Citi Sees Zambian Kwacha Rally Extending If Copper-Price Link Restored

Zambia’s currency appears set for sustained gains if its correlation with the copper price is restored, Citigroup Inc said.

The kwacha has strengthened almost 16% against the dollar this year, making it one of the continent’s top performers, data tracked by Bloomberg shows. Zambia is Africa’s second-largest producer of copper, which has appreciated 13% over the period.