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The Zambian Kwacha experienced a slight drop against the US dollar on Thursday as corporate demand and merchandise importers dominated the market amid limited dollar supply.
According to the Absa Bank daily market report released on Friday morning, the local currency is likely to face further pressure in the short term as dollar supply remained scarce.
“The local unit was quoted at K26.250/26.300, where it traded until midday, before dropping to close at K26.300/26.350 on the bid and offer, respectively,” the report noted.
In other currency movements, the South African rand weakened more than 1 percent against the dollar on Thursday, trading at 17.535, as tensions in the Middle East escalated following Iran’s missile attack on Israel.
Meanwhile, copper prices rose on Friday after fluctuating during the week amid profit-taking.
Hopes of increased demand following China’s stimulus measures helped lift three-month copper prices on the London Metal Exchange (LME) by 0.4 percent to US$9,909 per metric tonne.
Aluminum also rose by 0.4 percent to US$2,640, and nickel climbed 1.8 percent to US$17,900.
Gold prices continued their rise on Friday, supported by safe-haven demand driven by the Middle East conflict.
Spot gold increased 0.3 percent to US$2,662.50 per ounce, after reaching a record high of US$2,685.42 on September 26, 2024. US gold futures edged up 0.1% to US$2,682.10.
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