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Copper prices rebound

COPPER prices rebounded last week after latest data in the United States showed demand for the metal could be boosted.

Copper for delivery in three months rose as much as 0.6 per cent to US$ 7,738 a metric tonne on the London Metal Exchange and was at US$ 7,725.25 on Thursday on the Tokyo Stock Exchange.

The May contract for copper on the Comex in New York gained 0.3 per cent to US$ 3.504 per pound.

Although copper has rebounded off three- month lows hit last week, prices are still trading 1.9 per cent lower in the year to date after the metal used in power and construction shed more than four per cent in February.

Data on Wednesday that showed US private employers hired more workers than expected in February and demand for a range of factory goods was solid in January.

Investors are likely to pay close attention to US non- farm payrolls data due on Friday, seen as a key labour market indicator for the world’s largest economy.

Meanwhile, the kwacha was expected to hold against the dollar this week as companies continue to change the green back to meet their salary obligations locally.

The local currency held firm on Wednesday against the dollar, trading at similar levels as previous sessions the other week.

The Inter- Bank closed at K5.350/ 5.370 last week.

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