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Copper prices extended their rally for a fifth consecutive session, climbing to US$9,749 per tonne, driven by tightening supplies outside the United States and surging American demand amid tariff-related inventory shifts.
Goldman Sachs has forecast that copper could peak at around US$10,050 per tonne in August, citing persistent regional shortages despite a reported global surplus.
The bank noted that stockpiles continue to be depleted, particularly by record US shipments.
Meanwhile, an analysis by the Access Bank Group projects that prices could ease to approximately US$9,700 per tonne by year-end, should the proposed 25 percent tariffs on US imports come into effect.
“While copper spreads have relaxed slightly, easing pressure on spot buyers, most other base metals also posted gains. However, iron ore and steel prices in Asia edged lower,” the analysis observed.
On the foreign exchange market, the Zambian kwacha remained under pressure on Wednesday, weakening for a third straight session against the US dollar.
The local unit depreciated by 0.43 percent to close above the K23.4000 per dollar level, after briefly breaching the K23.6000 mark during intraday trading.
The decline was attributed to sustained corporate demand for hard currency.
Analysts warn that if current supply-demand dynamics persist, the kwacha is likely to remain on the defensive in the near term.
Internationally, the US Dollar Index (DXY) hovered around the 98 level for much of Wednesday, ending the session little changed. The broader narrative of a softer dollar remains intact, with the DXY falling to 97.400 in early Thursday trade.
Easing geopolitical tensions — including President Trump’s announcement of upcoming nuclear talks with Iran — have reduced safe-haven demand for the greenback.
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