Zambia’s Kwacha Hits Highest Since 2024 as Copper Demand Soars

Zambia’s currency rose to the highest level in almost two years, extending a rally driven by confidence in the country’s copper industry.

The kwacha advanced 0.7% to 22.76 against the dollar, the highest since February 2024. It has climbed the most among African currencies so far this year, having risen 23%.

“This rally reflects mounting investor confidence in Zambia’s copper sector recovery following the drought,” said Danny Greeff, co-head of Africa strategy at ETM Analytics. “Provided production momentum continues, the currency has scope for strong medium-term gains.”

Zambia is poised for record copper production this year at a time ...