Hefty premium built into oil prices unwinds amid hopes of a ceasefire
The JSE was set for another volatile session on Tuesday given the erratic behaviour of global markets sparked by the Russia-Ukraine war.
The palladium price stabilised after dropping 15% on Monday in its biggest one-day drop since the start of the Covid-19 pandemic, weighing on JSE-listed platinum group metals stocks. Palladium was up 0.52% to $2,394oz on Tuesday morning. The crippling sanctions against Russia, which accounts for more than a third of palladium production, had earlier raised supply concerns.
The rand was relatively stable despite the pullback in platinum group metal prices. It fetched 15.10/$.
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