BOZ told to constitute team to monitor copper prices

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———-A Lusaka based economist Trevor Simumba has
called on the Bank of Zambia (BOZ) to constitute a team of monetary
experts to monitor the prices of copper on the international market.

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In recent weeks, Copper prices on the London Metal Exchange have
recorded slumps.

 

The 3-month price of copper fell two (2) percent on the LME over the past week to $7,710 per metric ton.

 

This was the fourth week in a row of declining prices.


Mr Simumba said changes in copper anywhere in the world had some
effect on Zambia which derives most of its revenue from copper trading.
Mr Simumba told ZANIS in an interview that having a team in place to specifically monitor changes in the prices of the commodity will enable the country project trends six (6) to 12 months before they happen.


He said this will help the country to equip itself to mitigate any price shifts of copper that may have an impact on the economy.

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The Lusaka based economist explained that the team when instituted
will make government plans and formulate good policies based on the
assessments and predictions they will provide.


Mr Simumba added that unless the country diversified its economy there
was need to pay closer attention to the trends surrounding the
country’s biggest contributor to the Gross Domestic Product (GDP) to
cushion any impact.


The Chinese copper cash price fell 0.1 percent over the past week,
also the fourth week in a row of declining prices.

 

Chinese copper wire remained essentially flat from the previous week.


The prices of US copper producer grades 102, 110 and 122 fell 0.5
percent over the past week, the fourth week in a row of declining
prices.

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