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Rand Gives Away Gains Despite Stronger Precious Metals


Spot USD/ZAR briefly reversed its earlier losses and now fluctuates around neutral levels, last sitting at ZAR18.2880. There have been no changes to the familiar technical picture, with price action fairly contained so far.

  • The BBG Commodity Index has been trading on a heavier footing and is ~0.4% worse off, but the precious metals subindex has edged higher and last trades ~1.2% above unchanged levels. Miner shares have firmed despite a retreat in the FTSE/JSE Africa All Share Index.
  • South Africa's electricity output fell 4.5% Y/Y in March, while consumption declined by 5.6%. Meanwhile, the Environment Department allowed Karpowership to reapply for a permission to moor a ship-mounted power plant off Richards Bay.

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