• Oil on Monday traded at its highest in over a year.
• Brent crude futures were up 10 cents.
• Copper prices edged lower on Monday pressured by demand worries.
Oil prices edged higher on Monday after a weak start, holding on to the past three months of gains.
This is despite patchy coronavirus vaccine rollouts, new infections and the discovery of new variants are keeping a lid on prices.
According to Absa Bank Zambia’s latest Market update, Brent crude futures were up 10 cents at $55.14 a barrel by 02:33 GMT.
“Gold prices were steady on Friday as investors waited for developments around a U.S. stimulus package, although the metal was on course to post a weekly and monthly decline hurt by a stronger dollar.”
“Spot gold was unchanged at $1,840.91 per ounce by 0058 GMT. Prices were down 0.6% for the week and 2.9% for the month. U.S. gold futures rose 0.1% to $1,839.70,” the Bank said.
On the other hand, the Bank noted that Copper prices on the international market edged lower on Monday pressured by demand worries after data showed easing manufacturing activity in top consumer China.
“Three-month copper on the London Metal Exchange fell 0.1% to $7,849 a tone by 02:37 GMT and the most-traded March copper contract on the Shanghai Futures Exchange declined 0.1% at $8,961.39 a tonne,” it noted.
The roll-out of Covid-19 vaccines in many countries is gathering pace, as earnings season in the United States and Japan has so far been promising, and the favorable oil prices are a positive sign for the global economy, including Zambia.