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The South African rand rose 1.6% against the dollar, its biggest gain since mid-June, after reports that parties were close to finalising a new ruling coalition. Bank of America closed its bearish rand trade, expecting an ANC and Democratic Alliance government.
Standard Chartered said further gains were likely once the cabinet was confirmed.
A stronger rand lowers the local cost of dollar-priced feed imports into South Africa, a minor shift for feed buyers. The effect on global grain and oilseed prices is negligible.
moneyweb.co.zaPeter Laca, BloombergJun 28, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
