Copper prices have dropped to below $5000 a tonne due to weak demand especially from China.
Barclays Bank reports that copper prices Wednesday fell below $5 000 a tonne to trade at $4,936 a tonne.
On Tuesday, Copper was trading at $5050 a tonne.
Analyst warned copper’s recent strength masks poor fundamentals.
Markets are entering a seasonally quiet period after China’s copper restocking reduced.
China helped push copper prices up by 60 percent from a low of $3000 a tonne in January this year.
[ZNBC]
it looks like Bank of Zambia Governor Caleb Fundanga spoke too soon
There are no new wars also. Just invade North Korea and you will see what will happen to the copper!
#1 As usual, Ba Fundanga. Kwati taba belenga.
Perhaps Fundanga is looking at the running average and not the instatenous information that is in this report. The falls are usual but on the whole the prices have been climbing since their lows late last year.
#3 shani Ba Moze? Chachine busy ukwibafye. #2 As much as I hate war mudala, you are right it does somehow open doors to other business opportunities
# 6 Ka’doyo, are you a man or a woman??
Oh meant # 5
This is a normal fluactuation. Nothing ado about nothing!
Copper is something you cannot rely on forever, the demand always drops because construction and power building always comes to a halt. The price will rise again in the fourth quarter of the year after stockpiles run out.
Copper rose $225AU today.
It has been gaining so much the taxes that were dropped could of made lots so far.
I want to agree with nos. 4 & 9.We can’t focus on a drop from $5,050 to $4,936 and yet we know that prices rose from as low as $3,000.On the other hand can we start thinking seriously about investing in Agriculture;it seems to be the most viable alternative to copper mining or even mining as a whole?Tourism is currently not doing too well because of the prevailing global situation.
#7 Tonga Bull I am a man Just find that ka girl cute and I forgot my password and email used on this “Gravatars” thing, so I cant change the picture unless I register again and just don’t have the time lately. Sorry for misleading (or leading) you (on) papa
Yaba…Just natonalise some mines as USA is doing for some backbone companies. Mine and store the copper. Sell it when the prices are high. We should also learn to cause artifficial shotage of copper but we cant since the mining industry is controled by china and the group. So brace your selves for more price fall. Wake up Zambians.
To plummet is to “drop steeply and suddenly downwards. A drop of $100 cannot be said to have plummetted.
Senior Engineer RTD $ 100 price drop on bulk commodities is very significant. One other suggestion, we should stop putting people in influential positions that fear Mazungu. What ever happened to patrotism; when we could give well deserving Zambians control of that which is sacred. Evil prevails when righteous men sit back and do nothing.
Of course COPPER PRICES have gone down. But the word ‘PLUMMET’ I think is too strong and sensational for a mere 2% drop in the price. What is the intention of the journalist?
Its will always be like this if we put into office very passing and irrelevant chaps. Zambia we need pipo with dynamic minds, those who can foster diversification.
Start by killing those who embezzled the 10Bn
we always come back to square one in zambia..coz as the copper prices begin to plummet,the mines will start scaling down the workforce,soon CB will b back to square one..bt we have so much going for us,water n unused land!!n already the have announced petrolium pdts will b increased in price..