INSIDE SOUTH AFRICA: Rand Drops as Metalworkers Reject Pay Offer

ZAR weakens 0.2% to 10.7185 vs USD, falling 2nd day, as South African metalworkers’ union reject pay offer, continue strike. * Decline pares gains this wk to 0.4% * Foreign investors bought ZAR442m of bonds yday, sold ZAR600m of equities: Johannesburg Stock Exchange * South Africa’s benchmark stk index +0.3%, with 98 shares up, 54 down, 12 unchanged * Yday, South Africa May mining output -6.5% vs yr ago; est. -4.9% ** Manufacturing -3.7% in May; est. -1.6%

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