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Copper prices extended their upward momentum in early Asian trading, supported by tightening supply conditions and resilient global demand, according to Access Bank Group released on Monday.
The three-month copper contract on the London Metal Exchange rose 1.2 percent to US$11,656 per tonne, reinforcing the bullish trend that has characterized the base metals market this year.
“Supply disruptions from mine outages have been a key driver of the rally in base metals, while demand continues to exceed expectations,” Access Bank Group said in its latest market commentary.
It noted that strong consumption from China’s electric vehicle and energy infrastructure sectors, coupled with the U.S. Artificial Intelligence investment boom, has underpinned copper prices. The market is expected to move further into deficit by 2026.
Despite the strength in commodities, Access Bank highlighted growing concerns over China’s economic trajectory.
On the domestic front, the Kwacha maintained a firmer tone, extending gains against the US dollar for a second consecutive session.
“The kwacha was supported by strong onshore and offshore foreign currency inflows, although it failed to sustain an intraday break below 22.900,” the Bank noted, adding that the currency closed around 23.100 per dollar, down 0.11 percent for the day.
“For the week, the kwacha ended broadly unchanged against the US dollar, reflecting a balance between supportive inflows and prevailing global market dynamics,” Access Bank added.
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