20-Apr-2024 12:18

COMEX Copper saw accelerated gains this week as investors focused on the developments in Zambia and a steady world economic outlook propped up the sentiments. The Council of the Zambia Chamber of Mines has called on Zambia?s electricity supplier ZESCO, the Government and the entire energy sector to prioritise the protection of underground mine ventilation, mine dewatering infrastructure and Copper Smelter furnace assets from irreparable damage associated with power outages at this time of load shedding. ZESCO has served notices of force majeure on supply of electricity to several of the Chamber of Mines members. This has pushed up the COMEX Copper futures sharply with the counter hitting above $4.50 per pound to test a 20 month high. The International Monetary Fund said that a resilient global economy is set for steady growth in the next two years as inflation returns to target gradually, but the growth will be uneven amid persistent risks. Global growth is set to remain at 3.2 percent this year and next, the same as in 2023, the IMF said in its latest World Economic Outlook. The forecast for this year was raised by a percentage point from January, while the outlook for next year was retained.

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