Copper exports rise in midst of low prices

BUUMBA CHIMBULU writes ZAMBIA’S export volume of refined copper last month increased by 13.2 percent despite prices for the red metal being low on the international market. The volume of Refined Copper exported in March 2020 increased by 13.2 percent from 63,515.8 metric tonnes in February 2020 to 71,882.2 metric tonnes, said Zambia Statistics Agency (ZSA) Interim Statistician, Mulenga Musepa. Mr Musepa said this was despite the copper prices on the London Metal Exchange (LME) decreasing by 8.9 percent. “Copper prices on the LME decreased from US$5,686.5 per metric tonne in February 2020 to US$5,178.7 per metric tonne in March 2020,” he said in a monthly bulletin for March 2020. Mr Musepa also said Zambia recorded an increase in Non-Agricultural products. He explained that Non-Agricultural products accounted for a share of 77.5 percent of Zambia’s Non-Traditional Exports (NTEs) in March 2020 compared to 68.3 percent recorded in February 2020. “The export earnings from Non-Agricultural products recorded an increase of 0.1 percent from K1, 505.5 million in February 2020 to K1, 507.1 million in March 2020.  “The major export commodities were Sulphuric acid; oleum in bulk accounting 12.3 percent, Portland cement and Wire of refined copper, maximum cross-sectional dimension,” Mr Musepa said. Mr Musepa, however, indicated that agricultural products accounted for a share of 22.5 percent of Zambia’s NTEs in March 2020 compared to 31.7 percent in February 2020. He explained that the export earnings from Agricultural products decreased by 37.4 percent from K697.7 million in February 2020 to K436.8 million in March 2020.  “The major export commodities were ‘other raw cane sugar accounting for 19.3 percent, ‘Oil-cake and other solid residues, of soya-bean’ (6.6 percent) and Soya bean flour and meal (5.9 percent),” Mr Musepa said. The Sun