By JAMES MUYANWA & MAIMBOLWA MULIKELELA –
THE prices of copper closed the year 2013 oscillating between small gains and losses as mixed United Sates (US) economic data kept futures stuck in the doldrums.
Reuters and other international media report indicate that the most actively traded contract, for March delivery, was recently up by 0.1 per cent, at $3.3845 a pound on the Comex division of the New York Mercantile Exchange.
Copper trading volumes remained quiet on the final day of the year, with traders in London enjoying a shortened trading day. The Comex floor was closed in observance of New Year’s Day on Wednesday.
For gold futures the prices opened the year 2014 with a jump by two per cent yesterday as bargain hunters resurfaced after prices plunged to a six-month low.
The US gold for February hit a high of $1,227.20 an ounce and stood at $1,225.80 up by $23.50.
The contract sank to $1,181.40 on December 31 2013, its weakest since late June, as prospects for global economic recovery led the investors to shift money into equities.
Cash gold rose as high as $1,227.75 an ounce, and later stood at $1,226.50, up by $21.21 after dropping to $1,184.50 an ounce on Tuesday, its weakest since June 28.
Gold plunged by 28 per cent in 2013, ending a 12-year bull run.
Brent crude rose past the $111-a-barrel mark on a drop in US inventories and output cuts in Libya and South Sudan.
February Brent crude rose by 50 cents from Tuesday to $111.30 a barrel. US crude for February delivery was at $98.88, up by 46 cents.
Data from the American Petroleum Institute showed on Tuesday a drop of 5.7 million barrels in US crude stockpiles, nearly double the 3-million-barrel draw expected by analysts surveyed by Reuters.
The average for the past year was $98.05 a barrel, up by 4.2 per cent from $94.14 in 2012.
The average Brent price for 2013 was $108.70 in 2013, down by 2.7 per cent from $111.68 in 2012.
Locally, the Kwacha remained unchanged against the US dollar on Tuesday, but ended the year down by 6.16 per cent for 2013.
On a year-on-year basis the Kwacha was down by 32 ngwee in 2013 extending its yearly decline for a fourth successive year.
Zanaco daily newsletter said the local unit opened and closed trading at K5.510/5.520 having touched a high of K5.000/5.510 on the back of interbank dollar selling.
The local unit should trade between K5.500 and K5.550 on the interbank.
On the money market, the report said the money market experienced a significant increase in liquidity levels to close the year at K1 157.6 million from K765.65 million recorded the previous day.
