
2016 ni Lungu
Dollar up/down ni Lungu
Copper price up/down……..U remain my Presido sir Lungu,kikikikii nafuti nafuti.
Good news. Now refund vat and work with the mining companies from mutual benefit.
Excessive borrowing by the State is worrisome.
I feel so sorry for pf, everything seems to be working against them, first they wanted to blame nature as the reason for loadshedding, amazingly the rains have filled up our rivers so fast and kariba is brimming with God’s blessings and mercies, ain’t we blessed in this country? Now the price of copper going up is something pf doesn’t want to hear, which “global commodity market” are they going to blame for their incompetency? Dwindling support base in lusaka and copperbelt, they decided to put blame on “militia” put up a massive “operation i have seen a 250 strong militia” weapons found a golf club, farm implements, a ball of weed, punching bags and boxing gloves, all farming implements found in individual vehicles.
And when someone says he receives economic or business intelligence first before state house, people go bonkers, they lack global business understanding, why the keep on insisting to hold on to power only their pockets know.
BaHaters, at least mulomfwa ngatulelanda! Am glad you are seeing the Lord’s blessings in his blessedness of the nation. Otherwise it is the UPND hakainde worshippers to whom the rising of the commodity won’t sound good. Soon, walumfwa kwishilu lyenu ati no upnd ifwaile market.
Chew well on your imaginary comfort, suck on it long and hard, 5 months from now, you’ll have to dig deeper than the post for reasons for your defeat beyond rigging. Your cry shall be long indeed.
Kakolwe we ain’t worried about those global market trends, our worry is what you slobbers do in the times of plenty, you haven’t learnt a simple Joseph rule reinvest and stock up during good times , global business is about highs and lows, you need backup. This is what pf slobbers can’t do.
@karabassis continue kaili Lungu is your god,i have never heard anyone in upnd use pf cadres lines,us in upnd only suport HH on principle that he will deliver. Thats why he even signs social contracts with zambians. keep supporting Lungu your god,because only God you can keep praising even when he is destroying you.
So NEZ is principled according to u
hh has saved zambia and copper of africa, remember the meeting he had in south africa as 1 of the main speakers with leaders of africa. while the cadre was busy talking about the closure of universties in Italy and France as if it is gud.
Ok So HH asked the officials to increase copper prices? good we didnt know kkkkkkk yaba
Hello you idyote, if that brainstorming at that mining idaba was not important, your minister would not have been one of the attendees, someone had to assure investors on the potential that still exist in the mining industry.
But with the current crop of pf leaders, even if the price of copper goes roof high lets say 9,000 per tonne, kuwayawayafye ni hand to mouth as usual. Change is what we need.
Even the copper can sniff a visionary leadership is coming soon. Wait and see how much copper will fech under HH,God always blesses upright leadership,but he curses a nation whose leadership is questionable,the bible says God sends locusts and army worms and fermine and pestilencies befalls that nation. Says God
God love zambia so much HH ws bz lying to people,Now let’s see wht he is going to ly to people.The pray of UPNDs is tht,the price of copper remains low,dollar rate remains higher and loadsheding continuels.wht kind of a president wh wishes people to continuel sufferng.God give him life so that he sees hw great u are.Amen.
everything has its time.stop blaming the party in power
You can only measure a governing political party’s strength, on how they handle political, social, economic crises, pf has failed to tackle all three. For the economic crisis some idyotes are even saying it’s just time, mwalimonako economy uku isova?
Iwe naiwe ka aisha u think hh is perfect,he was the 1 busy busy in front 2 sell the mine, what u saying ka heater?
Good news and it will continue going up.
Can u call hh an upright leader uli chipuba. Elyo iwe ka Nezi everything is negative ukafwa kuli bp akainde akashala tukamupele nabu Dc Ku monze. Shakafusha uwamano aishiba ati upnd will remain in opposition so asala amano nomba ifipuba fili nuu nolubulisana. Party no convention since inception but aba Tonga mashilu balipanga wamuyaya hh.
Kiki kikikikiki 😂 ukose. We all knew that shakafuswa was double dealing. But we have nothing against him. Closer to election many people start realigning themselves based on their personal forecasts and thar iz the joy of democracy. We in upnd wish him the best. We shall meet him in katuba august . As for copper price increase only dull people can celebrate because this increase will not help us until we actually add value to our raw copper. This is upnd priority when we win in august.
Good news for the country and VIVA PF
We thank God for giving us and makes the price of copper to be going up,but look into workers by giving them good salaries and return all mine worker who are not working.
Looking at most comments above, and unless people are commenting in their capacities as caders, you can tell that the understanding economic cycles is shallow. Cycles have been there since life started. E.g., 7 years of good harvest etc in the Bible… Commodity prices rise and fall. Floods and droughts occur here and there. Planners in large corporates, advanced economies etc understand this.
HH or ECL cannot do much about deflated consumption of say copper in China. None can do anything to about weather patterns. BUT a good leader or corporate planner can do something about these cycles. The data is always available freely.
EG- a good leader can:
1. Harvest rain in times of floods and use in during droughts;
2. Lessen dependency on copper by say, promoting growing of soya, maize, cassava, moringa, fish etc all of which are in demand by our neighbouring countries and World Food Program.
3. knowing that you can store hydro electricity during good rainy season, invest in solar and wind generators,
4. Build more technical schools and colleges to produce engineers with Entrepreneurial spirit to invent and innovate.
5. produce an enabling environment, free of violent cadres, to allow free thought and foreign and local investments to flourish.
6. make Zambia a regional hub in everything – food, university education, communications, political studies.
All these and more just requires personal drive from a leader.
So stop debating like cadres. Think, implement, achieve results.
3. knowing that ONE CANNOT store hydro electricity during good rainy season, invest in solar and wind generators,
Wanyafye tigers i wish there was more bloggers of your caliber, tumfweko and other online publications would have been a marvel to chat on, unlike the usual comments from the likes of kakolwe, mj banda, white guy, ponona. The Joseph rule(years of plenty save for the anticipated lows in future) old Bible stuff, but that’s what advanced and developed nations do.
That change is possible and achievable the moment you stop your hakainde worship and trying to sell one goon as a saviour of our sweet Zambia. That is what I have told you a million times, the solution for Zambia does not lie in one oaf called hakainde but, as Wanyafye suggests, a changed mindset across the nation. So, get off your ‘saviour-hakainde’ stupidity and see the budding nation in education.
Thanks guys. We can a long way once we change our mindsets.
HH coming
Direct translation of ‘aleisa- aleisa’. You shithead, when are you going to come yourself?
Yes, a lot more politicians shall come and go. What about you?
we know u now pf cadres, u ll always surpot sumthing that comes on beer side, na state cadre weenu efyo aishile ati mooba uchipe. who doesnt know that in bizness there is up and down its upon yo system to catch up, not kula lolelafye ati copper ichite pik up, wat if they say we hav found our own copper. this shows how foolish pipo in power are chapwa.
Bane simple mathematics as my uncle Alex Mulyo would say, solve X. Mealie meal prices go up, sugar goes up, transport goes up, school fees go up, rentals go up and now last but not least copper prices go up. Are we benefitting from mealie meal price increases, sugar price increases, transport price increases, school fees increases, rentals increases…….a big NO we are not benefiting from those increases. Now to solve X will we benefit from Copper price increases again its a BIG NO. Does this make sense. This confusing and that is why pathectic forces (PF) are not increasing beer because 97%of them drink beer startiing from number .1They will be affected by an increase in the stuff:::::::::::::::: ati shani bloggers aya ma facts ka???
Now see how low you sink. Even a grade 5 pupil would laugh st your stupid innuendo. So you do not know the difference between exports and imports? Who was your teacher?
Your type is a punishment to the teaching fraternity.
Understand the logic. Do you import sugar, do you export rent, do you import school fees. Yes Copper we shall export but an increase in copper price will take us nowhere because we have ngongole ama shylocks are watching us closely and all the money we shall gain from copper exports is going to shylocks unless in six months we do a ka UPND. You and me were same class only that you were always absent during exams. Quit PF now and join us.
The workers above are casuals picking every cathode by hand and getting pea nuts.what a shame.
Pabwato Nafuti 11agust