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KWACHA STAGGERS

THE Kwacha lost minor gains against the dollar amid thin trading activity, says the Barclays daily report obtained yesterday.

Commercial banks quoted the Kwacha at K12.230/12.280 per dollar. Slight dollar demand session saw the local unit close 4 ngwee shy of its open at K12.270/12.320 on the bid and offer respectively.

The Kwacha is likely to trade on the front foot in the near term as corporate convert dollars to settle month end obligations.

The report says copper prices fell yesterday amid worries China may ease stimulus measures after its economy showed some signs of recovery.

Three-month copper on the London Metal Exchange (LME) fell 0.4 percent to $6,451 a tonne.

Meanwhile, crude oil prices surged on Monday, finishing the session at their highest levels this year after the Trump administration revoked waivers meant to facilitate the free flow of Iranian oil to US allies.

The report says the move spurred both Brent and U.S. crude prices to their highest peaks since at least late October.

Brent settled more than 3 percent higher at 74.15, while West Texas Intermediate spiked by over 2 per cent to $65.66

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