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The rand traded at 17.3375 per dollar on January 30, about 0.77% weaker than its previous close. Investec's Annabel Bishop attributed the move to growth concerns from the ongoing electricity crisis, including the threat of stage 8 load shedding.
Local equities and the 2030 government bond also weakened.
Rand weakness keeps South African dollar-denominated import costs elevated for feed and grain buyers. The move is driven by domestic power problems rather than global grain supply, so its effect on feed prices is limited.
kitco.comJan 30, 2023Not 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.
