Rand slips to four-week low as commodities keep unravelling

Rand slips to four-week low as commodities keep unravelling

2021-09-20 09:17:00 AM

Rand slips to four-week low as commodities keep unravelling

Currency loses 0.35% to trade at R14.83/$, a reversal from R14.12/$ touched on Tuesday last week

Andries MahlanguPicture: 123RF/UFUK ZIVANAThe rand slid to its lowest against the dollar in about four weeks on Monday morning as commodity prices plunged further, raising questions about the durability of the commodity windfall that has partially shielded SA against the Covid-19 onslaught.

Black women are under siege, says ABC’s Mandisa Mashego | Citypress Data shows EFF has lower negative sentiment online among voters than DA and ANC - The Mail & Guardian Who knows the community better than its people, ask independent candidates | Citypress

The currency slipped 0.35% to trade at R14.83/$, marking a reversal from R14.12/$ touched on Tuesday last week, though still better than a five-month low of R15.40/$ in mid-August.The plunge in commodity prices deepened amid concerns that the global economic recovery may have peaked, and due to a strong dollar before the US Federal Reserve’s policy meeting on Wednesday that could prepare ground for a reduction in its monthly bond-buying programme.

Platinum fell 2.18% to $920.58oz, its lowest level since November and palladium plunged 3% to trade at its weakest level since early-July at about $1,256/oz. The iron price was hovering around $100 per tonne, after peaking at $238.64 in May.Commodity prices surged in the second half of 2020, driven partly by Covid-19-induced supply concerns and a rebound in global economic activity. SA has benefited via higher tax receipts and mineral royalties as higher metal prices boosted mining companies’ profits. headtopics.com

“Commodities are also being sold heavily this morning after China’s Premier Li over the weekend said that China will use ‘market tools’ to stabilise commodity prices.”  Jeffrey Halley, senior market analyst at Oanda said in a note.“I am assuming that means releasing more commodities onto domestic markets from China’s strategic reserves. As a price-taker, and not a price-maker, there is only so much China can do to impact prices in the medium term.”

Lower metal prices will play out the negatively in the JSE-listed mining shares, which are already in correction territory after peaking in the first half of the year. Read more: Business Day »

WATCH: Ultimate superbikes shootout series to take place in October

The series caters for all riders, with no entry criteria restrictions.

My first experience happens to be a failure but i never gave up cause i knew it was going to work out for me trying continuously, fortunately i'm smiling today by getting involved with peterniecy

Gold slips to five-week low as firmer dollar dents appealFed’s tapering could undermine bullion’s role as a hedge against inflation and currency debasement due to stimulus My first experience happens to be a failure but i never gave up cause i knew it was going to work out for me trying continuously, fortunately i'm smiling today by getting involved with peterniecy

500 army vehicles destroyed in fire | CitypressLast week’s devastating fire at the Wallmansthal army vehicle depot north of Pretoria comes just four years after 83 army vehicles were destroyed there in a similar fire. If I enjoy this privilege all alone, it shows how ungrateful I’m because I got this opportunity from a post here as well and saw recommendations too. All thanks to the good work of you LindaStouffes Mrs lethica001 i really appreciate your all your efforts with the little startup of R4000 with all joy over me after withdrawing R17,850 you can check my media for testimony i told you i will recommend everyone in South Africa to trade with your team you're the best thank you It's reported that these were redundant vehicles. Why didn't they sell them by public auction. Where they waiting to strip them bare before they auctioned them?

If the inflation-driving supply strain in the US lasts, it could put South Africa in a chokehold - The Mail & GuardianIn South Africa, a strong trade surplus, buoyed by robust commodity prices, will cushion our economy against pressure arising from US policy.

Pupils with learning disability have finally found home in Ekurhuleni to restore their dignityThe skills development centre caters for children with additional education needs, situated at Sozizwe Primary School and houses over 500 pupils with mild learning disabilities. Mrs lethica001 i really appreciate your all your efforts with the little startup of R4000 with all joy over me after withdrawing R17,850 you can check my media for testimony i told you i will recommend everyone in South Africa to trade with your team you're the best thank you RT : The skills development centre caters for children with additional education needs, situated at Sozizwe Primary Scho… Words alone won’t express how thankful I’m recommending you all to Kristine_Thoms .....,investing with you has been a good opportunity for me and my family I just received my profit within five days of investment. Thanks so much Kristine_Thoms

Low-key funeral begins for Algeria's ex-president BouteflikaBouteflika passed away on Friday aged 84, having lived as a recluse since he was forced from power more than two years ago.

Hong Kong slides to almost 11-month low as Asian stocks sag over tapering fearsFederal Reserve meeting headlines those of a dozen central banks, including SA My first experience happens to be a failure but i never gave up cause i knew it was going to work out for me trying continuously, fortunately i'm smiling today by getting involved with peterniecy