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Copper prices, a key source of foreign exchange for Zambia, climbed to a more than two-week high on the London Metal Exchange (LME) on Tuesday, buoyed by a sharp drop in the US dollar.
The benchmark three-month copper contract rose 0.8 percent to US$9,265.50 per metric tonne, briefly reaching US$9,319.50—the highest level since April 4, 2025.
The rally comes amid growing market unease following US President Donald Trump’s intensifying criticism of Federal Reserve Chairman Jerome Powell.
The president’s comments, including a statement that Powell’s removal “cannot come fast enough,” have rattled investor confidence and fuelled concerns over the central bank’s independence.
According to a market commentary by Access Group, trading resumed on the LME after an Easter holiday break on Friday and Monday.
In China, the most-traded copper contract on the Shanghai Futures Exchange (SHFE) also edged higher, gaining 0.4 percent to 76,760 yuan (approximately US$10,503.56) per metric tonne.
The US dollar tumbled on Monday, reflecting investor fears over potential political interference in the Federal Reserve’s policymaking.
Reports suggest the White House, alongside economic adviser, Kevin Hassett, is exploring legal avenues to dismiss Powell in a bid to push for lower interest rates.
The developments have heightened concerns over the stability of the US economy and the Fed’s ability to function independently in the face of mounting political pressure.
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