Commodities records higher prices despite stronger rand in South Africa

The rand was stronger at R14.92 to the US dollar on Monday with a 1.5 percent gain on its Friday close. Analysts say the rand was not shaken by the resignation of the directors of the Johannesburg Stock Exchange (JSE) listed Oakbay Investments.

There was however mixed reactions from the equities when trading commenced at the JSE on Monday. The All Share Index opened 0.32 percent weaker at 51,259.50. It however managed to close the day 0.01 percent firmer at 51,428.08. The Top 40 also opened the day down by 0.43 percent at 45,057.81. It was still weaker by 0.10 percent when the JSE closed at 5 pm South African time.

Commodities were largely on a winning spree throughout the day. In the morning gold was stronger by 1.00 percent at 1,251.94 per ounce and still managed to end the day 1.61 percent firmer at 1,258.30. It was also a bright day for platinum which was 1.08 percent stronger in morning at 978,50 and rounded up the day 2.59 percent firmer at 991.

Silver also ended the day stronger by 3.52 percent from its morning show of 15,49. The oil price was also on the winning side moving up from its 0.72 percent morning weakness to end the day 2.29 percent stronger at 42.90.