By BUUMBA CHIMBULUTHE copper rebound on the international market is a game changer for Zambia as the mines remain the major foreign exchange suppliers in the country, says the Kwacha Arbitrageur Magazine.Red metal prices continue to bellwether global recovery with a super strong come back from a trough of US$4,343 a tonne to a peak of US$10,740 a tonne on the London Metal Exchange in the month of May.Prices have since eased to US$9,989 a tonne following China’s stepping up the fight against rising commodity prices. According to the magazine, higher copper prices helped red metal exporting nations with absorption of dollar denominated obligations, build reserves and narrow fiscal deficits.It indicated that the mines remained the major foreign exchange suppliers to the Zambian dollar market for which higher red metal prices entailed wider tax proceeds from the mining entities and a quicker shoring of foreign exchange reserves.“The recent commodity boom provide Zambia an economic rebound […]
‘HIGHLY-PRICED COPPER GAME-CHANGER FOR ZAMBIA’
