Kwacha gains as copper prices recover

The bank said the recovery had helped stabilise commodity markets following their sharpest weekly decline since March.

However, copper remained under pressure from concerns over weaker industrial activity in China, while the Golden Week holiday reduced liquidity across Asian markets.

Despite the short-term pressures, copper prices remained near record levels, supported by demand from data centres, renewable energy projects and electrification.

Access Bank said the earlier diversion of substantial copper volumes to the United States ahead of possible tariffs had also tightened availability in other markets.

The broader outlook for industrial metals remained mixed, with softer Chinese demand and high financing costs weighing against longer-term demand from energy-transition projects and artificial intelligence infrastructure.

Aluminium prices were little changed, while tin edged higher and iron ore futures declined to around $91 per tonne.

The bank also noted signs of improvement in shipments of sulphur and nitrogen fertilisers through the Strait of Hormuz, suggesting supply disruptions were easing.

However, flows remained below levels recorded a year earlier, with normalisation expected to take time.

Access Bank said continued logistical disruptions could leave mining and fertiliser production costs exposed to renewed supply pressures.

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